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Established Contributor
Posts: 696
Registered: ‎01-26-2016
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Marcus

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,

 

New Visitor
Posts: 1
Registered: ‎11-22-2016
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Re: Marcus

Nope came across this looking for reviews...did you apply? I dont want to be the guinea either...
Senior Contributor
Posts: 5,680
Registered: ‎08-04-2014

Re: Marcus

[ Edited ]

OzMan1788 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.Smiley Happy

Gardening since 09/28/16
Score: 09/15/16 EQ 772 TU 783 EXP 779
Current Score: 779
Goal Score: 800
Established Member
Posts: 28
Registered: ‎01-19-2010

Re: Marcus

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.  

Starting Score: TU 544; EQ 533 (BK Ch7 Discharged 3/2010)
Current Score: TU 715; EQ 718; EX 687
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Senior Contributor
Posts: 5,175
Registered: ‎02-24-2015
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Re: Marcus


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?


FICO8 EQ 782 TU 804 EX 787 FICO5 EQ 722 Total revolving 395000
Moderator
Posts: 16,338
Registered: ‎12-30-2011
0

Re: Marcus

[ Edited ]

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.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 693, EX 2 719, EQ 8 732, TU 8 732, EX 8 728 (2/01/17)
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Senior Contributor
Posts: 5,175
Registered: ‎02-24-2015
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Re: Marcus


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.


FICO8 EQ 782 TU 804 EX 787 FICO5 EQ 722 Total revolving 395000
Moderator
Posts: 16,338
Registered: ‎12-30-2011

Re: Marcus

[ Edited ]

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 Smiley Happy.

 

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.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 693, EX 2 719, EQ 8 732, TU 8 732, EX 8 728 (2/01/17)
Goal Score:    EQ 5 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Regular Contributor
Posts: 208
Registered: ‎08-26-2014

Re: Marcus

[ Edited ]

I got one of these invitations as well, "Pre-Approved for up to 30k" at interest rates as low as 5.99%

 

The huge up side, no fees, of any kind. They state right on their mailer "No fees. Ever".

 

On their web page, they state clearly "We make money from interest, not fees." Kinda refreshingly honest!

 

Having asked for quotes from places like Sofi, Bestegg and peer lending groups, and getting quoted credit card interest rates between 11.9 to 17.9 for loans of 5k to 30k, I didn't have much faith this offer would be any better, but needing to consolidate some credit card debt I requested a quote.

 

First they ask you what size loan you want, and how much per month you are looking to pay. I picked the full 30k @1000 a month payment. (planning to pay it off in 3 years or less)

 

After a soft pull, it came back with an offer of 30k for 48 months @730 a month payment...and...ready for this?.......6.99%

Thats only about 2.5% above what HELOC loans are going for right now, and I don't own a house.

 

I applied, uploaded my pay slip, and a few hours later got a call from a reviewer asking to clarify information on the pay slip. After a few questions, she cheerfully said she was all done, and 15 min later I got an approval email. I got back onto the site, uploaded a scan of a voided check where I want to money sent, and now wait for Monday to e-sign the final paperwork.

 

I will let you all know how the rest of the experience goes.

Gardening Since: 21 Jan 2017
USAA FAKO "Plus" \ FICO Score 8 (1 Mar)
Eq: 729 \ 798
Tu: 710 \ 767
Ex: 770 \ 790
FICO NextGen V2: 781 (Dec 1st 2016 - from PenFed)
Frequent Contributor
Posts: 494
Registered: ‎11-11-2007
0

Re: Marcus


CGDefender wrote:

I got one of these invitations as well, "Pre-Approved for up to 30k" at interest rates as low as 5.99%

 

The huge up side, no fees, of any kind. They state right on their mailer "No fees. Ever".

 

On their web page, they state clearly "We make money from interest, not fees." Kinda refreshingly honest!

 

Having asked for quotes from places like Sofi, Bestegg and peer lending groups, and getting quoted credit card interest rates between 11.9 to 17.9 for loans of 5k to 30k, I didn't have much faith this offer would be any better, but needing to consolidate some credit card debt I requested a quote.

 

First they ask you what size loan you want, and how much per month you are looking to pay. I picked the full 30k @1000 a month payment. (planning to pay it off in 3 years or less)

 

After a soft pull, it came back with an offer of 30k for 48 months @730 a month payment...and...ready for this?.......6.99%

Thats only about 2.5% above what HELOC loans are going for right now, and I don't own a house.

 

I applied, uploaded my pay slip, and a few hours later got a call from a reviewer asking to clarify information on the pay slip. After a few questions, she cheerfully said she was all done, and 15 min later I got an approval email. I got back onto the site, uploaded a scan of a voided check where I want to money sent, and now wait for Monday to e-sign the final paperwork.

 

I will let you all know how the rest of the experience goes.


That's a pretty nice deal! Congrats on the approval. Which CRA did they pull?

Mar 2017: EQ 733 80 INQ | TU 768 42 INQ | EX 755 80 INQ || AMEX PRG | AMEX BGR | USAA Rewards VS $17K | USAA NAMF AMEX $15K | SECU Visa $10K | Cap1 V1 (AU) $45.75K | AMEX BCE (AU) $10K | Marvel MC $25K | Walmart MC $10K | Freedom $12.2K | USAA Cash Rewards VS $18K | Walmart SC $25K | PENFED CR $9K | AMEX EDP $24K | Banana Republic SC $10K | MECU $10K | Amazon SC $25K | Barclays Apple Rewards $10K | J. Crew $13.6K | Cap1 PlayStation $3K | Cap1 QS1 $2.6K | Business: AMEX Green NPSL | AMEX SimplyCash $2K | AMEX Blue for Business $3K | Cap1 Spark Visa $7.5K | Amazon Rev. $2.5K | Amazon PIF (No PG) $1K | Walmart (No PG) $2.5K | Chase Marriott Business $30K | Chase Ink $14K

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