Personal loan Avant Credit. Info. Not reporting!

Anonymous · ‎03-04-2016

Hey everyone, I am wondering if any of you have taken out a loan with Avant? I am also wondering if they reported it to the bureaus? I have heard so far from other people that they do report, but not on mine.

I took out the loan on December 10th and they have yet to report to any of the bureaus. Normally I wouldn't care because it's just more debt, but I paid it off this month in full and I was kind of hoping it would reflect that. $8600 would be a nice pay off amount for a manual review, as my income isn't super high. I don't know if it would be a boost in my score at all? I know when I paid off my car payment last month, my score dropped.

Do you guys think it makes a difference or am I irritated for no reason? Thanks in advance!

Anonymous · ‎03-04-2016

I've also I've seen others say that their Avant loans reported to all three CRAs. I would be a little irritated if I were you, too.

And you're right that it would be nice for a manual review. It's always good to be able to point to a loan you've paid.

It wouldn't affect your FICO score at this point, though. You mentioned a closed car loan, so you do have a closed installment loan on your report. Having two wouldn't change anything. When it was open, that might have been a different (though temporary) story.

Pway · ‎03-04-2016

You just took the loan out in December. Avant does not report their loans to the 3 cb until after the second month. It should be reporting some time this month. I have a lona with Avant and it took them two months to report the loan. It did not report December or January, mines reported February some time. I took my loan out in November.

So yes the loan will report. This is just the beginning of the month, so it should report some time this month. No need to frantic but I understand. I read the forums and that is how I found out how Avant report their loans.

Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.

CreditDunce · ‎03-04-2016

Sometimes the P2P lenders are coded as a consumer finance company (same category as rent-to own or furniture stores). It may be a small negative for your FICO score. Since you have other installment loans, I think you are just as well without it reporting. However, I would welcome others to chime in. I can certainly see why it would look good on manual review to see the loan paid off so quickly.

If the car loan was your only installment loan, you can gain the FICO 08 points back by opening a shared secured loan (see the Understanding FICO forum for details). If you have other open installment loans, you will regain the points as you pay down the balance. You get the most points for an open installment loan that is almost fully paid. Once the installment loan is paid, you loose the points.

Edit: typo

Anonymous · ‎03-04-2016

@CreditDunce wrote:
Sometimes the P2P lenders are coded as a consumer finance company (same category as rent-to own or furniture stores). It may be a small negative according for your FICO score. Since you have other installment loans, I think you are just as well without it reporting. However, I would welcome others to chime in. I can certainly see why it would look good on manual review to see the loan paid off so quickly.

If the car loan was your only installment loan, you can gain the FICO 08 points back by opening a shared secured loan (see the Understanding FICO forum for details). If you have other open installment loans, you will regain the points as you pay down the balance. You get the most points for an open installment loan that is almost fully paid. Once the installment loan is paid, you loose the points.

Yep, they do:

CreditDunce · ‎03-04-2016

CAPTOOL has confirmed LendingClub is coded as a Consumer Finance company. Avant may or may not be coded the same. IMO even if they are, this is a case where finances trump credit score. If the loan saves you money, then it is worth doing. Moreover, I would guess a consumer finance installment loan would be better FICO wise than higher revolving utilization.

Revelate · ‎03-04-2016

Captool, where was that report pulled from?

Is a consumer finance negative in your reason codes on your profile?

Anonymous · ‎03-05-2016

@Revelate wrote:
Captool, where was that report pulled from?

Is a consumer finance negative in your reason codes on your profile?

It's from here, MyFico. No code or notation in the profile itself, but I've gotten the Too many consumer finance company accounts notation in AA letters.

Anonymous · ‎03-05-2016

Wow Captool thank you for the info. Very interesting.

Anonymous · ‎03-05-2016

PWAY- Thank you. Makes sense. I didn't think anyone took longer to report than Capital One haha. Sounds like mine will report very soon. Hopefully with a big fat PAID as agreed.