Thanks to Lending Club!

[Anonymous]

After unemployment for 1 year and using my credit cards to supplement my income, I went from $14,000 debt to $7,000 in 4 months!    Applied for and received a Lending Club loan for the remaining 7K at 10% and just paid all my credit card balances to ZERO.  

I'm trying to reach a FICO of 760+ and today (before all my zero balances post) I'm 723....

Does anyone have any input on how they report to the CRA?  Is it negative to have a Lending Club loan?   Geez, I hope not....Anyone out there with experience on LC>?

[guiness56]

I don't have any information on Lending Club but I do have a suggestion.

Typically, FICO does not like to see all CC report a 0 balance.  If they do your score may not go up.  Keep all at a 0 balance and use one.  Let a 9% or under balance report.

[Anonymous]

thanks and good suggestion.   I will keep it under 7%, if not always at zero     Thanks again.

[guiness56]

I read what I wrote and it wasn't too clear.

Keep all but one card at 0 balances.  Use the one card and let it report at 9% or below but not 0.