topic Re: Lending Club Loan and Mortgage in Personal Finance

Lending Club Loan and Mortgage

Bravo7Dash2 — Wed, 13 Mar 2019 06:43:51 GMT

Hello! I recently (Late last month) took out a loan with Lending Club to pay off credit and medical debts. We're working on our DTI in order to apply for a mortgage. Our lease is up in June and we were planning on starting the mortgage process soon. But now I'm reading through these forums and undertstand that the average time for the Lending Club loan to report is about 3 months. Now I'm afraid to start the process, fearing it will pop up and throw a wrench in things. Is it possible to close on a house before it reports? LOL I doubt my luck is that good. But should it pop up what kind of an effect might it have on my scores? My FICO 8 is currently 788,791,771 with my Mortgage score sitting at 791,756,768 as of March 7.

Re: Lending Club Loan and Mortgage

Shooting-For-800 — Wed, 13 Mar 2019 13:53:37 GMT

I would make serious efforts to negotiate medical bills before paying.

Many will take much less or even nothing without hurting credit.

Re: Lending Club Loan and Mortgage

Revelate — Wed, 13 Mar 2019 17:03:17 GMT

Just tell them.

You have to disclose any inquiries and that's explicitly to catch any tradeline/debt that might not have reported yet so this isn't an uncommon thing.

In other words as long as you tell them about it so they can include it in their DTI calculation, there will be no surprise anyway.

No surprises = no problems when it comes to mortgage underwriting.