Credit Score using Prosper?

[TryingVeryHard]

If I made a post in Prosper, and get a loan. Will I get good credit score points if i pay it consistently in accordance to the terms?

Do they report good accounts? Or only the missed payments?

[Anonymous]

they report however they report as a CFL I think those things affect your credit scoring differently--I am sure you will get more feedback on this to help you out in making a decision

[Anonymous]

Not sure - but I did receive a loan through them, just made my first payment.  I'd have to say it will take more than the first month to see how it truly affects my scores - I use CS through AMEX.

[fishbjc]

beach, please keep us updated.  I agree with your comment on my post.  Sometimes getting a load off your mind is *worth* taking a little hit.  Since I intend to get my loan (if funded) paid pretty quickly, I'm not worried.

I think Prosper is a great tool if used wisely. 

[Anonymous]

Will do - that is if the stupid bureaus ever update my stuff...it's like they are WAY behind on my CC, which is very annoying!  They show auto and furniture loan though accurately!

It just was so worth it to me to finally feel like a new life was coming, and I have learned SO much that I don't anticipate making any of the stupid mistakes I did when I was 20!

SO, I don't know that I'll be able to pay it off early, but I did state on the bid that I was in it to make them money too for having faith in me.

I don't know how CC's view (like if I got a mortgage), then applied for a CC a few months after I moved/closed...

It's nice to sleep at night though

[Anonymous]

i'm thinking about doing this too. i know finance companies aren't as good, but with my scores i don't think it will matter much. I'd like to get out from under the 20% interest i pay to my gramma for my car, and build credit while i'm at it. gramma doesn't report ya know...

[fishbjc]

Dang....Granny's a loan shark,

I say give Prosper a try. 

[Anonymous]

yes indeed, and on a 5500 loan no less. she's already made about 1000 bucks off of me. it was super nice of her to help, don't get me wrong, but I am hoping to be able to get out from under it soon. if i'm going to have to pay high interest, it may as well build my credit too!

[Anonymous]

That is EXACTLY how I looked at it - I was paying 23.25% per DAY on a crap auto loan (I will ALWAYS read fine print & ask questions); and 47% to stupid Uncle Sam - NOW, I'm paying one high interest fee annually, no pre-pay penalties and it just feels worth it 

These people lending are looking for a sound investment, I want to be one of them