topic Re: Marcus By Goldman Saks Uses Fico 9 in Understanding FICO® Scoring

Marcus By Goldman Saks Uses Fico 9

Anonymous — Sun, 04 Jun 2017 02:11:37 GMT

I don't know if someone mention this before, but Marcus pulled my TU Fico 9 when i applied today. Which is great for me as this is my highest score. Incidentally the process was painless. Approved in less than 2 hours from the time of application to loading of documents (W2). After I electronically signed the loan documents, i got a congratulatory message informing me that the money has been sent and to call them in 4 business days if the money is not in my account.

Re: Marcus By Goldman Saks Uses Fico 9

NRB525 — Sun, 04 Jun 2017 13:13:38 GMT

Interesting. No loan fees, but the lowest rate I get in the pre-approval is 10.99% on a fairly short term loan, $4,000 just to see what is there.

Now I expect I will get weekly emails from Marcus by Goldman Sachs as they continue to market me

Re: Marcus By Goldman Saks Uses Fico 9

Anonymous — Sun, 04 Jun 2017 16:19:28 GMT

They gave me 20k over 42 months at 11.99%. TU fico 9 at 766, 5 inq, 166k income.

Re: Marcus By Goldman Saks Uses Fico 9

Revelate — Sun, 04 Jun 2017 17:14:10 GMT

I tried it with the minimum ~400 payment, for the loan options which looks like it pretty much maxxes out at 20K. 14.99% on a 72 month loan, 771 TU FICO 9.

I'm sort of curious as to what happens if you pay a month or more ahead with a Marcus loan, and whether it pushes your loan date out. If I'm stuck in my current mortgage for a while longer, I may try some installment shennanigans and pull what amounts to the SSL trick on a much larger unsecured loan if I can do the same Big Mac in interest play.

Re: Marcus By Goldman Saks Uses Fico 9

SouthJamaica — Sun, 04 Jun 2017 18:10:29 GMT

@Revelate wrote:
I tried it with the minimum ~400 payment, for the loan options which looks like it pretty much maxxes out at 20K. 14.99% on a 72 month loan, 771 TU FICO 9.

I'm sort of curious as to what happens if you pay a month or more ahead with a Marcus loan, and whether it pushes your loan date out. If I'm stuck in my current mortgage for a while longer, I may try some installment shennanigans and pull what amounts to the SSL trick on a much larger unsecured loan if I can do the same Big Mac in interest play.

I'm also curious as to whether it reports as a "consumer finance" loan.

Re: Marcus By Goldman Saks Uses Fico 9

SouthJamaica — Sun, 04 Jun 2017 18:17:10 GMT

Wow I checked the loans and the interest rates were high, 14.99 - 19.99.

Forget that.

Re: Marcus By Goldman Saks Uses Fico 9

Revelate — Sun, 04 Jun 2017 22:04:42 GMT

@SouthJamaica wrote:
Wow I checked the loans and the interest rates were high, 14.99 - 19.99.

Forget that.

It may have been that minimum payment thing, I'll probaby retry it with a 1K payment and see what it thinks.

Yeah it does change, now it's 8.99% still at 20K though. Depends what it's used for, silly reindeer games haha, would've been nicer at 30K though to be sure but 20K may still have legs on it. Have to run some math whenever I get to that point like Februrary or whatever.

Re: Marcus By Goldman Saks Uses Fico 9

Anonymous — Sun, 04 Jun 2017 23:28:51 GMT

The instant HP notification said Goldman Saks. I thought I read somewhere that it reports as an installment loan. Although I care about my fico scores, I sometimes make financial decision that may not maximize those scores as long as I can get what I need credit wise.

Re: Marcus By Goldman Saks Uses Fico 9

Anonymous — Sun, 04 Jun 2017 23:30:25 GMT

8.99% is great for an unsecured loan. Congrats

Re: Marcus By Goldman Saks Uses Fico 9

Revelate — Mon, 05 Jun 2017 03:10:29 GMT

@Anonymous wrote:
8.99% is great for an unsecured loan. Congrats

Yeah, it is close to 2% cheaper than my Penfed PLOC actually and is a fantastic rate if I ever pull the trigger to be sure.

Not the godlike 5.99% some were reporting, seriously my HELOC is currently at 3.5 and that's backed by my condo if I flake haha.

It may also depend on what the loan is going to be used for: I said Moving and Relocation expenses heh.

Re: Marcus By Goldman Saks Uses Fico 9

Anonymous — Mon, 05 Jun 2017 17:49:14 GMT

This is how it looks on my TU credit report (also TU is the only one that GS reports to):

Account Type: Installment Account
Loan Type: UNSECURED

Re: Marcus By Goldman Saks Uses Fico 9

Revelate — Fri, 09 Jun 2017 07:39:16 GMT

@Anonymous wrote:
This is how it looks on my TU credit report (also TU is the only one that GS reports to):

Account Type: Installment Account
Loan Type: UNSECURED

If you get a 1B or 3B report here in the future I'd love to see what all the reason codes are, especially for FICO 04.

Surprised GS only reports to TU actually.

Re: Marcus By Goldman Saks Uses Fico 9

Anonymous — Mon, 04 Dec 2017 23:43:24 GMT

Hi there Petionville,

Marcus keepssending me this email, but no letter invitation. What kind of POI do they accept apart from W2?

Are you still interested in consolidating your high interest debt into one fixed monthly payment? Take a step toward gaining control of your debt and see what a No-Fee, Fixed-Rate Marcus personal loan could do for you.

With Marcus, you choose your loan duration and monthly payment amount. And we never charge late fees, so you only pay the additional interest if you do fall behind. Never late? Even better.

With loan amounts ranging from $3,500 to $30,000 and interest rates as low as 6.99% this could be the perfect time to make a change. Only the most creditworthy applicants qualify for the lowest rates; and longer term loans have higher rates.

Come back and see your loan options in as little as five minutes.

Re: Marcus By Goldman Saks Uses Fico 9

Anonymous — Tue, 05 Dec 2017 01:39:57 GMT

If I remember correctly, they requested pay stubs or W2. I sent my W2 because it was already scan into my IPad.