Lightstream approval - Yay!!!

[Anonymous]

YOU GUYS!

I just had to share this amazing news — I made my first post last month and so much has happened since then. 

I spent the year paying down debt from $60k to $35k (I got a better job which allowed me to do so). Around $5k of it is currently with 0% balance transfer credit cards. The rest was in a loan with LendingClub with a really bad 16% interest rate. It's all I qualified for at the time with my credit score in the 600s. 

My original plan was to pay off the CCs by February and then once the FICO scores updated, I would refinance the loan. It happened sooner than I expected! I received some junk mail from Sofi and decided to apply, and I got approved for 11%. Awesome! Then I decided to shoot for the moon, and apply at Lightstream. I got an approval — 8.49%!! You guys, I'm saving around $10k in interest by taking this loan. I cried so hard! Lightstream pulled Equifax, and I had a 753 credit score. Since it's a holiday weekend, funds will be transferred on Wednesday (I could have also opted for wire transfer on Tuesday but there was a fee involved for that). The only supplemental stuff Lightstream asked for was a paystub. 

The next step I think is to spend a year throwing as much as I can to this loan, then maybe try again for yet another low interest rate. But that's way in the future. I cannot express to you how valuable this board is, all of the time that you all have spent posting and replying and sharing knowledge. Thank you for all of your time and insight!! 

[AllZero]

Congratulations on your approval!

[Anonymous]

Congrats on the approval and lower rate! 

[SouthJamaica]

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@Anonymous wrote:

YOU GUYS!

I just had to share this amazing news — I made my first post last month and so much has happened since then. 

I spent the year paying down debt from $60k to $35k (I got a better job which allowed me to do so). Around $5k of it is currently with 0% balance transfer credit cards. The rest was in a loan with LendingClub with a really bad 16% interest rate. It's all I qualified for at the time with my credit score in the 600s. 

My original plan was to pay off the CCs by February and then once the FICO scores updated, I would refinance the loan. It happened sooner than I expected! I received some junk mail from Sofi and decided to apply, and I got approved for 11%. Awesome! Then I decided to shoot for the moon, and apply at Lightstream. I got an approval — 8.49%!! You guys, I'm saving around $10k in interest by taking this loan. I cried so hard! Lightstream pulled Equifax, and I had a 753 credit score. Since it's a holiday weekend, funds will be transferred on Wednesday (I could have also opted for wire transfer on Tuesday but there was a fee involved for that). The only supplemental stuff Lightstream asked for was a paystub. 

The next step I think is to spend a year throwing as much as I can to this loan, then maybe try again for yet another low interest rate. But that's way in the future. I cannot express to you how valuable this board is, all of the time that you all have spent posting and replying and sharing knowledge. Thank you for all of your time and insight!! 

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Nice going

[Rebuild2019]

Congratulations 🎊🎉🎈 @FuzzyDonut.

[tpdtopcop]

Congrats. Anyone else know how lightstream reports on CRA and how many points hit did you take.

[CreditCuriosity]

They report as an installment loan.   obviously initally you are going to take some points hit as installment will be at 100% or near it and as it goes down you score will go up.  Way to many factors to say you will take a 10 or 20 point hit it is all profile dependent along with scores etc..  Lightsteam is the best personal loan offer imo by a good margin I have nothing but praise for them as if you have good credit they reward good credit with excellent rates unlike marcus and alot of the other ones out there.

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[Anonymous]

Congratulations. Did they ask for any documents?

[Anonymous]

It was a fantastically easy application process. I didn't have to send it any supplementals. Other than what was asked for in the intial application. Much easier than the Lending Club application I filled out years ago

[Openwater]

Amazing! Congrats on the approval! Great way to start the year! Cheers!