topic Re: MARCUS BY GOLDMAN SACHS in Personal Finance

MARCUS BY GOLDMAN SACHS

Anonymous — Sat, 23 May 2020 15:24:18 GMT

Hello All

Applied back in December 2019 for a $3500 Marcus loan. I believe they pulled TU Fico 9 score of 726. At the time carrying 17% credit utilization with total balances around $7000 on cc's. Soft pull with options was presented with rates ranging from 10.5% to 12.5% based on term. Proceeded with app and hard pull on TU. Approved at 10.5% for $3500 with 36 month term. Additional .25% off using autopay. Funds received in 2 business days as I applied on a Saturday evening. They report to TU cra only. Funds used to payoff a 16.75% rate card and proceeds left over for holidays. One baddie showing November 2018 on rental mortgage. Isolated late and home was sold May 2019 so account showing closed. I have one other late reporting in 2014 on same mortgage but rest of credit is clean.

Re: Marcus by Goldman Sachs

M_Smart007 — Sat, 23 May 2020 14:44:10 GMT

@Anonymous wrote:
Hello all
Applied back in December 2019 for a $3500 Marcus loan. I believe they pulled TU Fico 9 score of 726. At the time carrying 17% credit utilization with total balances around $7000 on cc's. Soft pull with options was presented with rates ranging from 10.5% to 12.5% based on term. Proceeded with app and hard pull on TU. Approved at 10.5% for $3500 with 36 month term. Additional .25% off using autopay. Funds received in 2 business days as I applied on a Saturday evening. They report to TU cra only. Funds used to payoff a 16.75% rate card and proceeds left over for holidays. One baddie showing November 2018 on rental mortgage. Isolated late and home was sold May 2019 so account showing closed. I have one other late reporting in 2014 on same mortgage but rest of credit is clean.

Congrats on your success!

And Welcome to myFICO forums

Re: Marcus by Goldman Sachs

Anonymous — Sat, 23 May 2020 14:45:46 GMT

Been watching the boards for awhile and am still trying figure things out but a lot of useful info provided by everyone and I am grateful for this community. Thank you kindly!

Re: Marcus by Goldman Sachs

M_Smart007 — Sat, 23 May 2020 14:49:49 GMT

@Anonymous wrote:
Been watching the boards for awhile and am still trying figure things out but a lot of useful info provided by everyone and I am grateful for this community. Thank you kindly!

You are welcome!

Yes, I haved learned so much, very greatful to be on the forum.

I would never be where I am at on my credit journey in a million years, without what I have learned here.

Re: MARCUS BY GOLDMAN SACHS

Anonymous — Tue, 26 May 2020 15:43:20 GMT

@Anonymous wrote:
Hello All
Applied back in December 2019 for a $3500 Marcus loan. I believe they pulled TU Fico 9 score of 726. At the time carrying 17% credit utilization with total balances around $7000 on cc's. Soft pull with options was presented with rates ranging from 10.5% to 12.5% based on term. Proceeded with app and hard pull on TU. Approved at 10.5% for $3500 with 36 month term. Additional .25% off using autopay. Funds received in 2 business days as I applied on a Saturday evening. They report to TU cra only. Funds used to payoff a 16.75% rate card and proceeds left over for holidays. One baddie showing November 2018 on rental mortgage. Isolated late and home was sold May 2019 so account showing closed. I have one other late reporting in 2014 on same mortgage but rest of credit is clean.

I apped for a loan from them a year or so ago with all 3 scores at or above 800 and no other debt except for a mortgage that was at about 50% of original balance (and has since been paid off) and a small installment loan at 75% of original balance (also since paid off). They TD very quickly. Funny thing is now that I don't need them or even want them, every couple of months I get an email from them asking me to re-app. No chance of that happening. My position is, if I'm not good enough for you when I need you, then I'm not good enough for you ever.

Re: MARCUS BY GOLDMAN SACHS

Anonymous — Tue, 26 May 2020 22:57:14 GMT

Hard to figure out. I have seen some folks advertise they were offered higher rates with scores higher than mine and one post mentioned an approval with a 640 score getting 13% ish rate. Typically risk based pricing would apply where score will dictate rate and term but not so sure with Marcus that is how it works. I'm sorry that you were not extended credit with such high scores. You could probably apply with another one of these companies like LightStream and get approved with those big scores you have. Again hard to gauge Marcus based on what I have read here. Best of luck to you!

Re: MARCUS BY GOLDMAN SACHS

Anonymous — Fri, 29 May 2020 15:42:13 GMT

@Anonymous wrote:
Hard to figure out. I have seen some folks advertise they were offered higher rates with scores higher than mine and one post mentioned an approval with a 640 score getting 13% ish rate. Typically risk based pricing would apply where score will dictate rate and term but not so sure with Marcus that is how it works. I'm sorry that you were not extended credit with such high scores. You could probably apply with another one of these companies like LightStream and get approved with those big scores you have. Again hard to gauge Marcus based on what I have read here. Best of luck to you!

I ended up going to American Express for the loan, which has since been paid off. Now that I have no debt and an income that is 3-4 times what I need, I don't need Marcus OR Goldman Sachs. What did Will Rogers say? - "A banker is a guy who will lend you money only when you can prove that you don't need a loan."

Re: MARCUS BY GOLDMAN SACHS

Anonymous — Sat, 04 Jul 2020 17:31:43 GMT

I just applied for one. Got the available options, I chose one and then it said to upload bank statements. Did you have to do this as well? It's saying pending verification. Im assuming it's approved pending the POI. Just can't find too much info on these loans. Thanks!

Re: MARCUS BY GOLDMAN SACHS

tcbofade — Sat, 04 Jul 2020 23:47:44 GMT

I've never dealt with Marcus, but I believe that you are correct, @Anonymous

As long as your POI and bank statements match whatever you put in your application, you should be fine.

Good luck!

Re: MARCUS BY GOLDMAN SACHS

Anonymous — Sun, 05 Jul 2020 03:20:49 GMT

@Anonymous wrote:
I just applied for one. Got the available options, I chose one and then it said to upload bank statements. Did you have to do this as well? It's saying pending verification. Im assuming it's approved pending the POI. Just can't find too much info on these loans. Thanks!

I wasn't asked for any documentation. Are you self employed and perhaps less than 2 years? I was thinking they might be looking for proof of deposits if you have a business that has been in existence for a short period of time but Marcus wants to evaluate deposits to determine income and consistency . I'm speculating here.

Re: MARCUS BY GOLDMAN SACHS

RadioRob — Tue, 07 Jul 2020 20:42:52 GMT

I believe they verified my employment through Equifax's Talx report (now called The Work Number I believe). I saw afterwards they hit my Talx report and that I was never directly asked about uploading proof of income.

My guess is if they can verify it with the automated records/reports, they don't ask about income proof. If they can't, they might fall back to the traditional "upload proof" action.

Re: MARCUS BY GOLDMAN SACHS

Anonymous — Tue, 07 Jul 2020 20:44:34 GMT

They ended up approving it late Sunday evening, which was awesome. No phone call or anything just got an email it was approved. Very simple process!

Re: MARCUS BY GOLDMAN SACHS

Anonymous — Tue, 07 Jul 2020 20:47:35 GMT

Did you have any data points

to share?

Re: MARCUS BY GOLDMAN SACHS

Anonymous — Tue, 07 Jul 2020 21:01:11 GMT

They pulled TransUnion then a day later deleted it which was odd but hey, not complaining! 😂 Trans was my lowest score at 690 as this for some reason always takes a bit to catch upto my other scores. 68%util on two cards in particular, and 33% Util overall. They approved after bank statements for $15k, and 8% interest. Only planning on using 8k to pay down those cards (retail cards with high APR from purchasing a home earlier this year). So overall I'm happy.

Re: MARCUS BY GOLDMAN SACHS

Anonymous — Sat, 23 Jan 2021 03:15:34 GMT

@Anonymous wrote:
Hello All
Applied back in December 2019 for a $3500 Marcus loan. I believe they pulled TU Fico 9 score of 726. At the time carrying 17% credit utilization with total balances around $7000 on cc's. Soft pull with options was presented with rates ranging from 10.5% to 12.5% based on term. Proceeded with app and hard pull on TU. Approved at 10.5% for $3500 with 36 month term. Additional .25% off using autopay. Funds received in 2 business days as I applied on a Saturday evening. They report to TU cra only. Funds used to payoff a 16.75% rate card and proceeds left over for holidays. One baddie showing November 2018 on rental mortgage. Isolated late and home was sold May 2019 so account showing closed. I have one other late reporting in 2014 on same mortgage but rest of credit is clean.

I just submitted a application for a personal loan with Goldman Sachs, and the response on step 4 of 5 on the application page says "Approved", with the following message under it.

Does anyone know if this means a decision hasn't been made yet, and what possibly will be my next step?

Pulled TransUnion - Fico 767

"Getting back to you quickly is our top priority. We’ll verify the information you provided and will reach out to you within 1-2 business days if we need any additional information."

Re: MARCUS BY GOLDMAN SACHS

Anonymous — Sat, 23 Jan 2021 03:55:22 GMT

Not sure what they are verifying. They have not asked anything of you. Possibilities may include verifying existence of self employment if applicable , review of a fraud alert on credit or any discrepancies between application and credit like date of birth, SSN, address if recently moved. They made need a live person to review your application and decide if addition info is needed.

Re: MARCUS BY GOLDMAN SACHS

Anonymous — Sun, 24 Jan 2021 06:53:02 GMT

@Anonymous wrote:
I just applied for one. Got the available options, I chose one and then it said to upload bank statements. Did you have to do this as well? It's saying pending verification. Im assuming it's approved pending the POI. Just can't find too much info on these loans. Thanks!

I applied Thursday for a loan with them as well, and got a call yesterday to verify some of my information, and given a few multiple choice questions. Getting worried if I'm approved or not. As you mentioned, it's not many topics about goldman sachs on the internet.

Re: MARCUS BY GOLDMAN SACHS

Anonymous — Sun, 24 Jan 2021 06:56:04 GMT

@Anonymous wrote:
Not sure what they are verifying. They have not asked anything of you. Possibilities may include verifying existence of self employment if applicable , review of a fraud alert on credit or any discrepancies between application and credit like date of birth, SSN, address if recently moved. They made need a live person to review your application and decide if addition info is needed.

They called me to verify my phone number, and asked a few multiple choice questions. The only thing they asked for me to upload after I submitted my application was my ID.

Re: MARCUS BY GOLDMAN SACHS

Anonymous — Sun, 24 Jan 2021 17:08:43 GMT

Exactly could be a discrepancy between application and credit . Credit report may not have the most up to date info or incorrect info. You can always ask the rep if there is reason for you to act to make any necessary corrections or updates to the bureaus. Visit www.annualcreditreport.com which is government sanctioned and free to get a complete report for each bureau once per year. You can check to ensure they are correct. You will receive a multiple page report from each bureau or whichever ones you choose after inputting information and asked security questions. I was not asked for any info or documentation after being approved from Marcus and received a deposit into my checking account two business days after applying. I am a salaried employee so no self employment for me. They pull a Fico 9 score from TU I believe. Good luck let us know how it turns out. Nobar

Re: MARCUS BY GOLDMAN SACHS

Anonymous — Mon, 25 Jan 2021 21:03:16 GMT

@Anonymous wrote:
Exactly could be a discrepancy between application and credit . Credit report may not have the most up to date info or incorrect info. You can always ask the rep if there is reason for you to act to make any necessary corrections or updates to the bureaus. Visit www.annualcreditreport.com which is government sanctioned and free to get a complete report for each bureau once per year. You can check to ensure they are correct. You will receive a multiple page report from each bureau or whichever ones you choose after inputting information and asked security questions. I was not asked for any info or documentation after being approved from Marcus and received a deposit into my checking account two business days after applying. I am a salaried employee so no self employment for me. They pull a Fico 9 score from TU I believe. Good luck let us know how it turns out. Nobar

Everything is accurate on my reports. Not sure why my process is going slower. They emailed me today to request that I upload my pay stub, which I did. I got another response of they will contact me in 1 to 2 business days. I guess I just have to wait it out. I'm wondering if denials are automatic if you don't qualify as soon as you apply.