topic Re: Personal loan Avant Credit. Info. Not reporting! in General Credit Topics

Personal loan Avant Credit. Info. Not reporting!

Anonymous — Fri, 04 Mar 2016 23:46:13 GMT

Hey everyone, I am wondering if any of you have taken out a loan with Avant? I am also wondering if they reported it to the bureaus? I have heard so far from other people that they do report, but not on mine.

I took out the loan on December 10th and they have yet to report to any of the bureaus. Normally I wouldn't care because it's just more debt, but I paid it off this month in full and I was kind of hoping it would reflect that. $8600 would be a nice pay off amount for a manual review, as my income isn't super high. I don't know if it would be a boost in my score at all? I know when I paid off my car payment last month, my score dropped.

Do you guys think it makes a difference or am I irritated for no reason? Thanks in advance!

Re: Personal loan Avant Credit. Info. Not reporting!

Anonymous — Sat, 05 Mar 2016 00:14:13 GMT

I've also I've seen others say that their Avant loans reported to all three CRAs. I would be a little irritated if I were you, too.

And you're right that it would be nice for a manual review. It's always good to be able to point to a loan you've paid.

It wouldn't affect your FICO score at this point, though. You mentioned a closed car loan, so you do have a closed installment loan on your report. Having two wouldn't change anything. When it was open, that might have been a different (though temporary) story.

Re: Personal loan Avant Credit. Info. Not reporting!

Pway — Sat, 05 Mar 2016 00:20:26 GMT

You just took the loan out in December. Avant does not report their loans to the 3 cb until after the second month. It should be reporting some time this month. I have a lona with Avant and it took them two months to report the loan. It did not report December or January, mines reported February some time. I took my loan out in November.

So yes the loan will report. This is just the beginning of the month, so it should report some time this month. No need to frantic but I understand. I read the forums and that is how I found out how Avant report their loans.

Re: Personal loan Avant Credit. Info. Not reporting!

CreditDunce — Sat, 05 Mar 2016 02:51:44 GMT

Sometimes the P2P lenders are coded as a consumer finance company (same category as rent-to own or furniture stores). It may be a small negative for your FICO score. Since you have other installment loans, I think you are just as well without it reporting. However, I would welcome others to chime in. I can certainly see why it would look good on manual review to see the loan paid off so quickly.

If the car loan was your only installment loan, you can gain the FICO 08 points back by opening a shared secured loan (see the Understanding FICO forum for details). If you have other open installment loans, you will regain the points as you pay down the balance. You get the most points for an open installment loan that is almost fully paid. Once the installment loan is paid, you loose the points.

Edit: typo

Re: Personal loan Avant Credit. Info. Not reporting!

Anonymous — Sat, 05 Mar 2016 01:33:31 GMT

@CreditDunce wrote:
Sometimes the P2P lenders are coded as a consumer finance company (same category as rent-to own or furniture stores). It may be a small negative according for your FICO score. Since you have other installment loans, I think you are just as well without it reporting. However, I would welcome others to chime in. I can certainly see why it would look good on manual review to see the loan paid off so quickly.

If the car loan was your only installment loan, you can gain the FICO 08 points back by opening a shared secured loan (see the Understanding FICO forum for details). If you have other open installment loans, you will regain the points as you pay down the balance. You get the most points for an open installment loan that is almost fully paid. Once the installment loan is paid, you loose the points.

Yep, they do:

Re: Personal loan Avant Credit. Info. Not reporting!

CreditDunce — Sat, 05 Mar 2016 02:50:33 GMT

CAPTOOL has confirmed LendingClub is coded as a Consumer Finance company. Avant may or may not be coded the same. IMO even if they are, this is a case where finances trump credit score. If the loan saves you money, then it is worth doing. Moreover, I would guess a consumer finance installment loan would be better FICO wise than higher revolving utilization.

Re: Personal loan Avant Credit. Info. Not reporting!

Revelate — Sat, 05 Mar 2016 03:10:06 GMT

Captool, where was that report pulled from?

Is a consumer finance negative in your reason codes on your profile?

Re: Personal loan Avant Credit. Info. Not reporting!

Anonymous — Sat, 05 Mar 2016 19:10:13 GMT

@Revelate wrote:
Captool, where was that report pulled from?

Is a consumer finance negative in your reason codes on your profile?

It's from here, MyFico. No code or notation in the profile itself, but I've gotten the Too many consumer finance company accounts notation in AA letters.

Re: Personal loan Avant Credit. Info. Not reporting!

Anonymous — Sat, 05 Mar 2016 19:13:46 GMT

Wow Captool thank you for the info. Very interesting.

Re: Personal loan Avant Credit. Info. Not reporting!

Anonymous — Sat, 05 Mar 2016 19:15:38 GMT

PWAY- Thank you. Makes sense. I didn't think anyone took longer to report than Capital One haha. Sounds like mine will report very soon. Hopefully with a big fat PAID as agreed.

Re: Personal loan Avant Credit. Info. Not reporting!

Anonymous — Sat, 05 Mar 2016 19:23:00 GMT

This loan was not that great. Although Avant was VERY easy to work with. Funded within 12 hours no income verification NOTHING. But at 35.90% I would have paid a total of $6500 in interest on the 3 year loan. $8600. If you can't pay it back quickly, it can be terrible on your finances. I asked them to refinance as my FICO scores are all 65-85 points higher than when I obtained the loan. They denied me. I wrote a long letter to corporate about how they could have continued to make money off of me monthly, but instead I was forced to pay the loan off at once. They made money off of me for 3 months instead of 36 months. I was extremely disappointed with them not refinancing me only because the customer service rep on the phone basically said it was a guarantee and that I was a great candidate. When they told me no I asked for a manual review via email, they said they reviewed my account and decided against refinance.

Funny thing was, it would be impossible for them to look over my account because I didn't give them my social security number, account number, my email is under my maiden name so they just flat out lied. I was recommending Avant 4 months of people so it kind of sad. I guess that's great in a pinch but otherwise I think there's other companies that would be better.

Re: Personal loan Avant Credit. Info. Not reporting!

CreditDunce — Sat, 05 Mar 2016 23:52:36 GMT

It isn't that uncommon for companies to refuse to refinance their own loans. Especially since one of the big reasons your credit score went up was you moved a revolving balance to an installment loan. The installment loan may not have reported, but even after it reports FICO doesn't penalize you as much for installment loan balances.

One trick is wait for the credit cards to report they have been paid off, but the installment loan has not reported. Then app for a balance transfer/low interest credit card to move the balance back to. Playing musical chairs with debt isn't a good long term strategy. However, the trick can give you 18 months of zero interest for a small bt fee.

Re: Personal loan Avant Credit. Info. Not reporting!

djescobar973 — Wed, 20 Apr 2016 19:39:01 GMT

I was approved for a loan back in Feb/16. They just reported this week to Experian and Equifax. Nothing yet on TU. But even though Im 2 payments in, those payments were not reflected so hopefully I will see an update when they report back. Hopefully it will show the next payment due date which is 5/02. Pretty easy loan process. Yes, the APR was a little high but sometimes that is the price to pay. Should gain a few points from it though..

Re: Personal loan Avant Credit. Info. Not reporting!

Anonymous — Thu, 21 Apr 2016 02:01:56 GMT

It will take them 60-90 days to report. I would highly recommend you to get in touch with there Compliance department. They are the ones who handle the reporting. I had to email them at least 3 times to get them to report. Log in to your account. Hit the chat button and ask for the email address to the compliance department. Hope this helps!

@Anonymous wrote:
Hey everyone, I am wondering if any of you have taken out a loan with Avant? I am also wondering if they reported it to the bureaus? I have heard so far from other people that they do report, but not on mine.

I took out the loan on December 10th and they have yet to report to any of the bureaus. Normally I wouldn't care because it's just more debt, but I paid it off this month in full and I was kind of hoping it would reflect that. $8600 would be a nice pay off amount for a manual review, as my income isn't super high. I don't know if it would be a boost in my score at all? I know when I paid off my car payment last month, my score dropped.

Do you guys think it makes a difference or am I irritated for no reason? Thanks in advance!