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RV Loan restrictions for full timers - possible solution

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If you attempt a RV loan with USAA (or other banks and credit unions) as a full timer, be aware you will likely have to educate them on the Patriot Act (they will tell you no loans for full timers).

 

 

The problem is "probably" the CIP (Customer Identification Program) rule (31 C.F.R. 103.121), which is the regulation implementing Section 326 of the USA PATRIOT Act that requires a financial institution to get the following customer information (bottom of page 480 from PDF above):

(1) Name;
(2) Date of birth, for an individual;
(3) Address, which shall be:
(i) For an individual, a residential or business street address;
(ii) For an individual who does not have a residential or business street address, an Army Post Office (APO) or Fleet Post Office (FPO) box number, ***********or the residential or business street address of next of kin or of another contact individual;********************

​Invoke the next of kin exemption, bump up through supervision and management until you reach someone who can over ride the generic patriot act stonewall.

​Alliant and Good Sam have it figured out - others don't yet.

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Full Time 17 years with no problem.

 

Keep your FICO score in the 800's and they are glad to give you a loan.

2 years ago got a 5 year 0% interest on my toad. :) Still getting some interest on the CD that I was going to use for a cash payment. ;)

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800's intetesting. We pay all our bills on time, etc. We do not have credit cards. Don't need them. That simple fact keeps ours in mid 700's. Have bank loans, etc.

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800's intetesting. We pay all our bills on time, etc. We do not have credit cards. Don't need them. That simple fact keeps ours in mid 700's. Have bank loans, etc.

Maybe not using a CC makes the difference in points. No CC to use you are loosing out on some of them with benefits that put cash back in your pocket.

 

I use my Discovery Card to pay my supplemental RX part D, and cell phone every month for the 1% back. Then other things they give 5% back on that changes every 3 months..

Right now anything I order on Amazon gets that 5% back. And some 3 months a year that 5% is good for gas/diesel buys.

Anything owed on the card every month is automatically paid from a bank account.

 

Visa I have 2 cards. One with only 1% back pays my monthly Exede Internet and is carried(stored in safe) as a back up if my other main Visa card is lost or stolen.

Main used card gives me year around 3% back on gas/diesel($3 diesel is 9¢ a gal discount) and every week 2% on all grocery's I buy then 1% back for everything else.

All statements are paid off every month on both of them.

 

Doing that probably gives me a higher FICO score. OH!! That score comes every month FREE with the Discovery statement. And last month Bank of America started to include the score in their monthly statements.

 

I also have a couple Debit cards I use when I need some pocket cash to pay for some Passport America campgrounds. Walmarts are good for $100 or more when needed.

 

Did you know most vehicle insurance company's use your FICO score to set what your cost is?

 

Tips on How to Maintain A Good FICO Score Payment History Tips

Contributing 35% to a FICO Score calculation, this category has the greatest effect on improving your scores, but past problems like missed or late payments are not easily fixed.

  • Pay your bills on time.

    Delinquent payments, even if only a few days late, and collections can have a major negative impact on your FICO Scores.

  • If you have missed payments, get current and stay current.

    The longer you pay your bills on time after being late, the more your FICO Scores should increase. Older credit problems count for less, so poor credit performance won't haunt you forever. The impact of past credit problems on your FICO Scores fades as time passes and as recent good payment patterns show up on your credit report. And good FICO Scores weigh any credit problems against the positive information that says you're managing your credit well.

  • Be aware that paying off a collection account will not remove it from your credit report.

    It will stay on your report for seven years.

  • If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.

    This won't rebuild your credit score immediately, but if you can begin to manage your credit and pay on time, your score should increase over time. And seeking assistance from a credit counseling service will not hurt your FICO Scores.

Amounts Owed Tips

This category contributes 30% to a FICO Score's calculation and can be easier to clean up than payment history, but that requires financial discipline and understanding the tips below.

  • Keep balances low on credit cards and other "revolving credit".

    High outstanding debt can affect a credit score.

  • Pay off debt rather than moving it around.

    The most effective way to improve your credit scores in this area is by paying down your revolving (credit cards) debt. In fact, owing the same amount but having fewer open accounts may lower your scores.

  • Don't close unused credit cards as a short-term strategy to raise your scores.
  • Don't open a number of new credit cards that you don't need, just to increase your available credit.

    This approach could backfire and actually lower your credit scores.

Length of Credit History Tips
  • If you have been managing credit for a short time, don't open a lot of new accounts too rapidly.

    New accounts will lower your average account age, which will have a larger effect on your scores if you don't have a lot of other credit information. Also, rapid account buildup can look risky if you are a new credit user.

New Credit Tips
  • Do your rate shopping for a given loan within a focused period of time.

    FICO Scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.

  • Re-establish your credit history if you have had problems.

    Opening new accounts responsibly and paying them off on time will raise your credit score in the long term.

  • Note that it's OK to request and check your own credit report.

    This won't affect a score, as long as you order your credit report directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers.

Types of Credit Use Tips
  • Apply for and open new credit accounts only as needed.

    Don't open accounts just to have a better credit mix – it probably won't raise your credit score.

  • Have credit cards – but manage them responsibly.

    In general, having credit cards and installment loans (and paying timely payments) will rebuild your credit scores. Someone with no credit cards, for example, tends to be higher risk than someone who has managed credit cards responsibly.

  • Note that closing an account doesn't make it go away.

    A closed account will still show up on your credit report, and may be considered by a score.

To summarize, "fixing" a credit score is more about fixing errors in your credit history (if they exist) and then following the guidelines above to maintain consistent, good credit history. Raising your scores after a poor mark on your report or building credit for the first time will take patience and discipline.

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Been full time for over 3 years with the Escapees address and no problems.

 

After I retired and sold the house, our credit score dropped to around 730, with nothing but two credit cards paid off monthly.

 

We bought a trailer and financed a small portion of it...no problem financing. Now our credit score is back up to about 830. The only thing is the added small loan.

 

Ken

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Touching back on this issue (I am the OP).

 

FICO score has NOTHING to do with this - mine is well over 800.

 

It IS the Patriot Act combined with using a legal domiicile of a mail forward address.

 

​I joined Alliant Credit Union yesterday in preparation of a future RV loan. Today my on line access was blocked.

When I called I was transferred to the fraud department. As soon as I established myself as a full time RV traveler, with Escapees membership as the authorization to join Alliant Credit Union, and the legal domicile of a mail forward address, she knew the issue - and knew of the next of kin work around.

 

It was exactly as I stated in the first post on this thread. I will simply need to provide a next of kin letter so the credit union can comply with Patriot Act requirements.

 

Just because "some" have not had this issue "yet" does not mean it is not a real issue, and becoming more prevalent. If you established banking connections before the new requirements you were not affected. Going forward, when opening stock broker accounts, bank accounts, credit union account you very likely WILL BE.

 

The solution is simple, but you may have to educate those you deal with.

 

Older thread, same issue: http://www.rvnetwork.com/index.php?showtopic=112212&hl=+americas +mailbox&page=2

Folks, don't be so quick to tell people experiencing this issue that it does not exist!

 

, **** It's the CIP (Customer Identification Program) rule (31 C.F.R. 103.121), which is the regulation implementing Section 326 of the USA PATRIOT Act that requires a financial institution to get the following customer information (bottom of page 480 from PDF above):

(1) Name;
(2) Date of birth, for an individual;
(3) Address, which shall be:
(i) For an individual, a residential or business street address;
(ii) For an individual who does not have a residential or business street address, an Army Post Office (APO) or Fleet Post Office (FPO) box number, **********or the residential or business street address of next of kin or of another contact individual;************

Edited by AC7880

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We this year financed our Semi, their request not ours. It has never been an issue with us. Not saying you didn't but we have never had a problem.

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We are members of Alliant and,are happy.

Never any issues. Its really not a new subject. Just do business with companies who want our business

Yes many banks won't finance a loan for a fulltimer but unfortunately it started before the Patriot Act. Banks are reluctant to loan money on a moving object that they might not be able to find if they need to

Edited by nana25k

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I'm not sure, I could be wrong, I am many times lol lol lol but I believe that the Patriot Act expired last year and was not renewed. Many financial institutions have internal policies that mirror the old Act and are not aware that the Act is no longer law, yet continue to enforce their company policy as if it were the law.

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Following a lack of Congressional approval, parts of the Patriot Act expired on June 1, 2015.

With the passage of the USA Freedom Act on June 2, 2015, the expired parts were restored and renewed through 2019.

 

The Patriot Act, as a whole, is still in effect. There are a lot of parts that are not controversial (or at least, not as controversial) and they will remain in place.

However, certain provisions that give the NSA authority to spy on both Americans and foreigners were set to expire.

 

Google Search "Patriot Act"

Edited by Biker56

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