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Established Member
Posts: 29
Registered: ‎01-19-2010
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Re: Marcus

Congratulations - awesome interest rate.  

 

I went through the same process but eventhough preapproved through their website the final decsision was a rejection for DTI being too high.  Its about 50% but I was planning on using the Marcus loan to re-finance two prosper loans which would have lowered it.

Starting Score: TU 544; EQ 533 (BK Ch7 Discharged 3/2010)
Current Score: TU 715; EQ 718; EX 687
Alliant CU Visa 4,000; Barclay Bank 8000; Credit One 2450; Kay 7,400; Merrick Bank 300; Lowes 15,000; Target 4000; CFNA 2,200; Capital One 8,300; PayPal BML 5,500; Total Rewards (Comenity) 9,000; Amex BCE 14,500; Cabela 8,500; Discover 13,500; PenFed 6,500 UTIL=~25% + 3 personal loans and 1 auto.
Regular Contributor
Posts: 209
Registered: ‎08-26-2014
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Re: Marcus

[ Edited ]

Ok, so the rest of the story....

 

The loan process closed today, with disbursement to occur in 1-4 business days.

You can e-sign your paperwork, and set your "payment due" day, including setting up auto bill.

 

They pulled Transunion (my worst score)

They use FICO Score 9 (which translated to a 701 out of 850

 

At Credit Pull... My Transunion FICO 8 was 727

My RBTC ratio was 22%

My DTI is about a 1 to 3 ratio

My AAOA on Transunion is 5.5 years

I had 2 inquirys on TU, both over a year old

I have a very diverse credit portfolio with absolutely no bads and quite a few high credit limit cards.

 

Let me know if there is anything else that may seem helpful.

 

Best of luck!

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)
Super Contributor
Posts: 6,190
Registered: ‎02-24-2015

Re: Marcus


CGDefender wrote:

Ok, so the rest of the story....

 

The loan process closed today, with disbursement to occur in 1-4 business days.

You can e-sign your paperwork, and set your "payment due" day, including setting up auto bill.

 

They pulled Transunion (my worst score)

They use FICO Score 9 (which translated to a 701 out of 850

 

At Credit Pull... My Transunion FICO 8 was 727

My RBTC ratio was 22%

My DTI is about a 1 to 3 ratio

My AAOA on Transunion is 5.5 years

I had 2 inquirys on TU, both over a year old

I have a very diverse credit portfolio with absolutely no bads and quite a few high credit limit cards.

 

Let me know if there is anything else that may seem helpful.

 

Best of luck!


Wow, a lender actually using FICO 9. Interesting.  My TU FICO 9 is 828.


FICO8 EQ 736 TU 761 EX 741 FICO5 EQ 720 Total revolving 422500
Regular Contributor
Posts: 209
Registered: ‎08-26-2014
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Re: Marcus

[ Edited ]

Sounds like you might qualify for 5.99!! ;-)

 

The ironic thing here is all my scores should be going up by 40-50 points once I pay off all my credit card debt.

 

Transunion will be the only one under 800, and only because they are hitting me hard for 3 closed "consumer finance" accounts, long paid off timeshare loans!

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)
Super Contributor
Posts: 6,190
Registered: ‎02-24-2015
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Re: Marcus


CGDefender wrote:

Sounds like you might qualify for 5.99!! ;-)

 

The ironic thing here is all my scores should be going up by 40-50 points once I pay off all my credit card debt.

 

Transunion will be the only one under 800, and only because they are hitting me hard for 3 closed "consumer finance" accounts, long paid off timeshare loans!


Aren't you about to be adding a new "consumer finance" account, with 100% utilization?


FICO8 EQ 736 TU 761 EX 741 FICO5 EQ 720 Total revolving 422500
Regular Contributor
Posts: 209
Registered: ‎08-26-2014
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Re: Marcus

[ Edited ]

SouthJamaica wrote:

CGDefender wrote:

The ironic thing here is all my scores should be going up by 40-50 points once I pay off all my credit card debt.

 

Transunion will be the only one under 800, and only because they are hitting me hard for 3 closed "consumer finance" accounts, long paid off timeshare loans!


Aren't you about to be adding a new "consumer finance" account, with 100% utilization?


Now thats an interesting question whos answer is compleatly unclear at this point. I did a lot of looking around before applying, and from everything I have read, "consumer finance" accounts seem to be considered "sub-prime" lender loans and the like. There dosnt seem to be any definitive criteria, its all very subjective to the CB thats tagging it.

 

As an example, TU is the only CB that considers my 3 timeshare loans to be consumer finance accounts, the other two dont penalize me for them.

 

This Marcus loan is backed by Goldman Sachs Bank, which is one of the reasons I went with them. Goldman Sachs is hardly considered a sub-prime lender or bank, and the terms are hardly sub prime either.

 

So, we will see when the new account hits my credit reports what happens. It may be another case of TU following its own drummer.

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)
Super Contributor
Posts: 6,190
Registered: ‎02-24-2015

Re: Marcus


CGDefender wrote:

SouthJamaica wrote:

CGDefender wrote:

The ironic thing here is all my scores should be going up by 40-50 points once I pay off all my credit card debt.

 

Transunion will be the only one under 800, and only because they are hitting me hard for 3 closed "consumer finance" accounts, long paid off timeshare loans!


Aren't you about to be adding a new "consumer finance" account, with 100% utilization?


Now thats an interesting questions whos answer is compleatly unclear at this point. I did a lot of looking around before applying, and from everything I have read, "consumer finance" accounts seem to be considered "sub-prime" lender loans and the like. There dosnt seem to be any definitive criteria, its all very subjective to the CU thats tagging it.

 

As an example, TU is the only CU that considers my 3 timeshare loans to be consumer finance accounts, the other two dont penalize me for them.

 

This Marcus loan is backed by Goldman Sachs Bank, which is one of the reasons I went them them. Goldman Sachs is hardly considered a sub-prime lender or bank, and the terms are hardly sub prime either.

 

So, we will see when the new account hits my credit reports what happens. It may be another case of TU following its own drummer.


Well I hope for the best for you.


FICO8 EQ 736 TU 761 EX 741 FICO5 EQ 720 Total revolving 422500
Regular Contributor
Posts: 209
Registered: ‎08-26-2014
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Re: Marcus

Disbursment occured today and the account payoffs have begun. So from application to payout, it took 10 days, probably because I applied on a Saturday.

 

I will let you all know how this effects my credit as accounts report.

 

The inquery did hit TU a few days ago, but had no effect at all, probably since it was the only inquery younger than 13 months.

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)
Frequent Contributor
Posts: 261
Registered: ‎07-20-2014
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Re: Marcus


SouthJamaica wrote:

CGDefender wrote:

SouthJamaica wrote:

CGDefender wrote:

The ironic thing here is all my scores should be going up by 40-50 points once I pay off all my credit card debt.

 

Transunion will be the only one under 800, and only because they are hitting me hard for 3 closed "consumer finance" accounts, long paid off timeshare loans!


Aren't you about to be adding a new "consumer finance" account, with 100% utilization?


Now thats an interesting questions whos answer is compleatly unclear at this point. I did a lot of looking around before applying, and from everything I have read, "consumer finance" accounts seem to be considered "sub-prime" lender loans and the like. There dosnt seem to be any definitive criteria, its all very subjective to the CU thats tagging it.

 

As an example, TU is the only CU that considers my 3 timeshare loans to be consumer finance accounts, the other two dont penalize me for them.

 

This Marcus loan is backed by Goldman Sachs Bank, which is one of the reasons I went them them. Goldman Sachs is hardly considered a sub-prime lender or bank, and the terms are hardly sub prime either.

 

So, we will see when the new account hits my credit reports what happens. It may be another case of TU following its own drummer.


Well I hope for the best for you.


I'm not so sure that's the case for these kinds of loans.  I just got a $15K loan through Lending Club and it just started reporting with EX and I got a 16 point increase.  I also got an increase with EQ of 36 points, but it was mixed with one of my last two baddies falling off plus the decreased utilization on some of my credit cards.  I would imagine the baddie that fell off was probably the bulk of that score increase, but I believe the loan was probably second in terms of the increase in points.  I say that because I noticed that just the decrease in utilization (due to me paying down/off my credit cards) seemed to get me only a handful of points on TU and EX (less than 10 points each), even though some of those cards had 70%-80% utilization previously.  Just thought I'd share what my experience has been since it just happened.  I'd be curious to know how the CRA's react when your loan posts.

Current - FICO 5/2017: EX(767); EQ(745); TU(709)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Current Mortgage FICO - EX(738); EQ(750); TU(705)
Credit: Wells Fargo Home Projects Charge Card ($7,800); Wells Fargo Home Rebate Visa ($4,000); Capital One Quicksilver ($6,000); Capital One Venture ($5,500); Discover it ($3,600); Macy's ($15,300); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($3,000); Macy's Amex ($8,000)
Regular Contributor
Posts: 209
Registered: ‎08-26-2014
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Re: Marcus


dragonfly66 wrote:

SouthJamaica wrote:

CGDefender wrote:

SouthJamaica wrote:

CGDefender wrote:

The ironic thing here is all my scores should be going up by 40-50 points once I pay off all my credit card debt.

 

Transunion will be the only one under 800, and only because they are hitting me hard for 3 closed "consumer finance" accounts, long paid off timeshare loans!


Aren't you about to be adding a new "consumer finance" account, with 100% utilization?


Now thats an interesting questions whos answer is compleatly unclear at this point. I did a lot of looking around before applying, and from everything I have read, "consumer finance" accounts seem to be considered "sub-prime" lender loans and the like. There dosnt seem to be any definitive criteria, its all very subjective to the CU thats tagging it.

 

As an example, TU is the only CU that considers my 3 timeshare loans to be consumer finance accounts, the other two dont penalize me for them.

 

This Marcus loan is backed by Goldman Sachs Bank, which is one of the reasons I went them them. Goldman Sachs is hardly considered a sub-prime lender or bank, and the terms are hardly sub prime either.

 

So, we will see when the new account hits my credit reports what happens. It may be another case of TU following its own drummer.


Well I hope for the best for you.


I'm not so sure that's the case for these kinds of loans.  I just got a $15K loan through Lending Club and it just started reporting with EX and I got a 16 point increase.  I also got an increase with EQ of 36 points, but it was mixed with one of my last two baddies falling off plus the decreased utilization on some of my credit cards.  I would imagine the baddie that fell off was probably the bulk of that score increase, but I believe the loan was probably second in terms of the increase in points.  I say that because I noticed that just the decrease in utilization (due to me paying down/off my credit cards) seemed to get me only a handful of points on TU and EX (less than 10 points each), even though some of those cards had 70%-80% utilization previously.  Just thought I'd share what my experience has been since it just happened.  I'd be curious to know how the CRA's react when your loan posts.


I will post as changes hit. I already got a 3 point increase from TU for some unknown reason as nothing has changed since the 21st of Jan.

 

Now, Lending Club is interesting because I have been reading that most peer lending loans ARE typically considered "Consumer Finance" accounts. Are any of the CRAs telling you that you are being penalized for having one?

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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