Re: Huge CC Debt and still need $25K more[ Edited ]
02-11-2010 09:03 AM - edited 02-11-2010 09:09 AM
The 10% rate I got was partially due to the fact that I was in the first $500,000 of total lending that Pertuity Direct funded. In fact their Sr. Vice President called me on the phone and asked me if I would be willing to do an interview with the Wall Street Journal just to honestly answer their questions on my experience and opinion. I agreed, but then the date ended up being a conflict with other things.
After 6 months I noticed they started reporting they didn't do new loans in Texas. Then I heard that their board voted to divest and they sourced out all the loans to a third party servicer and shut down their funding company.
I had a hard pull on EX, but Pertuity never reported the loan. However, all the other social lenders do report.
In what I have seen on Prosper and Lending Club, you have to have really good credit to get their top tier rates. And you need really good credit to get their max loan amount ($25k). The underwriting will grade your credit, then you have to "verify" certain info such as employment and income. Once you are approved and graded they allow investers to bid...but at anytime, based upon underwriting they may come back and reduce the amount you are allowed to borrow.
I had a friend who had requested $15k. Underwriting reduced "allowed/approved" amount to $7800. Investor bidding had the loan funded 100%, but then underwriting cancelled the loan because when they did a search on his employer, they determined the employer was not good enough (I guess the age of the company or something they found about the company) anyway the source of income was cited as the problem.
09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549