Prosper approved....than closed.

[outofcredit]

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@SeeSaw wrote:

Just closed my credit card account with Prosper.

12/21 opened with $1200 sl

03/22 card frozen for returned payment. During the application process, I linked to one of my checking accounts via Plaid, an account that I later decided to close. After I received and setup the prosper card, I setup autopay from a different checking account. For some odd reason, after 2 autopayments, Prosper decides to draft my 3rd autopayment from the account I used to verify my income etc through Plaid. That payment was returned "closed account." It took a few days but Prosper finally admited that it was an error on their part.

7/22 I received an alert from Equifax that I was using 89% of my available credit limit with Prosper. After some digging, I discovered that my $1200 limit was reduced to $500 without any notice or warning. Called to speak with customer service and was immediately routed to collections. I then learned that autopayment had been un-enrolled and my account was 3 days past due.

I paid the $400 balance off and closed the card. Not sure what's going on with Prosper or Coastal Community Bank, but i'm over 4 years of a flawless payment history to have this happen to me.

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Wow!  Just wow...DH also changed bank accounts for the autopay from the original account provided in his inital application BUT...he made sure to delete the prior checking information from his payment accounts.  So far, no problems with them debiting payments from the new account.  They basically have no other account to revert to.  Sorry this happened to you.  They are, IMHO, not worth the trouble.

[JFNoy]

I was approved for the prosper card and linked my account just fine. Then after approval email and email about plaid linking confirmation a few minutes later I got an email from bank account saying that prosper account has been unlinked. Bizarre. I didn't unlink it. I didn't even open my bank account app to unlink anything. how the hell do you register in the app to open it if I can't get passed "enter in card #" for verification. I don't have the new card yet and my debit card doesn't work. It says your bank account doesn't support my prosper pay service or something 

[Scottisthename]

A word of caution on these folks. RUN

a condition of opening an account with them is connecting them to your checking account via Plaid. 
I closed my account and disconnected them via Plaid they immediatly tuned off app access to my account and stopped submitting ACH pull of payments from my checking account. They also do not accept bill pay pushed payments. The only way I could pay my balance was to mail a check it took 16 days to post. 

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[BuckyB]

Fintechs Looooooove Plaid because it gives them access to all your financial information as well as your spending behavior, income, etc.   It's a data miner's wet dream.  Any institution that requires me to use Plaid or Yodlee or any of the data brokers to "link" my accounts is an institution that I avoid at all costs.

[youngandcreditwrthy]

I would dispute the inquiry as FRAUD considering you do not have  A COMPLETE application due to their crazy and inconsiderate requests. I dont mind if a bank wants some proof but if you want proof then DONT pull a report until after. 

Technically the app is not complete, and you should dispute and have the inquiry removed. 

that's my .02. Seems like policies needt o be developed for these circumstances because banks are requiring more and more onersou dox for even credit cards which is fine but MAKE IT CLEAR before we waste an inq.

[youngandcreditwrthy]

do you work at a CRA? @OmarGB9  I think we should let OP call and talk to a CRA and see what they think. 

imo, this is abusive behavior by a lender. If you want proof of dox, MAKE IT CLEAR BEFORE WE AS CONSUMERS decide to take hard pulls. One hard pull could easily be 5 points to 75 points or wherever depending on credit profile. 

This practice needs to be reported to the CFPB. 

As I also stated, technically its not a complete application without the docs and thus a hard pull should not have been performed nor should a tradeline be added/closed. If you didnt qualify for the account and the app wasn't complete, no credit reporting should take place.

[youngandcreditwrthy]

@citymunky  they are going to require that you unblock all information. 

I had to do this with Crapital ONe recently and omg... they wanted every single page of my bank statements, my paystubs.. non e of it unblocked and they wanted it to be sent via snail mail.

I said to hell with it. Not worth it. My ID has been stolen like a dozen times. I'm not risking sharing with them and all the overseas workers at Cap ONe my very very personal financial information.

 Again though, these banks have a right to ask for al this info and they should.. if htey want to... do it along with the app... don't perform hard pulls, add accounts to reports, and then do it.. and then ***** up our credit reports. 

imo, you need to dispute this from CRA. If the app wasn't complete, how could it be submitted?

[7774x]

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@Red1Blue wrote:

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@citymunky wrote:

@Red1Blue 

I have the Sable card as well so it doesn't make sense. 

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Hi @citymunky I saw that in your signature that you too have the Sable Card. Coastal Community is issuing both cards. I have no idea.  I tried to app for Proper card and got the pre-approval. When they tried to connect to my bank they had issues. I decided to drop the application as I did not needed another card with low limit and also with AF after the first year. You can call or contact Prosper Card support and see what they say.

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Still  get these junk rebuilder  card  preapproved offers...  1 line in disclosures struck me ..was credit limits raised in the form of new card accounts opened.. with AF...