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New Contributor
Axa
Posts: 141
Registered: ‎02-20-2013

Notes about LendingClub.com

I don't know if anyone has tried them for a business loan, but I have some info to share, since the topic recently came up on the General Credit board.

 

According to them:

Inquiries don't count if they're not within the last 6 months

4 inquiries is the max

You can reapply six month later if declined (like I was)

Business loans report to personal CR

They only pull TU

The pull is a SOFT pull

They don't ask for SSN unless the system needs to, then it's a hard pull, I believe (you can check on this)

Minimum score is 660

Balance showing on more than one card is too much (you can check on this, too)

 

When I applied today, my TU score was 753, and I was declined for too many inquiries (I had 5) and too many balances (I had 2 with <2% balances), with no recon, even though the rep said I would have been a great candidate for lending. He also said there is no human involvement in the process, so the "system" automatically declines once you've exceeded the limits. I called back, and confirmed that there is no human factor when deciding at all.

 

Just thought this would be helpful.


TU 759, EX 744, EQ 779
Current Focus: Gardening indefinitely
Goals: 800 Club, pay off auto loan in 2 years
Community Leader
Senior Contributor
myjourney
Posts: 25,173
Registered: ‎02-07-2013

Re: Notes about LendingClub.com

Axa,

Great info thanks for posting:smileyhappy:

"Intelligence plus character--that is the goal of true education"
I will be gardening until a better offer/bonus comes along
Last escape 06/06/13 Bronze 7/6/2013 Silver 9/6/2013 Gold 12/6/2013 Palladium 3/6/14 made it...6/6/14 Plat is all mine
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Notes about LendingClub.com


Axa wrote:

 

Business loans report to personal CR


Does it report as LC? My biz partner tried but didn't success and they countered with some sort of business lender, but I can't remember who that was.

New Contributor
Axa
Posts: 141
Registered: ‎02-20-2013

Re: Notes about LendingClub.com

Good question. I'm not sure how it reports. I imagine that if they referred to another lender, that lender would have to be consulted about how they report.

 

I was a little disappointed, but not surprised, to discover that they don't report to the business side with their business loans. The rep actually told me that all of them were personal loans, but could be used for different applications (bills, business, etc.). This was a confusing statement and made me a bit more cautious. I get the feeling that any lender affiliated with LendingClub is going to report to the personal side, but this has yet to be confirmed.


TU 759, EX 744, EQ 779
Current Focus: Gardening indefinitely
Goals: 800 Club, pay off auto loan in 2 years
New Contributor
Axa
Posts: 141
Registered: ‎02-20-2013

Re: Notes about LendingClub.com

Glad you folks appreciate this info.

I thought this would be helpful, too: I confirmed today that the score model/system they use is Classic Fico08.

So, this may be an easy way to get a soft pull to check on TU FICO.

Guess I can update my signature now.


TU 759, EX 744, EQ 779
Current Focus: Gardening indefinitely
Goals: 800 Club, pay off auto loan in 2 years

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