topic Re: Upstart and credit reporting in General Credit Topics

Upstart and credit reporting

EaglesFan2006 — Tue, 23 Jul 2019 18:03:33 GMT

Hello,

i'm considering a debt consolidation loan with Upstart. The terms seem good to me but I want to think about it.

Has anyone who used it had a good experience?

Also, how long after you close the loan do they start reporting?

Re: Upstart and credit reporting

Anonymous — Tue, 23 Jul 2019 21:35:25 GMT

I found them very easy to deal with and straight forward. Funds were transferred in just a few days on June 7 after loan was finalized on June 5. It was first reported on my CR on June 12. So not long at all.

FWIW, I would deal with them again, if needed.

The loan allowed me to increase my FICO 8 score from 678 to 779 from June 2 to today (7/23/19) so I love them

Good luck with your decision!

Re: Upstart and credit reporting

coreysw12 — Tue, 23 Jul 2019 22:17:47 GMT

I just did their "rate check" (no HP), and was denied. The Adverse Action notice says they pulled Transunion FICO 8 (671), Transunion Vantage 3.0 (667), and Equifax Vantage 3.0 (618).

It says they couldn't qualify me because of one or more missed payments on my report (most recent one was 2+ years ago), too many inquiries (TU-9, EQ-6), last inquiry too recent (2.5 months ago), and a past history of having credit cards overlimit (last time this happened was 3+ years ago).

So apparently they're only looking for people with exellent credit... for anyone who might be curious.

Re: Upstart and credit reporting

EaglesFan2006 — Tue, 23 Jul 2019 23:06:59 GMT

Wow that’s fast. Good to know.

So your score went up that much? Any issues with that being on your report if you ever needed another loan like auto?

Re: Upstart and credit reporting

coreysw12 — Tue, 23 Jul 2019 23:14:56 GMT

@EaglesFan2006 wrote:
Wow that’s fast. Good to know.

So your score went up that much? Any issues with that being on your report if you ever needed another loan like auto?

Yep, scores can go up pretty quick after the last of the old bad debts get settled. It helps that I also have some old good debts that are padding my report a bit, and I kept one of my cards in good standing through my crisis, so my oldest open credit card account is 8 years old, so that also definitely helped me get a head start on my credit rebuild.

And yep, that bad stuff often makes it hard to get credit still... like this UpStart loan, for example. A few other banks also don't like me very much. But thankfully, a few banks still like me

Re: Upstart and credit reporting

Anonymous — Tue, 23 Jul 2019 23:33:14 GMT

EF it totally shocked me too (fast deal and credit score increase). Yes to the increase, I used all the funds to pay off/down CCs. As soon as my CU started decreasing my score went up. It does 'feel' good to have the debt all in one place and with a higher credit score. Still have a lot of work to do to pay off Upstart but have to give thumbs up to Upstart for seeing beyond the normal credit score.

Not sure about how it will effect future loans. It is showing on CR as an installment loan.

FYI, the only thing 'wrong' with my CR before the loan with Upstart was high CC utilization. I had no late payments, a long credit history, no inquires and no other derogs.