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Contributor
jasonkm1
Posts: 81
Registered: ‎03-06-2013
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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
defserv
Posts: 23
Registered: ‎02-22-2008
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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
jasonkm1
Posts: 81
Registered: ‎03-06-2013
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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
Posts: 8,982
Registered: ‎01-28-2010
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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
JonStur
Posts: 904
Registered: ‎12-25-2010
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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...


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