Reply
Contributor
Posts: 90
Registered: ‎03-06-2013
0

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.

Established Member
Posts: 24
Registered: ‎02-22-2008
0

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.

Contributor
Posts: 90
Registered: ‎03-06-2013
0

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?
Moderator
Posts: 9,674
Registered: ‎01-28-2010
0

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
Established Contributor
Posts: 908
Registered: ‎12-25-2010
0

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 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.