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Marcus

Regular Contributor

Re: Marcus


CGDefender wrote:

 

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?


 

How would we be able to tell? Looking at my credit report, my Lending Club loan is listed as "Account Type: Installment Account" and "Loan Type: Unsecured."


| TCL = $182,100 | TU FICO 8: 716 | EX FICO 8: 702 | EQ FICO 8: 704 |
Message 21 of 40
Regular Contributor

Re: Marcus

 


rooeez wrote:

CGDefender wrote:

 

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?


 

How would we be able to tell? Looking at my credit report, my Lending Club loan is listed as "Account Type: Installment Account" and "Loan Type: Unsecured."


It would be listed under "negative factors" in the score explination on your credit report, but that may only be if you are getting them directly from FICO.

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 22 of 40
Regular Contributor

Re: Marcus


CGDefender wrote:

 


rooeez wrote:

CGDefender wrote:

 

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?


 

How would we be able to tell? Looking at my credit report, my Lending Club loan is listed as "Account Type: Installment Account" and "Loan Type: Unsecured."


It would be listed under "negative factors" in the score explination on your credit report, but that may only be if you are getting them directly from FICO.


I don't have reports through MyFico, but the reports I have only say "Balances on installment accounts too high compared to their loan amounts" which is just about utilization.


| TCL = $182,100 | TU FICO 8: 716 | EX FICO 8: 702 | EQ FICO 8: 704 |
Message 23 of 40
Frequent Contributor

Re: Marcus


CGDefender wrote:

 


rooeez wrote:

CGDefender wrote:

 

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?


 

How would we be able to tell? Looking at my credit report, my Lending Club loan is listed as "Account Type: Installment Account" and "Loan Type: Unsecured."


It would be listed under "negative factors" in the score explination on your credit report, but that may only be if you are getting them directly from FICO.


I looked at the "negative factors" on my EQ and EX reports and neither of them have a comment about consumer finance accounts.  Both of them are reporting them as installment loans however (looking at "account type").

Current - FICO 8/2017: EX(764); EQ(742); TU(710)
Beginning - FICO 7/2014: EX(630); EQ(608); TU(581)
Current Mortgage FICO - EX(739); EQ(730); TU(707)
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 ($20,000); BrandsMart ($4,000); Banana Republic ($1,200); Lowes ($12,000); Amex Everyday ($27,000); Macy's Amex ($14,000); Amex Platinum (NPSL); Citi Diamond Preferred ($9,000); Chase Freedom ($9,000)
Message 24 of 40
Regular Contributor

Re: Marcus

Ok, on this page I am keeping track of the effects this personal Loan from Marcus has on my credit by using it as intended, to pay off/down lots of credit card debt. All but 1 account I am paying off all at once, the other I will be paying down in stages to see how Util figures in. Note that TU is penalizng me for 3 closed "Consumer Finance" (timeshare loans) accounts, which is why they are significantly lower than the other two. I have no lates or derogatives at all on any of my credit reports.

 

My oldest credit account is 15.5 years and my AAOA is about 6 years.

 

WAS - EQ: 755    TU: 727     EX: 753     RevDTC: 22%

 

NOW - EQ: 824    TU: 800     EX: 818     RevDTC: 7.5%

 

1 Feb

TU - UP 3 points (due to account age)

 

2 Feb

TU - UP 5 points (due to $0 balance on Chase CC /was 30% util)

EQ - UP 2 points (due to $0 balance on Chase CC /was 30% util)

 

12 Feb

EX - UP 10 points (due to CLI on Amazon CC /was 91% util, now 42% util)

 

14 Feb

EQ - UP 8 points (due to CLI on Amazon CC /was 91% util, now 42% util)

 

23 Feb

TU - UP 6 points (No idea why, no specific reason given)

 

26 Feb

EX - Up 27 points (due to balance payoff on Citi (AU) CC /was 94% util, now 1% util --- and balance payoff on FenFed Visa /was 33% util, now 1% util)

 

28 Feb

EQ - Up 23 points (due to balance payoff on Citi (AU) CC /was 94% util, now 1% util)

TU - Up 16 points (No idea why, no specific reason given)

 

1 Mar

EQ - Up 10 points (due to balance payoff on PenFed Visa /was 33% util, now 1% util)

TU - Up 10 points (due to reduction of overall Revolving Credit to Debt Ratio down to 13%)

 

5 Mar

EX - Up 9 points (due to balance reduction on USBank REI CC /was 58% util, now 38% util) This is the one Im paying down gradually.

 

9 Mar

EQ - Up 11 points (due to ballance reduction on USBank REI CC /was 58% util, now 38% util) This is the one Im paying down gradually.

 

10 Mar

TU - Up 23 points (due to reduction of overall revolving Credit to Debt Ratio down down to 9%)

 

4 Apr

EX - Up 9 points (due to balance reduction on USBank REI CC /was 38% util, now 31% util)

 

14 Apr

EX - Up 1 points (due to balance reduction on Amazon Credit /was 54% util, now 49% util)

 

16 Apr

TU - Up 2 points (due to balance reduction on Amazon Credit /was 54% util, now 49% util)

EQ - Up 4 points (due to balance reduction on Amazon Credit /was 54% util, now 49% util)

 

1 May

EX - UP 9 points (due to balance reduction on USBank REI CC /was 31% util, now 23% util)

 

3 May

TU - UP 8 points (due to balance reduction on USBank REI CC /was 31% util, now 23% util)

 

4 May

EQ - UP 11 points (due to balance reduction on USBank REI CC /was 31% util, now 23% util)

 

 

More to come, all paydowns to date have now posted, but the Marcus loan itself hasnt posted to EQ or EX. An interesting point of info for that, Fico Score Simulator says I should take a 5 point hit across the board for the loan itself, so we will see how that pans out. If thats true, thats an amazing tradeoff, revolving to intstallment debt.

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 25 of 40

Re: Marcus

I've got kind of a "beginner's" question regarding this Marcus Loan. Last fall I took an AmEx "NextStep" loan to consolidate $19K of my credit card debt, and my credit scores shot up, as indicated in my signature space below.

I still have $14K of credit card debt left. The pre-qualified offer from Marcus is "up to 30k."  I have not yet entered my code to view options. I'm hung up on the question of income. I'm married. Am I supposed to use just my own income (approx $40k), or can I use my "household income" total (that includes my husband's) for a total of about $155k, for purposes of applying for the loan?   I guess the reason I'm hung up on this is because it is asking my monthly housing payment. That is paid soley from my husband's salary (our accounts are separate).  So I'd either state $40k income and $0 mortgage, or $155k income and $1200 mortgage (or whatever it is... I'm guessing at the mortgage :-) )

Starting Score: Exp 724; TU 713; Eq 713 (10/2016)
Current Score: Exp 769; TU 754; Eq 756 (2/2017)
Goal Score: 801


Take the myFICO Fitness Challenge

Message 26 of 40
Established Member

Re: Marcus

If you were to include your husband's income, I believe that you would have to list him as a co-applicant.  Marcus did ask me for imcome verification and rejected me for DTI too higher and a hard pull.  I was preapproved for 25k on their website and applied for 15k.

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.
Message 27 of 40
Regular Contributor

Re: Marcus


nickiebb2016 wrote:

I've got kind of a "beginner's" question regarding this Marcus Loan. Last fall I took an AmEx "NextStep" loan to consolidate $19K of my credit card debt, and my credit scores shot up, as indicated in my signature space below.

I still have $14K of credit card debt left. The pre-qualified offer from Marcus is "up to 30k."  I have not yet entered my code to view options. I'm hung up on the question of income. I'm married. Am I supposed to use just my own income (approx $40k), or can I use my "household income" total (that includes my husband's) for a total of about $155k, for purposes of applying for the loan?   I guess the reason I'm hung up on this is because it is asking my monthly housing payment. That is paid soley from my husband's salary (our accounts are separate).  So I'd either state $40k income and $0 mortgage, or $155k income and $1200 mortgage (or whatever it is... I'm guessing at the mortgage :-) )


So, if you do a joint application, both your credits will be pulled (likely TU) and DTI will be figured togeather. From everything I have read, Goldman Sachs seems to be focused on a few things for these Marcus loans, DTI ratio, credit score (FICO Score 9) and inquieries.

 

Keep in mind that its a soft pull to get your rate, so no loss if you decide you dont like the terms.

 

I would say figure your DTI ratio both with and without your husband in the mix, then try your luck. If you looking for a small loan, your income may be enough alone, but if your looking for a larger loan, they may not consider your yearly gross income enough alone.

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 28 of 40

Re: Marcus

[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.

 

 

Starting Score: Exp 724; TU 713; Eq 713 (10/2016)
Current Score: Exp 769; TU 754; Eq 756 (2/2017)
Goal Score: 801


Take the myFICO Fitness Challenge

Message 29 of 40
Regular Contributor

Re: Marcus

i was approved on sunday.  20k.  was asked up upload voided check to verify bank.  this morning i get a call asking if i would do a 3 way call with my bank to verify some information.  i'm at work at the moment so i asked if they could call back later..  does this sound normal to you guys?

Message 30 of 40