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Discover Personal Loan experience

Senior Contributor

Re: Discover Personal Loan experience

Great info.
NFCU Platinum $7300- AMEX BCP $9000- PenFed Power $11000- Chase FU $11700- DCU Platinum $15000- Care Credit $15000- AMEX EDP $15000- NFCU CLOC $15000- Chase CSP $18900- Discover IT Miles $20000- Penfed Promise $25000- NFCU Go Rewards $27100- Venture $28750 **As of 12/9/17** EX- 756(16) TU- 775(15) EQ- 742(15) UTI 8%- Clean Files
Message 11 of 30
Established Contributor

Re: Discover Personal Loan experience

Well I received a phone call from Discover at 6pm CST asking for me to call them - again, the application status says approved online, so I will call them in the morning to determine what they say. Hopefully it's not some insane APR or I will decline - if in fact approved.
            FICO Scores: EQ: 779 TU: 798 EX: 772
Message 12 of 30
Established Contributor

Re: Discover Personal Loan experience


babson wrote:
Well I received a phone call from Discover at 6pm CST asking for me to call them - again, the application status says approved online, so I will call them in the morning to determine what they say. Hopefully it's not some insane APR or I will decline - if in fact approved.

Called in this morning and was approved for a 30k loan for a term of 7 years at 9% APR.  No type of origination fees or any penalties for paying off loan early.  30k is to be deposited in my bank account within 2 business days.  Beyond the conufsion from the system indicating approved out of the gate, then going back to call us, it was painless experience.  I did submit a picture of a pay stub, but honestly I also indicated to them that they could check my Discover bank account for the bi-weekly electronic deposits.

 

Here are some data points to help anyone out.  My income is 120k per year.  Relationship with Discover is about 2 years - Discover IT and bank accounts (checking/savings).  Originally they were trying to push 11% APR, but when I was about to balk they transferred me to a senior analyst.  He offered the 9% since I was having payments automatically withdrawn from my Discover bank account.  

            FICO Scores: EQ: 779 TU: 798 EX: 772
Message 13 of 30
Contributor

Re: Discover Personal Loan experience

CONGRATULATIONS babson!!! Thanks so very much for sharing such a detailed account of your adventure through this process. I had always been curious at what all was involved,and how the process worked with the Discover personal loan. Thnaks again - I'm sure many folks found this interesting and educational.

|CHASE VI SIG $38K|CITI DIVIDEND MC $27K|CITI DOUBLE CASH $12.5K| VIRGIN AIR SIG VI $23K|CHASE MARRIOTT VI SIG $26K|US BANK CASH + $23K| US BANK LOC $13K|AMEX PLATINUM OPTIMA $8.5K/AMEX BCE $25K|BARCLAY RING $8.5K|FNBO PLAT VI $35K|NORDSTROM VI SIG $20K|DISCOVER $27K|PATELCO CU VI $7K|TARGET RED $3K|JC PENNEY $6.5K|MACYS AMEX $4.4K|CITI SEARS $2K|CHEVRON $2.5K|FIRESTONE $3K|PAY PAL CREDIT $4K|SYNC RAINSOFT $14K| 1UCU $35K VI|. FICO 8 AVG: 750 AAoA 14.4 Yrs| Goal Fico 800
Message 14 of 30
Established Contributor

Re: Discover Personal Loan experience


Credit_Fun4Dave wrote:

CONGRATULATIONS babson!!! Thanks so very much for sharing such a detailed account of your adventure through this process. I had always been curious at what all was involved,and how the process worked with the Discover personal loan. Thnaks again - I'm sure many folks found this interesting and educational.


Thank you sir.  I hope the data points will be useful for someone going forward.  

            FICO Scores: EQ: 779 TU: 798 EX: 772
Message 15 of 30
Established Contributor

Re: Discover Personal Loan experience

babson, Congratulations on the approval and awesome terms!

 

Thank you so much for sharing your experience. 

Current scores (FICO 8): EX-793, EQ-766, TU-760
NFCU Flagship $22K | NFCU Cashrewards $22K | Discover IT $34K | SECU Visa $10K | CSR $15K | Chase Marriott $11.5K | Chase Freedom $11.5K | Chase Amazon Visa 8.5K | AMEX SPG $23K | AMEX Hilton Surpass $15K | AMEX PRG | Aviator Red $26K | Citi TY Premier $11.6K | BoA Premium Rewards 23k | BoA Cash Rewards $15k | USAA AMEX $6K | Cap1QS $8K | BJs MC $13K | Walmart MC $5.1K | Loft MC $11,250 | Macy’s Store/Amex $10K/$4K | BR Visa $5K | JCP $7.5K | Kohl’s $3K | VS $3.2K | Home Depot $10K | Lowes $8.5K | Target $4.5k
Message 16 of 30
Established Member

Re: Discover Personal Loan experience

What kind of documentation  did they ask for

Message 17 of 30
Established Contributor

Re: Discover Personal Loan experience

The only thing I uploaded was a bi-weekly pay statement.
            FICO Scores: EQ: 779 TU: 798 EX: 772
Message 18 of 30
Highlighted
Community Leader
Super Contributor

Re: Discover Personal Loan experience

Very interesting! Thanks!


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover; NASA Platinum Cash Rewards. EQ: 763 TU: 737 EX: 787
Message 19 of 30

Re: Discover Personal Loan experience

Hello all.

Please if the OP can shed some light on this. Do they always require POI? 'Cause I do not have that and I am planning to apply mid-late next month, when I expect to see some major bump up in my scores (clean record plus planning to add at least 1 or 2 AUs).

I registered my non-profit last January (it's a charity/foundation...very beginning stages). We were able to raise $120,000 (we do this through investments), but I focused all the resources on setting things up, and even now, it is still too early to be thinking about paying myself a salary.

 

The best I can do is to set up payroll and print out the paystubs to show lenders that ask (please don't judge!). Paystubs showing that I started receiving a salary in December 2016. However, I do not want to have to do this. I understand that this will further complicate things, as that means I will have to send in money to the IRS (however that works, will have to find out), and make sure I file taxes next year....basically I don't want to focus on tax and accounting and tax-related issues yet until we've reached our next financial milestone (before the end of the year). Then I can start making arrangements for a salary (taxes, accouting, etc.).

I want to do all my borrowing strictly based on my score and profile. No running around for paper work, especially if my score will be in the high-600s to mid-700s by then (God willing).

 

I really want advice, please if sb can help out. This forum has been amazing! I can't even....I just started builiding in January (NOT re-building, mind you) and myfico has been my #1 resource.

I want to apply for a Discover loan , because they were the first credit card I opened-$500 unsecured- and I think I will have a great chance for a $25-30k loan. I am pretty sure at least 2 of the 3 bureaus report it as my oldest line.

Any thoughts and advice will be helpful.

 

Btw, my signature is not 100% accurate. Updated!

 

ETA:- Actually registered my non-profit in January 2016, not January 2017.

Started building credit (NOT re-building) January 1 2017!
Ann Taylor-$250|CreditOne Platinum-$300|Fingerhut-$300|Victoria's Secret-$350|First Premier-$400|NY&Co.-$400|Discover IT Secured-$500|Verve-$500|Surge-$500|NCD Financial-$500| Zales-$1050| Kay Jewelers-$1200|My Jeweler's Club-$5000.
Finally FICO scores generated as of July 3rd 2017!
TU/EQ/EX:- 616/571/572
Message 20 of 30