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How much did your score drop with a Lending Club loan?

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jasonkm1
Regular Contributor

How much did your score drop with a Lending Club loan?

Just curious is anyone has experiece with this? I just took out a $4000 loan mostly for an upcoming vacation and to pay off 1 card. It's for 4 years. I read here it won't hit my report for a few months. Also in case anyone is curious they didn't do a hard pull to approve me for the loan.

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defserv
Established Member

Re: How much did your score drop with a Lending Club loan?

It's an installment loan so you should have little to no effect on your score depending on your aaoa. also it only reports to transunion and experian.

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jasonkm1
Regular Contributor

Re: How much did your score drop with a Lending Club loan?

so does this mean it will affect my average age of accounts number but not be included in my overall utilization?
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pizzadude
Credit Mentor

Re: How much did your score drop with a Lending Club loan?


@jasonkm1 wrote:
so does this mean it will affect my average age of accounts number but not be included in my overall utilization?

Correct, it will lower your AAoA ( how much depends on your other account ages ), but it won't factor into your revolving utilization.    I wouldn't expect much of a score drop.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 5
JonStur
Established Contributor

Re: How much did your score drop with a Lending Club loan?

Shouldnt experience any negligible score drop, and they usually take about 2 months to show up on your credit. Generally it's a hard pull unless you receive a Pre-approval letter which is always a soft although for some reason a few people have applied and not gotten a hard pull...


Starting Score: TU 595 EX 600 EQ 585
Current Score: TU 820 EX 825 EQ 812
Goal Score: 800 Club (Mission Accomplished)

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