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Valued Contributor
Posts: 1,840
Registered: ‎12-30-2012

Discover Personal Loan Approved! $30k at 7.99% for 36 mo!

Hey everyone!

 

I've seen a few personal loan threads posted in this portion of the boards so I figured I'd at some info around my recent Discover Personal Loan approval!!

 

Was on the website Wendesday evening and decided to "check my rate" since it's a soft pull inquiry (Requested $30k for 36 months)! Got the message I would need to call to get my rate, oh well, no harm, no foul, right? I figured it was auto declined and they wanted to sell me on their other products. I decided I might as well call to see what the situation was -

 

I called Thursday afternoon - as always, I spoke with an EXTREMELY friendly, helpful and knowledegable CSR (Who spoke understandable English!) and he asked me some questions regarding why I wanted the loan, what it will be used for, purpose, etc.  As we continued talking he asked if he could perform a hard pull of my credit, I obliged - he told me I was pre-approved for the entire amount I requested at a 7.99% APR, however this is not an approval at this time. The loan application gets sent to their lending team to review and I will get a call in 3-5 days. When we ended the call he said "based on how quick the results came back from the initial application, I'd say you have a 90% chance of approval" - his words, not sure how he came to this conclusion.

 

I received a call today (The day after I spoke with the CSR for pre-approval) and was informed the loan was approved in full at 7.99%! Payment will be around $940 monthly, no origination fees, no early payoff fees, no hidden costs.

 

I'm ecstatic, this was an extremely easy process from start to finish. They didn't even request POI, everything was input in the basic application format online and then word of mouth over the phone, no exchange of documentation.

 

Some key info -

My income - $60,000

Addt'l income (DW) - $25,000

Housing payment - $800 (rent total is $1600 but they only wanted "my half")

FICO08 scores - 750-760

Disco pulled EQ at 757 - I live near Chicago

Total CC debt - $30k (I know, I know, bad!)

Total CC utilization - 16%

Hard inquiries last 12 months on EQ - 2

 

 

Let me know if you'd like more info! Just trying tring to put more Personal Loan info out there!


Starting Score: (June 2014) TU08: 663 | EQ04: 640 | EX08: 685
Current Score: TU08: 757 | EQ04/08: 757/758 | EX08: 761
Goal Score: 800 across the board

Total Credit Line - $186,050 | Utilization - 16.8%
Established Contributor
Posts: 664
Registered: ‎01-18-2017

Re: Discover Personal Loan Approved! $30k at 7.99% for 36 mo!

That is a great rate! I am surprised with the income and debt that they gave you $30K! Great info, thanks for sharing!

Frequent Contributor
Posts: 368
Registered: ‎06-04-2015

Re: Discover Personal Loan Approved! $30k at 7.99% for 36 mo!

Good stuff. Congrats Smiley Happy

 

Be sure those cards don't creep up again and you'll be debt free in 3 years Smiley Wink

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
July 2017: EQ 681/TU 668/EX 671

Discover IT $3800/Target $1300/NFCU CLOC $2000/NFCU Cash Rewards $20,000/PenFed Power Cash Rewards $18,000/Total Utilization 13%
New Visitor
Posts: 1
Registered: ‎07-13-2017
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Re: Discover Personal Loan Approved! $30k at 7.99% for 36 mo!

Great info so far. You should be paid your load amount within 3 years. Good luck!

Community Leader
Super Contributor
Posts: 8,879
Registered: ‎05-25-2015
0

Re: Discover Personal Loan Approved! $30k at 7.99% for 36 mo!

Outstanding! That is a very good interest rate and loan amount. Use it well and congratulations again.


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover; NASA Platinum Cash Rewards
Community Leader
Super Contributor
Posts: 14,622
Registered: ‎11-11-2014
0

Re: Discover Personal Loan Approved! $30k at 7.99% for 36 mo!


wellsfargodealer wrote:

hey its great to know your question

 

 


Welcome to the board.  Just an. FYI, your post is considered advertising and that isn't encouraged here.  So your post will be edited---  Welcome to the board by the way.

Frequent Contributor
Posts: 393
Registered: ‎01-16-2017
0

Re: Discover Personal Loan Approved! $30k at 7.99% for 36 mo!


Tony275 wrote:

Hey everyone!

 

I've seen a few personal loan threads posted in this portion of the boards so I figured I'd at some info around my recent Discover Personal Loan approval!!

 

Was on the website Wendesday evening and decided to "check my rate" since it's a soft pull inquiry (Requested $30k for 36 months)! Got the message I would need to call to get my rate, oh well, no harm, no foul, right? I figured it was auto declined and they wanted to sell me on their other products. I decided I might as well call to see what the situation was -

 

I called Thursday afternoon - as always, I spoke with an EXTREMELY friendly, helpful and knowledegable CSR (Who spoke understandable English!) and he asked me some questions regarding why I wanted the loan, what it will be used for, purpose, etc.  As we continued talking he asked if he could perform a hard pull of my credit, I obliged - he told me I was pre-approved for the entire amount I requested at a 7.99% APR, however this is not an approval at this time. The loan application gets sent to their lending team to review and I will get a call in 3-5 days. When we ended the call he said "based on how quick the results came back from the initial application, I'd say you have a 90% chance of approval" - his words, not sure how he came to this conclusion.

 

I received a call today (The day after I spoke with the CSR for pre-approval) and was informed the loan was approved in full at 7.99%! Payment will be around $940 monthly, no origination fees, no early payoff fees, no hidden costs.

 

I'm ecstatic, this was an extremely easy process from start to finish. They didn't even request POI, everything was input in the basic application format online and then word of mouth over the phone, no exchange of documentation.

 

Some key info -

My income - $60,000

Addt'l income (DW) - $25,000

Housing payment - $800 (rent total is $1600 but they only wanted "my half")

FICO08 scores - 750-760

Disco pulled EQ at 757 - I live near Chicago

Total CC debt - $30k (I know, I know, bad!)

Total CC utilization - 16%

Hard inquiries last 12 months on EQ - 2

 

 

Let me know if you'd like more info! Just trying tring to put more Personal Loan info out there!


 

You have household income of 85k and you have rent of 1600 and you are adding loan of 940 a month?  How are you going to manage that?  I assume you have no car payments but I even with that perhaps you should consider a cheaper place to live.  

Valued Contributor
Posts: 2,244
Registered: ‎08-25-2016
0

Re: Discover Personal Loan Approved! $30k at 7.99% for 36 mo!

If he lives n3ar Chicago that might be a cheap place to live.
Highlighted
Valued Contributor
Posts: 2,064
Registered: ‎04-01-2015
0

Re: Discover Personal Loan Approved! $30k at 7.99% for 36 mo!


frogman1 wrote:

Tony275 wrote:

Hey everyone!

 

I've seen a few personal loan threads posted in this portion of the boards so I figured I'd at some info around my recent Discover Personal Loan approval!!

 

Was on the website Wendesday evening and decided to "check my rate" since it's a soft pull inquiry (Requested $30k for 36 months)! Got the message I would need to call to get my rate, oh well, no harm, no foul, right? I figured it was auto declined and they wanted to sell me on their other products. I decided I might as well call to see what the situation was -

 

I called Thursday afternoon - as always, I spoke with an EXTREMELY friendly, helpful and knowledegable CSR (Who spoke understandable English!) and he asked me some questions regarding why I wanted the loan, what it will be used for, purpose, etc.  As we continued talking he asked if he could perform a hard pull of my credit, I obliged - he told me I was pre-approved for the entire amount I requested at a 7.99% APR, however this is not an approval at this time. The loan application gets sent to their lending team to review and I will get a call in 3-5 days. When we ended the call he said "based on how quick the results came back from the initial application, I'd say you have a 90% chance of approval" - his words, not sure how he came to this conclusion.

 

I received a call today (The day after I spoke with the CSR for pre-approval) and was informed the loan was approved in full at 7.99%! Payment will be around $940 monthly, no origination fees, no early payoff fees, no hidden costs.

 

I'm ecstatic, this was an extremely easy process from start to finish. They didn't even request POI, everything was input in the basic application format online and then word of mouth over the phone, no exchange of documentation.

 

Some key info -

My income - $60,000

Addt'l income (DW) - $25,000

Housing payment - $800 (rent total is $1600 but they only wanted "my half")

FICO08 scores - 750-760

Disco pulled EQ at 757 - I live near Chicago

Total CC debt - $30k (I know, I know, bad!)

Total CC utilization - 16%

Hard inquiries last 12 months on EQ - 2

 

Let me know if you'd like more info! Just trying tring to put more Personal Loan info out there!


 You have household income of 85k and you have rent of 1600 and you are adding loan of 940 a month?  How are you going to manage that?  I assume you have no car payments but I even with that perhaps you should consider a cheaper place to live.  


Household income $85k => about $4300/month take home after taxes & med/dental insurance deduct. Say net = $3900/month after $400 deduct for some retirement savings. Combined rent and loan obligation of $2560 represent 64% of available income. That's rather steep. Hopefully you are able to pay off CC debt and re-budget and keep total of other expenses to under $1400/month.

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........LN Auto 940 LN Home 870 TU Auto 902 TU Home 950 (4/2017)
Valued Contributor
Posts: 1,230
Registered: ‎01-31-2008
0

Re: Discover Personal Loan Approved! $30k at 7.99% for 36 mo!

The DTI for loan plus rent keeps the OP at about 36%. I realize this is gross before deductions but it is the numbers lenders use for loan consideration.

 

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