05-16-2017 11:11 AM - edited 05-21-2017 06:54 AM
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
congrats, $30,000 was sent to your bank account!
05-16-2017 11:14 AM
Very nice! Will that report as a bank installment loan or as a consumer finance company loan?
05-16-2017 11:18 AM
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.
05-16-2017 01:50 PM - edited 05-16-2017 01:53 PM
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.
05-17-2017 10:38 AM
"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 . . . .
05-18-2017 05:56 AM - edited 05-18-2017 07:40 AM
30,000 deposited into my checking account. took 2 days.
Starting Fico scores.
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.
05-19-2017 08:48 AM
EQ +3 pts to 738
CSP card paid off and mid-cycle reported. It was only a $500 or so.
05-20-2017 10:54 AM
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.
05-20-2017 08:43 PM
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