topic Re: Prosper, "Your funds will arrive soon" in Personal Finance

Prosper, "Your funds will arrive soon"

SlideOrInsert — Wed, 05 Dec 2018 21:58:29 GMT

About $20k in CC debt and a $5400 personal loan I was looking for cheaper options to pay this down. discover is my daily, the citi and bofa were my BT cards, and everything else are my emergency only. At the bottom are my current DP.

Inspired by some forum threads I discovered that I could request some CLI from discover, bofa, and citi with SP. On 12/02 via their respective websites I was instantly approved for +9k across all three (discover +500, citi +2500, bofa +6000). I also called barclay and was able to get an APR reduction from 27.99 to 22.99, not that I'll really use it though.

Rather than doing some more BT shuffling, I started shopping personal loans on 12/03. Looked into Marcus a couple months ago based on their mailings and was not impressed with the +13% APR offer.

Started the process with Prosper online. I was offered 36 months with $25k at 13.5%, but $20k at 10.99% looked better. Accepted the truth in lending disclosure. Was not instantly funded so I got disappointed given my success with CLI just the day before.

I joined a local credit union two months ago with the specific intention of a personal loan (they advertise 9% APR) and parked $8k cash in the savings account they make you open. Applied online and got a message about being notified with a decision within 7 days. Thoroughly disappointed I am tempted to close it and put the 8k back in my bofa checking. Hear terrible stories about bofa, but honestly have had a checking account since 1994 with no problems and they seem to be giving me some love with CLI on my rewards mc over the past two years.

Sofi sent me a couple pre-approval notices over the past year, so I tried online and was also denied because I did not meet the minimum score requirements? They listed my EX at 727.

Almost 24 hours later received an email from Prosper saying my loan was approved and funding is on its way within then next 1-4 business days. No requests for POI, additional documents, etc. From reading threads on this forum I am a little skeptical given it seems like most others are asked for something.

If I receive the funds I plan to pay off the discover, citi, citi personal loan, and take the year to pay down the bofa and/or roll it over to another BT or new card next year. I'll continue to use my discover as the daily and PIF every month. That is the plan unless there are some better suggestions.

Credit report is clean, AAoA > 7-8 years, 100% on time. Only had one HP from last year on EQ before I even applied for anything on 12/03.

TU >750, EQ >720, EX >720

discover 17.99 13500 /10866
citi 17.99 6400 /3345 (10.99% until 05/2020)
bofa 16.99 12500 /6000 (0% until 11/2019)
chase 19.99 2300 /0
thd 29.99 750 /0
merrick 29.99 3750 /0
barclay 22.99 5000 /0
citiloan 16.76 6500 /5415
toyota 4.99 15000 /3000

Re: Prosper, "Your funds will arrive soon"

Anonymous — Wed, 05 Dec 2018 22:33:34 GMT

I didn't know Sofi had a minimum requirement. 727 and rejected wow. I hope your Prosper loan works out for you.

Re: Prosper, "Your funds will arrive soon"

RonM21 — Fri, 07 Dec 2018 00:12:41 GMT

I hope this works out for you after checking with different places. Please update that you successfully got the funds deposited without issue.

Re: Prosper, "Your funds will arrive soon"

SlideOrInsert — Fri, 07 Dec 2018 15:23:10 GMT

Funds were depositied on two days after the email, no requests for any verification.

Re: Prosper, "Your funds will arrive soon"

SlideOrInsert — Fri, 07 Dec 2018 20:39:42 GMT

Lastly, given I'm going to take a hit for the HP, adding a new account, and closing the citi personal loan, should I close the merrick account now and take the hit for loss of AAoA and total CL? Should I wait 3 mos until I try another round of increases, then close? Or will the significant drop in utilization make up for all?

merrick is one of my oldest accounts, but they have been stingy with the auto CLI (>3 yrs) and have the highest APR (29.99). I would not mind as I do not really use, but they also refuse to drop the annual fee charged as $8 mo.

Thanks for the knowledge,

Chase Card /11 yrs, 1 mo
Merrick Bank /10 yrs, 7 mos
Dell Financial Services /6 yrs, 7 mos
Barclays Bank Delaware /5 yrs, 1 mo
Discover Financial Servi /4 yrs, 6 mos
The Home Depot/cbna /3 yrs, 9 mos
Citicards Cbna /2 yrs, 8 mos
Bank Of America /2 yrs, 3 mos
Toyota Motor Credit /4 yrs, 2 mos

Citibank, N.a. /1 yr, 3 mos

Re: Prosper, "Your funds will arrive soon"

tcbofade — Fri, 07 Dec 2018 20:43:55 GMT

You can safely let Merrick go now.

Re: Prosper, "Your funds will arrive soon"

SlideOrInsert — Sun, 09 Dec 2018 03:49:51 GMT

Still unhappy the credit union I joined specifically for this reason turned me down, I received their refusal letter today. They cited excessive unsecured debt to income yet pulled a 748 from EX. Funny how when I opened the account they offered me a $40k auto loan on the spot based on a SP. I suppose because it is backed by the vehicle.

Re: Prosper, "Your funds will arrive soon"

Anonymous — Sun, 09 Dec 2018 09:56:20 GMT

Closing your Merrick account will not affect your AAoA for up to 10 years. I would say bye bye to that credit union.

Re: Prosper, "Your funds will arrive soon"

JoeLuvsHisCredit — Sun, 09 Dec 2018 16:31:19 GMT

Congrats OP

Closing your Merrick cc willn't affect you because it will stay on your reports for 10 years. If I was you if you can swing it. I would pay your citi personal loan down to 6 months left it will help you with your scores if you pay it off it will cost you some points due to 100% uti on your new personal loan

Re: Prosper, "Your funds will arrive soon"

FlaDude — Mon, 10 Dec 2018 17:47:07 GMT

@SlideOrInsert wrote:
Still unhappy the credit union I joined specifically for this reason turned me down, I received their refusal letter today. They cited excessive unsecured debt to income yet pulled a 748 from EX. Funny how when I opened the account they offered me a $40k auto loan on the spot based on a SP. I suppose because it is backed by the vehicle.

My credit union is pretty conservative with both personal loans and credit cards. I've been with them 40 years and even though I have decent scores, they recently denied me for a BT credit card because my balances where too high. This was after them cold calling me, I didn't even approach them first. I would not be surprised if other CUs were similar. Lending Club offered me 10k at 6.5% APR for 3 years (which I took). This is not the first time the CU turned me down while other lenders didn't. I really just stay with them because they are nearby and a cheap place to bank.

I got a Prosper loan last year, I recall they were easy enough to work with, but did charge a 3% origination fee so my APR was a bit higher than the straight interest rate.

Re: Prosper, "Your funds will arrive soon"

Anonymous — Fri, 14 Dec 2018 19:11:37 GMT

Congratulations on securing your loan and managing your debt. Good job!

Re: Prosper, "Your funds will arrive soon"

SlideOrInsert — Wed, 26 Dec 2018 14:43:27 GMT

I paid off all the CC except the bofa (12500SL, 6000 balance at 0% until 11/2019).

as of this past Sunday, CK still does not show the previous citi personal loan as paid off though I received a statement from citi showing the account balance 0 and "forced closed."

I closed the merrick account and am looking for something to replace the 3750 credit line. I've exhausted CLIs from bofa, citi, and discover earlier this month.

I get my EQ and EX scores from a citi and chase card, but they have not updated my scores yet.

so for now guess I can enjoy 800 with TU until the prosper loan balance hits.

Re: Prosper, "Your funds will arrive soon"

SlideOrInsert — Thu, 27 Dec 2018 13:48:03 GMT

EX would not give me the 800.