prosper users

[crapandgarbage]

i am trying prosper.com for the first time. im trying to get a loan to pay off credit cards. do loans from prosper show on credit reports?  how will it show if at all.

[Anonymous]

Yes-

They will hard EXP when the fund your loan

The loan will be on Exp and EQ (I could be wrong shows up on 2 cra's)

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crapandgarbage wrote:

i am trying prosper.com for the first time. im trying to get a loan to pay off credit cards. do loans from prosper show on credit reports?  how will it show if at all.

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[Anonymous]

My loan shows on TransUnion and Experian, not EQ at all.

Took a couple months after it was funded for it to show up. 

[fused]

Currently, propser loans only report (good or bad standing) on EX and TU. They might or might not report as a CFL (consumer finance loan).

[bott6698]

Anyone know a score qualification for prosper?

Currently I have a 19k on a 20k LOC with HFC and I want to knock that into a closed end loan somewhere so the UTL isn't so killed for me. Also current interest is 24% with HFC ouch

[Anonymous]

Best thing to do is create an account for FREE and they will do a soft inquiry showing you credit "grade" and expected interest rates.

When you apply for a loan they do a soft inquiry (doesn't show on credit report).
Once you accept final terms (after loan is bidded down by lenders) they will do a hard inquiry.

[bott6698]

Thanks credit so that means nothing to lose to see what I would be looking at then

[Anonymous]

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@bott6698 wrote:

Thanks credit so that means nothing to lose to see what I would be looking at then

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Exactly.

To those that don't know this is what the process is for a Prosper Loan
1) Create an account and create a loan listing
2) Prosper will do a soft inq and ask you for your income information. The inquiry is soft, does not show on credit report, is free, and you don't have to accept the loan.
3) Using the credit report & your income it will caclulate your Debt to Income & Assign a credit "score" AA,A,B,C,D,E,HR (High Risk).
4) Prosper will have you make a loan listing (think of an ebay listing except you are "selling" your loan).
5) Prosper will give you some recommended interest rates (based on your score, amount of loan, DTI%, and other factors).
6) You chose whatever interest you want 1%-36%.
@7) Loan enters a 7 day bidding process where lenders will bid on your loan and may even bid the loan down (i.e loan starting @ 16% could be bid down to 14.2%).

Couple things to remember:
1) While you can place any interest rates lenders will ignore loans lower than the return they are looking for

2) Don't lie about anything (your job, your income, home ownership, any other income etc). Once loan closes Propser will very information and if you lie they kill the loan. Don't waste your time and lenders time.

3)At any point you can cancel the listing without cost or penalty. You can start a new listing later. You can cancel as soon as you get your score, or once bidding starts, or once bidding ends but before loan is verified, or once verified but before you accept funds.

[bott6698]

WOW this is weird. They don't even pull fico they pull an EX scorex plus score whatever that is,

I have a 610+ fico EX currently and it said my experian plus score is less than 520 WTH lol

Your credit score is too low
We're sorry, Experian has advised us that your Experian Scorex PLUSSM credit score is below 520, which is the minimum required score to participate as a borrower in the Prosper marketplace.

If you think there is an error on your credit report you must contact Experian (www.experian.com) for assistance. Please do not call or email Prosper customer service, they will be unable to assist you in reviewing your credit report or making corrections. You will receive an email shortly that will list the most important factors that affected your score, and will explain your right to a free copy of your credit report, with instructions on how to contact Experian to correct any errors on your credit report.

Your Experian Scorex PLUSSM score may be different from other scores provided by Experian on their website, or from other credit scores you may have seen (e.g. FICO®, VantageScoreSM). This is not unusual, as each credit score is based on a unique algorithm known only to the company that created the score. Prosper only uses the Experian Scorex PLUSSM score provided to us by Experian and only Experian knows how that score is calculated. Prosper cannot provide you any details into the differences between the scores.

Message Edited by bott6698 on 04-28-2008 04:15 PM