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Lending Club "Final Review"

Established Contributor

Re: Lending Club "Final Review"


Max2000 wrote:

Hi NorthShore,

 

Lol, same here. I really am in no hurry for the money as well, because I'm just refinancing credit card debt and hoping to drive my fico scores higher, quicker. Also, I think it would be nice just to have one payment to manage, rather than the nine I currently have payments on. The loan I requested is just for $11k @ 19.99% x 36 months, which should take care of 90% of my outstanding credit card debt. Not the greatest deal, but will save me a little on interest charges relatively speaking. Based on my current fico scores, I shouldn't complain too much.


I would personally say no to this, go on a strict budget, throw everything I could at the CCs to get the utilization under control, then get a 0% balance transfer card or a decent personal loan for the rest.

 

I was moving balances around on subprime loans like this myself. I always ended up with CC balances again PLUS the bad loans I took out that I thought would help matters. Be careful. It's a very slippery slope.

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
Nov 2017: EQ 683/TU 660/EX 668 w/ 24% CC util reporting
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards - $46k total revolving
Member

Re: Lending Club "Final Review"

Hi Max,

 

Same, my deal wasnt great either, very comparable to yours but I took out 9k, but it consolidated everything into one payment. My credit score went up a lot since I did this, almost to the 700s now, so I am happy I did it. 

Member

Re: Lending Club "Final Review"

Hi Steeler,

 

 I'll consider your advice. Thanks for the feedback!

Starting Score EX 12-2015: 578 Current Score 10-2017: 708
Starting Score TU 12-2015: 597 Current Score 10-2017: 711
Starting Score EQ 12-2015: 584 Current Score 10-2017: 704
Goal Score all Bureaus: 700 Goal Met 10/2017 I New Goal 750


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Member

Re: Lending Club "Final Review"

Hi NorthShore,

 

Do you remember what your scores were before the consolidation happened? Approx. how many months did it take for your scores to rise?

Starting Score EX 12-2015: 578 Current Score 10-2017: 708
Starting Score TU 12-2015: 597 Current Score 10-2017: 711
Starting Score EQ 12-2015: 584 Current Score 10-2017: 704
Goal Score all Bureaus: 700 Goal Met 10/2017 I New Goal 750


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Member

Re: Lending Club "Final Review"

Today 6/22 I received my first email from Lending Club since applying for the loan on 6/13/17. In the email message, it said that "Investors have backed your loan 100%." 

 

After reading that, I logged into my LC account and on the landing page for my loan, which has not changed in several days, there is a new pop-up window stating:

 

Your loan has been approved and has been 100% backed by investors.

We plan to transfer the funds to your bank on 06/23.

Please note that your bank may take up to 4 additional days 
to show the money in your account.

Thanks again for choosing Lending Club

 

I was happy to read this, but it seems like LC should have had a couple more updates for me over the nine days since I've applied for the loan. Also, some people have said that there was a link to see where the investers locations are, but my loan is not showing any links like that at all. It has green check marks in all three boxes now, with the "Done!" box being bright and the other two shaded.

 

I will update this post once I can confirm that the funds have been deposited into my checking account.

Starting Score EX 12-2015: 578 Current Score 10-2017: 708
Starting Score TU 12-2015: 597 Current Score 10-2017: 711
Starting Score EQ 12-2015: 584 Current Score 10-2017: 704
Goal Score all Bureaus: 700 Goal Met 10/2017 I New Goal 750


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Member

Re: Lending Club "Final Review"

Hi! My credit score was 622, went down to 610 after applying for a bank loan and now is 688. This happened within a couple of months. I also found that I had an account with creditors, for a small amount and I paid off. I'm basing these numbers off my credit card Fico score tracker. I do remember lending club giving me a slightly higher credit score when they checked, maybe 630-something.
Member

Re: Lending Club "Final Review"

Hi NothShore,

 

Wow! that's quite a score swing in two months! Down 12 and then up 78, totally works and I would definately take that! Close to the magic 700 Smiley Happy

Starting Score EX 12-2015: 578 Current Score 10-2017: 708
Starting Score TU 12-2015: 597 Current Score 10-2017: 711
Starting Score EQ 12-2015: 584 Current Score 10-2017: 704
Goal Score all Bureaus: 700 Goal Met 10/2017 I New Goal 750


Take the myFICO Fitness Challenge
Member

Re: Lending Club "Final Review"

Final Update: The loan funded overnight and the cash was available in my account at BofA, Saturday morning 6/24/17. The total time from applying and having the cash available to use was eight business days.

 

Pretty seamless process, and absolutely no communication was required with Lending Club during the process - the entire transaction was handled via the LC website. 

 

After funding, LC sent a couple of messages with pertinent payment information and how to make extra payments, or payoff the loan. So far, I'm happy with the product and would recommend this service if the terms are a good fit for the situation.

Starting Score EX 12-2015: 578 Current Score 10-2017: 708
Starting Score TU 12-2015: 597 Current Score 10-2017: 711
Starting Score EQ 12-2015: 584 Current Score 10-2017: 704
Goal Score all Bureaus: 700 Goal Met 10/2017 I New Goal 750


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New Contributor

Re: Lending Club "Final Review"

I just applied for a personal loan with them to pay off credit card debt at a much lower apr. I applied on the 8th and did a few things as far as verifying my job and who I was. I have been stuck on the middle "Review" step for a couple days. Today I did notice I could see the investors and I'm at 7% of 12k. Let's see how long it takes now to get to 100%. I agree that you get left in the dark on the whole thing and never recieve emails on anything. No one else would approve me with my BK7 from 2011 except LC. I plan on paying a lot more than the payment each month. Credit Wise estimates my score will jump up about 83 points and that would put me over 700. LC said my TU score was 661. 

Senior Contributor

Re: Lending Club "Final Review"


wanttobeinthe700club wrote:

I just applied for a personal loan with them to pay off credit card debt at a much lower apr. I applied on the 8th and did a few things as far as verifying my job and who I was. I have been stuck on the middle "Review" step for a couple days. Today I did notice I could see the investors and I'm at 7% of 12k. Let's see how long it takes now to get to 100%. I agree that you get left in the dark on the whole thing and never recieve emails on anything. No one else would approve me with my BK7 from 2011 except LC. I plan on paying a lot more than the payment each month. Credit Wise estimates my score will jump up about 83 points and that would put me over 700. LC said my TU score was 661. 


Creditwise is not a FICO score. It's the Vantage 3 score. Capital One does not use that score to manage their accounts. Most lenders do not use the Vantage score.

 

You need to be in touch with your FICO scores.

 

 

AMEX BCP $9000- DCU Platinum $10000- PenFed Power $11000- Chase FU $11700- AMEX EDP $15000- NFCU CLOC $15000- Chase CSP $18900- Discover IT Miles $20000- Penfed Promise $25000- NFCU Go Rewards $27100- Venture $28750 **As of 11/18/17** EX- 762(13) TU- 765(12) EQ- 731(14) UTI 8%- Clean Files