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So, have some credit card debt and an auto loan I am about to pay off, figured that I'd try for a loan through Lending Club. For those of you that have seen some of my other posts, it has been a good year for me, after buying a new house and adding quite a few cards to my portfolio after a foreclosure back in 2013.
I only have about $8,500 in debt including cc and auto loan and will be paying off that within the next few months and wanted to still have an installment loan reporting. I tried for a loan, thinking I might not get it but I entered my info and was preapproved for up to $40000. I thought 'Holy Cow'. SO, I discussed with my wife and we figured we could pay off all credit owed (besides house)and have enough left over to go solar at our house (which will get us a bunch of refund $$$) it's just the initial cost of installing.
So, go back and accept the loan terms for $35,000. It is 5.99% for 5 years equals $676.49 a month. I wasn't sure how long it would take for the whole process but I applied on 5/29/18 and was approved same day. Received email that it was approved and funded on 5/30/18 and received the funds in my bank on 5/31/18. Paid off all my credit cards and auto loan and the best part is.... 3 cards reported for June already and my credit reports jumped over 30 points on tu and ex, eq went up 24 points.
Had the solar company out as well and inital cost is about $26,000 for total install. Refunds after payments and installation coming back are almost $14,000 and will see what credits we get for state and federal at tax time (not sure on those, if any). Going to turn right back around and put $10,000 of that back towards the loan total. We'll pay extra each month and hope to pay the $25,000 off in the next 2 years, if not sooner.
Thanks for reading my rambling....
Also, only a SP on my reports so far. Haven't seen a HP yet nor have I been notified, only changes in PIF and score increases.
Stats when I app'd
TU 707
INQ 3
Income $120,000
Forgot to mention that there was a 2% fee on the loan so only $34300 deposited into account.
Congratulations!
Thanks
Sure. They requesrted last years W2 and my last 2 paystubs.
Thank you, that is helpful! Not too much for such a high loan. I've had other lenders ask for nothing short of a blood sample.
Yes and youre welcome. Also, just got a notification that there was a request for my credit report today by them. It was requested yesterday.... a week after funds were dispersed to my bank account. Didn't get a dip in score so no big deal.
I was very surprised at how little they wanted. Also had to confirm email address.
But that was it.
Thanks ghgirll123