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Marcus Loan -- Scarily simple!!!

Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

EX up 12pts to 741

 

chase southwest pay down the first $5000+ payment. mid-cycle update, I believe

 

 

chase website down for maintance apparently, can't verify

 

but good to see EX,jump its now my second highest score, its usually my worst. 

 

Discover recieved its $2000 payment, even though it still have a $5000 blance, on BT 5.99% interest, they gave me some luv via the luv button,  $500 CLI, haven't gotten any love in like 6 months.

 

 

FAKO Update's:

 

Just checked creditkarma

 

TU also saw got a possible mid-cycle discounts, of the $5000+ mid-cycle update, so a total of two cards were paid to zero since last update plus other payments. 
UTL  dropped from 16% to 13%,   no score change,  don't trust FAKO's  still at 721...  my actual TU is at least 751, but most likely higher, haven't seen a TU alert from myfico today 

 

EQ FAKO, from creditkarma,  up  1 point,  UTL now at 14%.   EQ also saw the same mid-cycle updates.  Credit Karma is nice that it reports the day of the dates recieved. Its helpful just not a useful score. 

 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 32.5k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 12.5k, Paypal Extras MC 8.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 11 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

 

 

EQ up 15pts, currently my higest score, first time ever I think.

All scores over 740.... 


EQ  753,    TU  751   EX 741

couldn't get a screen shot to post...

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 32.5k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 12.5k, Paypal Extras MC 8.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 12 of 82
Senior Contributor

Re: Marcus Loan -- Scarily simple!!!

Amazing data points, thanks for keeping us updated!  Would be cool to see a time-graph of changes versus utilization.

 

Has your loan actually posted to your CRAs yet? 

Message 13 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

loan has not yet reported.   

 

I am hoping it will wait till sometime in june, since the first payment is due on June 20th. 

 

Fico simulators currently guesstimate that it will have an negative 8 point impact, which I hope is accurate, but then again they are estimating on partial UTL data. 

 

And with all things Fico the better your score, the harder the hit when negative things occur.  

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 32.5k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 12.5k, Paypal Extras MC 8.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 14 of 82
Senior Contributor

Re: Marcus Loan -- Scarily simple!!!

That's going to be a heckuva data point (or points as you pay the loan down).

 

What's your forecast on that portion?  I assume post payoffs all your CCs will be $0 except for one under 9%, and then how fast do you expect to pay your loan down to compare installment utilization to FICO changes?

Message 15 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

Sadly the loan does not pay off all credit card debt, I will have about 9,000 left including my DW's freedom unlimited card that is on my report as AU. 

 

but that should be gone in the next six months, we would of eventually got it all the credit card debt paid down in about 2 years, I was paying it off at a rate of about 2k a month. At one point I think we were close to 50k in debt, but around $38k when I applied for this loan.   So when I read about the Marcus loan with excellent rates, I pulled the trigger. Feel better allready.   But with my 30th wedding aniversary coming in June, and DW wants to take a cruise, so the loan also covers $2k for the the cruise and airfair, and Hotel before the cruise, I'm sure we will spend another few hundred on the cruise and the weekend before. but should pay of the rest of the credit card debt by the end of the year.  

 

 I have a reserved stock units(RSU) bonus that the first 25% of vests in early July. That i haven't decided how to use. At current market prices this chunk that is vesting is worth about $5k.   But my current stock portfollio is earning about 6% a year, but with dividends the vested stock may actually make more money than I am paying in interest, so I may just choose to hold it.  There is also a strong possibility that I will recieve another  RSU bonus this year.  

Yes I love my job... a raise, bonus, working from home so I get a home office tax dedcution, and a lot of OT,  but most of the time I love what I do so its not terrible, just a nice addition to my paycheck.   

 

I expect to have the loan paid off in around 2 years, possibly faster, it will be nice to have figure out what to pay next once my paycheck easily covers current spend and multiple times the minimum payment on cards we didn't spend on. 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 32.5k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 12.5k, Paypal Extras MC 8.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 16 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

Daily update,  TU up 7pts.... 758 

 

  • All Bankcard
  • TOTAL BALANCE
  • $30,190.00
Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 32.5k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 12.5k, Paypal Extras MC 8.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 17 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

No recent updates related to the loan, but a couple days ago, TD Bank finally closed out my Target store card for non-use, I expected it months ago. They sent a latter 8+ months ago that it would be closed if I didn't use it. But no loss, it was my lowest CL card at $200, with obviously zero balance. 

 

Sorry I refuse to use the low limit card, to shop at your store to try and grow my limit.  Not going to take a chance at being declined at the register.  My income is found in this thread, and I updated my income with them still no increase. Perfect payment history. No Baddies,  surely you can extend more than $200 credit limit to me. Oh well your loss. Over the same time, AMEX has grown from $6000, to 15,100.  the AMEX  card is a month older. 

 

 

 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 32.5k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 12.5k, Paypal Extras MC 8.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 18 of 82
Community Leader
Super Contributor

Re: Marcus Loan -- Scarily simple!!!

Amazing interest rate and loan amount! Well done!


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover.. Fico 8: EX: 752; TU: 743; EQ: 762
Message 19 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

Time for an update

 

reported UTL down to 13%, no score moves since last report, all are still over 741

Have made an extra payment on the Loan, had an extra $400 after my check, paid all new charges since I got the loan, and made payments of at least 3-4 times the minimum's on cards that still have a balance, but all cards with existing balance have BT deals with the highest APR is 5.99% the same as the loan. It was a bit shocking that I had acrued $89 in interest in the couple weeks between the time I took out the loan and the time the payment cleared.  I have scheduled  another  extra payment payment of $500 on the 5th payments are easy to make with Marcus, I feared that they would make it difficult but no not the case but if you make the extra payment too early you are still  required to make the full next payment.  A family member amazingly decided to repay pay of the money I loaned him.  The rest of the $1000 he paid me went to a couple other cards.  

 

 

I think the only card that hasn't repored is my CapOne venture, that has a 0% APR BT deal with a payment of $5000 scheduled in the middle of the month. Why pay it sooner when the interest earned while its in my checking account is basicly free money. Hopefully it will improve my score. 

 

Another data point for people that like mid-cycle reporting,  Chase doesn't mid-cycle report on some co-branded cards, like the South West card, it reported today, the actual payoff was weeks ago. My Chase Freedom and CSP both done mid-cycle reporting. 

 

Hopefully the loan doesn't report before the 20th when I pay my first actual required payment, it would be nice to see the loan balance down nearly $1800 before it reports. Will keep updating as events occur. 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 32.5k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 12.5k, Paypal Extras MC 8.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 20 of 82