@Anonymous wrote:So, evidently there is a new player in the consolidation loan market. Marcus is a new retail bank started by Goldman Sachs to enter the non-filthy-rich market.
This is so new, I can't find any consumer reviews. The oldest news story is about a month old. Evidently the only way to apply is to get a coded invitation in the mail (such as I received today). Is there any information that anyone has seen/heard/experienced about Marcus?
Thanks,
I found several links from different blogs discussing Marcus. Like you stated, most posts are from last month. I had never heard of them before you created this thread. Thanks for the heads up.
@Xarquinn wrote:@I received an invite and applied. After plugging in my invitation code, I was asked for how much i would like to be considered for (a soft pull). Tried 30k (the max) and was pre-approved for 25k with interest rates varying from 11.9 to 16.9 depending of length. I retried asking for 12k the following day and was given similar rates. Settled on 48 months @ 12.9%.
The application then asked for employer info and did a hard pull when submitted. I was immediately asked for my most recent pay stub and given a 1 -2 day message. Will update with results.
Wouldn't these loans be given the 'finance company" treatment by FICO, and therefore hurt our credit scores?
@SouthJamaica wrote:
@Xarquinn wrote:@I received an invite and applied. After plugging in my invitation code, I was asked for how much i would like to be considered for (a soft pull). Tried 30k (the max) and was pre-approved for 25k with interest rates varying from 11.9 to 16.9 depending of length. I retried asking for 12k the following day and was given similar rates. Settled on 48 months @ 12.9%.
The application then asked for employer info and did a hard pull when submitted. I was immediately asked for my most recent pay stub and given a 1 -2 day message. Will update with results.
Wouldn't these loans be given the 'finance company" treatment by FICO, and therefore hurt our credit scores?
Not sure how FICO determines what's a CFA and what isn't. It's probably by lender name as I can't see anything specific in my tradeline details on Equifax which is complaining about a CFA on some models (granted it's way down the list).
Most others with it have had to do process of elimination, nothing saying "This is a CFA!" unfortunately. Wasn't my best move back in 2011 that tacked one onto my account but it's gone in 2021 I guess.
@Revelate wrote:
@SouthJamaica wrote:
@Xarquinn wrote:@I received an invite and applied. After plugging in my invitation code, I was asked for how much i would like to be considered for (a soft pull). Tried 30k (the max) and was pre-approved for 25k with interest rates varying from 11.9 to 16.9 depending of length. I retried asking for 12k the following day and was given similar rates. Settled on 48 months @ 12.9%.
The application then asked for employer info and did a hard pull when submitted. I was immediately asked for my most recent pay stub and given a 1 -2 day message. Will update with results.
Wouldn't these loans be given the 'finance company" treatment by FICO, and therefore hurt our credit scores?
Not sure how FICO determines what's a CFA and what isn't. It's probably by lender name as I can't see anything specific in my tradeline details on Equifax which is complaining about a CFA on some models (granted it's way down the list).
Most others with it have had to do process of elimination, nothing saying "This is a CFA!" unfortunately. Wasn't my best move back in 2011 that tacked one onto my account but it's gone in 2021 I guess.
So I'll take that as a 'yes'; loans from entities other than banks & credit unions are viewed slightly negatively by FICO algorithms.
@SouthJamaica wrote:
@Revelate wrote:
@SouthJamaica wrote:
@Xarquinn wrote:@I received an invite and applied. After plugging in my invitation code, I was asked for how much i would like to be considered for (a soft pull). Tried 30k (the max) and was pre-approved for 25k with interest rates varying from 11.9 to 16.9 depending of length. I retried asking for 12k the following day and was given similar rates. Settled on 48 months @ 12.9%.
The application then asked for employer info and did a hard pull when submitted. I was immediately asked for my most recent pay stub and given a 1 -2 day message. Will update with results.
Wouldn't these loans be given the 'finance company" treatment by FICO, and therefore hurt our credit scores?
Not sure how FICO determines what's a CFA and what isn't. It's probably by lender name as I can't see anything specific in my tradeline details on Equifax which is complaining about a CFA on some models (granted it's way down the list).
Most others with it have had to do process of elimination, nothing saying "This is a CFA!" unfortunately. Wasn't my best move back in 2011 that tacked one onto my account but it's gone in 2021 I guess.
So I'll take that as a 'yes'; loans from entities other than banks & credit unions are viewed slightly negatively by FICO algorithms.
To be safe, probably. I do know if I ever need a loan again I'll be talking to a CU presumably regardless of my credit score... should've done that back then too but I didn't know much beyond realizing I needed to get some tradelines on my report. Live and learn like all things .
Ultimately though have to do what's financially smart, if that mandates getting a loan from Marcus or wherever, and if that winds up being a CFA tacked onto your report /shrug.
