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Marcus

New Contributor

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.

Message 31 of 40
New Contributor

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.

Message 32 of 40
Community Leader
Senior Contributor

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 xx/xx/xx Gardenversary xx/xx/xx Score: 08/21/17 EQ 781 TU 784 EXP 789
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 33 of 40
Highlighted
Community Leader
Senior Contributor

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 xx/xx/xx Gardenversary xx/xx/xx Score: 08/21/17 EQ 781 TU 784 EXP 789
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 34 of 40
New Visitor

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 !!

Message 35 of 40
Regular Contributor

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)
Message 36 of 40
New Contributor

Re: Marcus

Hi Anusara this is an old question but thought since I was here would answer. I think it was because my credit union is not very big and didn't deal well with modern banking transactions. I think Marcus wanted to make sure I was who I said I was. Anyway they gave the loan decent rate too. Better than those parasites Avant and some others.

 

Message 37 of 40
Community Leader
Senior Contributor

Re: Marcus


Caldric wrote:

Hi Anusara this is an old question but thought since I was here would answer. I think it was because my credit union is not very big and didn't deal well with modern banking transactions. I think Marcus wanted to make sure I was who I said I was. Anyway they gave the loan decent rate too. Better than those parasites Avant and some others.

 


I'm glad every thing worked out for you Caldric and thanks for responding to my question.Smiley Happy

Gardening since xx/xx/xx Gardenversary xx/xx/xx Score: 08/21/17 EQ 781 TU 784 EXP 789
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 38 of 40
Valued Member

Re: Marcus

Just got an approval from them this week based off of a recommendation from a Credit Karma. Used CK's prequal tool and Marcus had the best terms. APR still very high at 22%, but I'll pay it off early and it will be used to consolidate my CC debt. I had to use the heck out of my Venture. It'll also help with beefing up my profile. Approval process was quick and easy. I applied online and then received a phone call to submit additional income verification. Uploaded two pay stubs and 3 mos of bank statements to show additional income. Got the approval email 2 hours after I applied. Approved for $10K.

DPs: they pulled TU and showed my score at 680. No baddies except a few lates on my car loan from 2 years ago. CC util currently shows at 29%, but again I've had to use more credit since the last update. I financed 3 vacations on my Venture AND ended up with unexpected emergency car repairs, etc. that I had to put on the CC. This installment loan is a godsend for me. Will pay off the Venture right away, and once my car is paid off in a few months I'll double up on the installment loan payments to pay it off quickly. In the meantime my credit score will not suffer. 👍🏾👍🏾
Message 39 of 40
New Member

Re: Marcus

I received an invite by mail so decided to apply to determine if I can qualify for a loan to consolidate my credit card balances. Submitted the online form and instantly got "Unfortunately, we can't offer you a loan at this time", I forgot I had my credit frozen however didn't think it would have affected the soft pull performed to provide loans just applying once I select a loan. called and spoke with a rep whom informed me that with my credit being frozen it would prevent the soft pull, confirmed they are using transunion for verification. did a temp unfreeze and tried again same results "Unfortunately, we can't offer you a loan at this time". Uncertain of the cause, I will have to wait for the letter by mail. checked my Transunion reported score from myfico and its 792, my utilization is less than 25% and debt to income ratio based on my housing cost and minimum payment on my credit cards is less than 40%. Oh well I will try with SoFI

Message 40 of 40