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Valued Contributor
Posts: 2,424
Registered: ‎09-16-2011

Marcus Loan -- Scarily simple!!!

[ Edited ]

got the invation code,  requested the full 30,000,   asked for a payment around $1000 a month. 

 

Gave me an APR of 5.99%, I was shocked. Didn't think I would get such a good rate. Was given the options of a 30, 33, or 36 monthly payments.  

 

Took 36months, payment wll 912.53

 

Waited a couple days, to let it sink in, and then applied for hoping I wouldn't get a suprises after they went through and did the HP.  

 

15 seconds later, I was approved.  for 5.99%. Blew me away. 

 

They said I have to give my Bank Account info, and sign my loan documents. 

 

Expected to spend at least an hour or more for this process, scanning paycheck stubs, bank statements, tax returns, w2's, etc...

 

Added my account info, and then they requested a scanned copy of a voided check. Okay after about an hour of searching tracked down my one remaining check... Haven't wrote a check in the last 8 years or so.  Got notified that I will hear back in the next 1-2 days

 

15 minutes later I got the email to proceed. 

 

 

Read the loan agreement, and clicked to sign the document,  10 seconds later It said 

 

 

JAMES,

congrats, $30,000 was sent to your bank account!

If you don't see the money in your bank account within four business days, please call us.
 
 
Loan amount
$30,000
 
Interest rate
5.99%
 
Loan term
36 months
 
just 4 steps, and 10 minutes of computer time, and they are going to deposit 30g's in my account that is crazy. 
 
 
 
 
Credit Details:
 
Reported income  100k,  will exceed that thanks to overtime.  
House and car paid for. 
  
Pulled TU    748  -- same as listed on myfico,  and my best score. 
4 INQ's in the last two years.
Newest account 7 months ago
AAoA   4 years, 9 months. 
Total UTL  16%
 
No Lates, No baddies on any report,  way too many credit card accounts, most at 0 balance,
 no cards over 45% UTL, only non-credit card accounts listed on my report are my two Electric company accounts,  
one 18 years old (oldest tradeline), and the other is 6 years and a   A paid off auto loan.  
 
 
 
 
 
Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Regular Contributor
Posts: 599
Registered: ‎03-28-2017
0

Re: Marcus Loan -- Scarily simple!!!

Very nice!  Will that report as a bank installment loan or as a consumer finance company loan?

Rebuilding through 2018: 5/17: EQ583 | TU614 | EX574
Cap1 Secured ($3000) | Discover Secured ($2500) | Williams Sonoma Store Card ($400) | Alliant SSL | Local Bank Secured ($5000)

Rebuilding towards 740
Valued Contributor
Posts: 2,424
Registered: ‎09-16-2011
0

Re: Marcus Loan -- Scarily simple!!!

Don't know will add details as the process continues

 

But since it is a Goldman Sacks, I hoping an installment loan. 

 

Really doesn't matter, have enough credit currently, and not really interested in any cards. 

 

My dream card list only has  US Bank Cash+ on it, but really don't need it so I can wait. 

 

I am hoping to pay the loan off in less than 2 years.   

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Moderator
Posts: 16,937
Registered: ‎12-30-2011
0

Re: Marcus Loan -- Scarily simple!!!

[ Edited ]

That is a sweet personal loan approval James!

 

CFA, I really wish I knew what triggered this one.  I guess name of lender would be obvious, but that seems kludgy since new lenders pop up all over the place... maybe some ratio of payment vs. original balance w/term to determine APR, >X = CFA?

 

My EX FICO 3 and EQ FICO 5 (both FICO 04 models) are both my lowest scores and pretty much always have been for the last 4+ years, and I have "You have a consumer finance account" unfortunately in the reason codes.  On the plus side I know which account it is so trying to get it removed... loss of one tradeline 2 months AAOA, for airstriking that dreaded CFA tag?  Yes please!

 

I haven't seen that reason code in FICO 8/9 and it appears to flatly not be in EX 98 at least on my scorecard, or perhaps CFA penalties are implemented differently there, not enough data with just my sample set.  Small mercies, sadly EQ FICO 5 is one of the 3 scores I really truly care about.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 693, TU 4 742, EX 2 702, EQ 8 722, TU 8 757, EX 8 737 (5/13/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Regular Contributor
Posts: 246
Registered: ‎02-24-2017
0

Re: Marcus Loan -- Scarily simple!!!

This is great info!

Valued Contributor
Posts: 1,374
Registered: ‎09-28-2014

Re: Marcus Loan -- Scarily simple!!!

"got the invation code"

 

- I had heard that Marcus was by invite only, but Credit Karma is always pushing consumer loans on me in their recommendations as I'm carrying several thousand in CC balances, they just don't see that they're all 0% intro, BTs, or PIF monthly usage. They've been including Marcus in their list so this mroning I tried clicking it to see what I'd get. Marcus.com says "Thanks for coming from Credit Karma Get a personal loan with no fees. Ever"

 

I didn't go any further, not interesting in a personal loan. But for those who are interested in one and have a CK account . . . .


FICO Scores: TU 720, EQ 688, EX 688
Valued Contributor
Posts: 2,424
Registered: ‎09-16-2011

Re: Marcus Loan -- Scarily simple!!!

[ Edited ]

Today's update

 

30,000 deposited into my checking account.   took 2 days.

 

Starting Fico scores. 

 

EQ: 735 

TU:  747

EX: 729

 

Let the payoff's begin, well that was fast

 

scheduled all the payments,  after they all post, 11 credit cards will be paid to 0 balance

 

most will take a week or so,  only chase accounts were set to be paid today, I know Chase will do mid-month updates when balances reach 0.

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Highlighted
Valued Contributor
Posts: 2,424
Registered: ‎09-16-2011
0

Re: Marcus Loan -- Scarily simple!!!

EQ   +3 pts     to 738

 

CSP card paid off and mid-cycle reported. It was only a $500 or so. 

 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Valued Contributor
Posts: 2,424
Registered: ‎09-16-2011

Re: Marcus Loan -- Scarily simple!!!

TU  up 4pts to 751

 

and none of the big payoffs have reported yet.

 

2x $5000 plus payoffs  to come, wonder what the impact of those will have.  

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Established Contributor
Posts: 734
Registered: ‎10-28-2013

Re: Marcus Loan -- Scarily simple!!!

Congrats James - I have been getting them in the mail but I could have sworn they offered a double digit rate for me. My scores are slightly below yours - must be my BK7 still reporting
Penfed Platinum Sig Visa $33k, PenFed PLOC $25k, NFCU Cash VISA Sig 22k, NFCU Visa Flagship 22k, CAP1 Venture $23k, CAP1 Venture One $15k, NFCU NAV Check $15k, Barclays Arrival $13,2k, DCU VISA 5k, Cap1 QS 7.5k, WF Finance 3.5k, Merrick 2.2k, Barclays Apple Financing 6.1k BestBuy 5k >Ch7 BK filed 8/09; DC 01/10 EQ 636 Nov 13;
EQ08 718 | TU 731 | EXP 728
Inqs: EQ 11, TU 8, EXP 11(last 2 yrs)
Goal 750+ In the Garden til

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