topic Re: Marcus Loan -- Scarily simple!!! in Personal Finance

Marcus Loan -- Scarily simple!!!

jamesdwi — Sun, 21 May 2017 13:54:19 GMT

got the invation code, requested the full 30,000, asked for a payment around $1000 a month.

Gave me an APR of 5.99%, I was shocked. Didn't think I would get such a good rate. Was given the options of a 30, 33, or 36 monthly payments.

Took 36months, payment wll 912.53

Waited a couple days, to let it sink in, and then applied for hoping I wouldn't get a suprises after they went through and did the HP.

15 seconds later, I was approved. for 5.99%. Blew me away.

They said I have to give my Bank Account info, and sign my loan documents.

Expected to spend at least an hour or more for this process, scanning paycheck stubs, bank statements, tax returns, w2's, etc...

Added my account info, and then they requested a scanned copy of a voided check. Okay after about an hour of searching tracked down my one remaining check... Haven't wrote a check in the last 8 years or so. Got notified that I will hear back in the next 1-2 days

15 minutes later I got the email to proceed.

Read the loan agreement, and clicked to sign the document, 10 seconds later It said

JAMES,

congrats, $30,000 was sent to your bank account!

If you don't see the money in your bank account within four business days, please call us.

Loan amount

$30,000

Interest rate

5.99%

Loan term

36 months

just 4 steps, and 10 minutes of computer time, and they are going to deposit 30g's in my account that is crazy.

Credit Details:

Reported income 100k, will exceed that thanks to overtime.

House and car paid for.

Pulled TU 748 -- same as listed on myfico, and my best score.

4 INQ's in the last two years.

Newest account 7 months ago

AAoA 4 years, 9 months.

Total UTL 16%

No Lates, No baddies on any report, way too many credit card accounts, most at 0 balance,

no cards over 45% UTL, only non-credit card accounts listed on my report are my two Electric company accounts,

one 18 years old (oldest tradeline), and the other is 6 years and a A paid off auto loan.

Re: Marcus Loan -- Scarily simple!!!

Anonymous — Tue, 16 May 2017 18:14:29 GMT

Very nice! Will that report as a bank installment loan or as a consumer finance company loan?

Re: Marcus Loan -- Scarily simple!!!

jamesdwi — Tue, 16 May 2017 18:18:56 GMT

Don't know will add details as the process continues

But since it is a Goldman Sacks, I hoping an installment loan.

Really doesn't matter, have enough credit currently, and not really interested in any cards.

My dream card list only has US Bank Cash+ on it, but really don't need it so I can wait.

I am hoping to pay the loan off in less than 2 years.

Re: Marcus Loan -- Scarily simple!!!

Revelate — Tue, 16 May 2017 20:53:43 GMT

That is a sweet personal loan approval James!

CFA, I really wish I knew what triggered this one. I guess name of lender would be obvious, but that seems kludgy since new lenders pop up all over the place... maybe some ratio of payment vs. original balance w/term to determine APR, >X = CFA?

My EX FICO 3 and EQ FICO 5 (both FICO 04 models) are both my lowest scores and pretty much always have been for the last 4+ years, and I have "You have a consumer finance account" unfortunately in the reason codes. On the plus side I know which account it is so trying to get it removed... loss of one tradeline 2 months AAOA, for airstriking that dreaded CFA tag? Yes please!

I haven't seen that reason code in FICO 8/9 and it appears to flatly not be in EX 98 at least on my scorecard, or perhaps CFA penalties are implemented differently there, not enough data with just my sample set. Small mercies, sadly EQ FICO 5 is one of the 3 scores I really truly care about.

Re: Marcus Loan -- Scarily simple!!!

AllCredit — Wed, 17 May 2017 15:33:54 GMT

This is great info!

Re: Marcus Loan -- Scarily simple!!!

DaveInAZ — Wed, 17 May 2017 17:38:21 GMT

"got the invation code"

- I had heard that Marcus was by invite only, but Credit Karma is always pushing consumer loans on me in their recommendations as I'm carrying several thousand in CC balances, they just don't see that they're all 0% intro, BTs, or PIF monthly usage. They've been including Marcus in their list so this mroning I tried clicking it to see what I'd get. Marcus.com says "Thanks for coming from Credit Karma Get a personal loan with no fees. Ever"

I didn't go any further, not interesting in a personal loan. But for those who are interested in one and have a CK account . . . .

Re: Marcus Loan -- Scarily simple!!!

jamesdwi — Thu, 18 May 2017 14:40:54 GMT

Today's update

30,000 deposited into my checking account. took 2 days.

Starting Fico scores.

EQ: 735

TU: 747

EX: 729

Let the payoff's begin, well that was fast

scheduled all the payments, after they all post, 11 credit cards will be paid to 0 balance

most will take a week or so, only chase accounts were set to be paid today, I know Chase will do mid-month updates when balances reach 0.

Re: Marcus Loan -- Scarily simple!!!

jamesdwi — Fri, 19 May 2017 15:48:39 GMT

EQ +3 pts to 738

CSP card paid off and mid-cycle reported. It was only a $500 or so.

Re: Marcus Loan -- Scarily simple!!!

jamesdwi — Sat, 20 May 2017 17:54:08 GMT

TU up 4pts to 751

and none of the big payoffs have reported yet.

2x $5000 plus payoffs to come, wonder what the impact of those will have.

Re: Marcus Loan -- Scarily simple!!!

NYFan63 — Sun, 21 May 2017 03:43:50 GMT

Congrats James - I have been getting them in the mail but I could have sworn they offered a double digit rate for me. My scores are slightly below yours - must be my BK7 still reporting

Re: Marcus Loan -- Scarily simple!!!

jamesdwi — Sun, 21 May 2017 13:50:16 GMT

EX up 12pts to 741

chase southwest pay down the first $5000+ payment. mid-cycle update, I believe

chase website down for maintance apparently, can't verify

but good to see EX,jump its now my second highest score, its usually my worst.

Discover recieved its $2000 payment, even though it still have a $5000 blance, on BT 5.99% interest, they gave me some luv via the luv button, $500 CLI, haven't gotten any love in like 6 months.

FAKO Update's:

Just checked creditkarma

TU also saw got a possible mid-cycle discounts, of the $5000+ mid-cycle update, so a total of two cards were paid to zero since last update plus other payments.
UTL dropped from 16% to 13%, no score change, don't trust FAKO's still at 721... my actual TU is at least 751, but most likely higher, haven't seen a TU alert from myfico today

EQ FAKO, from creditkarma, up 1 point, UTL now at 14%. EQ also saw the same mid-cycle updates. Credit Karma is nice that it reports the day of the dates recieved. Its helpful just not a useful score.

Re: Marcus Loan -- Scarily simple!!!

jamesdwi — Sun, 21 May 2017 15:44:17 GMT

EQ up 15pts, currently my higest score, first time ever I think.

All scores over 740....

EQ 753, TU 751 EX 741

couldn't get a screen shot to post...

Re: Marcus Loan -- Scarily simple!!!

Anonymous — Sun, 21 May 2017 15:45:47 GMT

Amazing data points, thanks for keeping us updated! Would be cool to see a time-graph of changes versus utilization.

Has your loan actually posted to your CRAs yet?

Re: Marcus Loan -- Scarily simple!!!

jamesdwi — Sun, 21 May 2017 15:56:41 GMT

loan has not yet reported.

I am hoping it will wait till sometime in june, since the first payment is due on June 20th.

Fico simulators currently guesstimate that it will have an negative 8 point impact, which I hope is accurate, but then again they are estimating on partial UTL data.

And with all things Fico the better your score, the harder the hit when negative things occur.

Re: Marcus Loan -- Scarily simple!!!

Anonymous — Sun, 21 May 2017 16:04:13 GMT

That's going to be a heckuva data point (or points as you pay the loan down).

What's your forecast on that portion? I assume post payoffs all your CCs will be $0 except for one under 9%, and then how fast do you expect to pay your loan down to compare installment utilization to FICO changes?

Re: Marcus Loan -- Scarily simple!!!

jamesdwi — Sun, 21 May 2017 16:46:31 GMT

Sadly the loan does not pay off all credit card debt, I will have about 9,000 left including my DW's freedom unlimited card that is on my report as AU.

but that should be gone in the next six months, we would of eventually got it all the credit card debt paid down in about 2 years, I was paying it off at a rate of about 2k a month. At one point I think we were close to 50k in debt, but around $38k when I applied for this loan. So when I read about the Marcus loan with excellent rates, I pulled the trigger. Feel better allready. But with my 30th wedding aniversary coming in June, and DW wants to take a cruise, so the loan also covers $2k for the the cruise and airfair, and Hotel before the cruise, I'm sure we will spend another few hundred on the cruise and the weekend before. but should pay of the rest of the credit card debt by the end of the year.

I have a reserved stock units(RSU) bonus that the first 25% of vests in early July. That i haven't decided how to use. At current market prices this chunk that is vesting is worth about $5k. But my current stock portfollio is earning about 6% a year, but with dividends the vested stock may actually make more money than I am paying in interest, so I may just choose to hold it. There is also a strong possibility that I will recieve another RSU bonus this year.

Yes I love my job... a raise, bonus, working from home so I get a home office tax dedcution, and a lot of OT, but most of the time I love what I do so its not terrible, just a nice addition to my paycheck.

I expect to have the loan paid off in around 2 years, possibly faster, it will be nice to have figure out what to pay next once my paycheck easily covers current spend and multiple times the minimum payment on cards we didn't spend on.

Re: Marcus Loan -- Scarily simple!!!

jamesdwi — Mon, 22 May 2017 17:47:13 GMT

Daily update, TU up 7pts.... 758

All Bankcard

TOTAL BALANCE
$30,190.00

Re: Marcus Loan -- Scarily simple!!!

jamesdwi — Fri, 26 May 2017 12:39:35 GMT

No recent updates related to the loan, but a couple days ago, TD Bank finally closed out my Target store card for non-use, I expected it months ago. They sent a latter 8+ months ago that it would be closed if I didn't use it. But no loss, it was my lowest CL card at $200, with obviously zero balance.

Sorry I refuse to use the low limit card, to shop at your store to try and grow my limit. Not going to take a chance at being declined at the register. My income is found in this thread, and I updated my income with them still no increase. Perfect payment history. No Baddies, surely you can extend more than $200 credit limit to me. Oh well your loss. Over the same time, AMEX has grown from $6000, to 15,100. the AMEX card is a month older.

Re: Marcus Loan -- Scarily simple!!!

Anonymous — Fri, 26 May 2017 14:12:41 GMT

Amazing interest rate and loan amount! Well done!

Re: Marcus Loan -- Scarily simple!!!

jamesdwi — Sun, 04 Jun 2017 17:34:35 GMT

Time for an update

reported UTL down to 13%, no score moves since last report, all are still over 741

Have made an extra payment on the Loan, had an extra $400 after my check, paid all new charges since I got the loan, and made payments of at least 3-4 times the minimum's on cards that still have a balance, but all cards with existing balance have BT deals with the highest APR is 5.99% the same as the loan. It was a bit shocking that I had acrued $89 in interest in the couple weeks between the time I took out the loan and the time the payment cleared. I have scheduled another extra payment payment of $500 on the 5th payments are easy to make with Marcus, I feared that they would make it difficult but no not the case but if you make the extra payment too early you are still required to make the full next payment. A family member amazingly decided to repay pay of the money I loaned him. The rest of the $1000 he paid me went to a couple other cards.

I think the only card that hasn't repored is my CapOne venture, that has a 0% APR BT deal with a payment of $5000 scheduled in the middle of the month. Why pay it sooner when the interest earned while its in my checking account is basicly free money. Hopefully it will improve my score.

Another data point for people that like mid-cycle reporting, Chase doesn't mid-cycle report on some co-branded cards, like the South West card, it reported today, the actual payoff was weeks ago. My Chase Freedom and CSP both done mid-cycle reporting.

Hopefully the loan doesn't report before the 20th when I pay my first actual required payment, it would be nice to see the loan balance down nearly $1800 before it reports. Will keep updating as events occur.