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New Contributor
Posts: 62
Registered: ‎01-13-2011

Re: Marcus

I was approved for this today. I think the originally approved me for 24k something like that. They had been sending my fliers and I kept dumping them because most of my experience applying for these loans go anywhere from 24% to some crazy 32% interest.... um no thanks

 

Anyway I applied because I was paying off some high interest credit cards every month with a payment of about 300 to 400 dollars and it was going to take 20ish months to pay them off with high interest.

 

I only asked for 10k 12% (little high but cards are 19 to 24) was approved after uploading paystub in about 30 mins I received the email approval. Uploaded voided check and told me they would get back to me in 1 to 2 days.

 

I went for it because it is Goldman Sachs and no fees anywhere. Some of the loan companies take like 4% or something of the loan right off the top for fees. I will confirm this if I get the documents to sign and there is no hidden stuff somewhere.

 

They pulled TU not my best probably 670 or 690 score on 8 no idea about 9. The credit pull was

 

GOLDMAN SACHS BANK USA
PO BOX 45400
SALT LAKE CITY , UT 84145                                

 

Will update when closed. So far painless.

New Contributor
Posts: 62
Registered: ‎01-13-2011
0

Re: Marcus

Ok so I had to do the 3 way call with my bank and my credit union refused to do that not sure why Marcus gave me no information. Customer Support was nice but gave me no information on what they needed. Just left me out in the air on what they wanted. I gave them the voided check. Just said I should go talk to my bank. Strange I will talk with credit union on this issue but then maybe they will offer me the loan anyway. Will go in and see if they will talk with Marcus, I understand that my CU would not talk about my account. The CU even offered to fax my information to them. Don't know what is going on but will update after I talk with CU.

Senior Contributor
Posts: 5,793
Registered: ‎08-04-2014
0

Re: Marcus


nickiebb2016 wrote:

[UPDATE]

 

After browsing around this forum, I did see that there were other similar questions, and the consensus was that the lender is interested in "available" income for purposes of paying back the debt, so it is fine to list my DH's income even though he is not a joint applicant. I did (also listed our housing expense, which is paid solely by DH), and my application was accepted immediately. The pre-approved offer I received would not apply if I had applied jointly.

The whole process was very simple. After I entered the income/housing expense, I was presented with a slider to determine how much I'm asking and the monthly payment I would like. I entered $15,500 and $650, and was given options for payments around of approx. $650, and $700, each option having a different length of time for payoff. I selected the $700 payment over 24 months. My interest rate is 7.99%.  

 

The next steps were to add my bank info and upload a check image to confirm bank info. At this point I got a message that said "verifying bank details" would take 1-2 business days. It was confirmed the next day and I was sent an e-mail telling me I can e-sign my loan docs. They used TU for my credit reporting, which said it was less than what I thought it was (736 v. what is in my signature line)

 

When signing my loan docs, I was also able to set my due-date. When I did so, a message displayed saying that Marcus allows  me to change my due date 3x, and this would be one of the three. I changed my date because my other consolidation loan (NextStep by AmEx) was due on the 6th of every month, and I wanted a 2-week gap between the two to make it easier to budget the payment. 

 

All in all, this was very easy, and by the end of next week I will have *no* credit card debt; just these two consolidation loans (which will both be paid off in 2019!!) I am a little anxious, though, to see how this affects my credit score. The NextStep loan that dramatically changed my DTI helped my score shoot up. I'm hopeful that paying the rest off will help it increase again. My husband and I would like to get some kind of travel rewards card so we can use it for day-to-day expenses and pay it off each month to earn points. I don't know enough about how that works, but will certainly be researching that. 

 

Thanks, all.

 

 


Congrats on your success with both consolidation loans!!

Gardening since 09/28/16 Gardenversary 09/28/17 Score: 09/15/16 EQ 772 TU 783 EXP 779
Current Score: 779
Goal Score: 800
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Senior Contributor
Posts: 5,793
Registered: ‎08-04-2014
0

Re: Marcus


Caldric wrote:

Ok so I had to do the 3 way call with my bank and my credit union refused to do that not sure why Marcus gave me no information. Customer Support was nice but gave me no information on what they needed. Just left me out in the air on what they wanted. I gave them the voided check. Just said I should go talk to my bank. Strange I will talk with credit union on this issue but then maybe they will offer me the loan anyway. Will go in and see if they will talk with Marcus, I understand that my CU would not talk about my account. The CU even offered to fax my information to them. Don't know what is going on but will update after I talk with CU.


Hey Caldric. Sorry you're having a hard time getting your banks to speak with one another. I'm curious... Do you know why you had to upload a check versus inputting your account information?

Gardening since 09/28/16 Gardenversary 09/28/17 Score: 09/15/16 EQ 772 TU 783 EXP 779
Current Score: 779
Goal Score: 800
Take the myFICO Fitness Challenge
New Visitor
Posts: 1
Registered: ‎04-01-2017
0

Marcus Question

Quick Question about Marcus and really a general question.   I have paid off all my credit cards and me and my wife only have 2 student loans , 2 car loans as well as a mortgage.  DTI ration is very low and we just want to pay off one private timeshare loan of about $23K (which isnt on my credit report) with a private consolidation loan.   My Fico scores today for TU is 785.   I dont have an invitation from Marcus but do you all think Marcus is smart for me to beat my 16% Timeshare loan rate or any other lender you reccomend ?  Thanks for any advise !!

Regular Contributor
Posts: 209
Registered: ‎08-26-2014
0

Re: Marcus Question


jtwcarboy wrote:

Quick Question about Marcus and really a general question.   I have paid off all my credit cards and me and my wife only have 2 student loans , 2 car loans as well as a mortgage.  DTI ration is very low and we just want to pay off one private timeshare loan of about $23K (which isnt on my credit report) with a private consolidation loan.   My Fico scores today for TU is 785.   I dont have an invitation from Marcus but do you all think Marcus is smart for me to beat my 16% Timeshare loan rate or any other lender you reccomend ?  Thanks for any advise !!


From what I have read, atm Marcus is only taking applications by targeted invitation. They "may" be opening up to general applications later this year.

 

If your scores are about the same accross the board as your TU, I would suggest looking into Lightstream or perhaps SoFi.

Gardening Since: 21 Jan 2017
USAA FAKO "Plus" \ FICO Score 8 (1 Apr)
Eq: 729 \ 808
Tu: 710 \ 790
Ex: 770 \ 809
FICO NextGen V2: 781 (Dec 1st 2016 - from PenFed)

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