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Marcus Loan -- Scarily simple!!!

Super Contributor

Re: Marcus Loan -- Scarily simple!!!

When I tested it the rates they quoted me were 14.99 to 19.99%.

 

Strange.

 

 


FICO8 EQ 769 TU 796 EX 764 Total revolving limits 569900 (484900 reporting)






Message 21 of 82
Frequent Contributor

Re: Marcus Loan -- Scarily simple!!!

I just applied and was approved for a loan from from Marcus on Wednesday (and It's all your fault lol) after reading your post.  Was approved and funded on Friday.  Got an alert today that the loan was reported to TU already.  The HP showed up on Thursday.

 

Surprised mine hit so fast and yours hasn't reported yet.  Interesting,

 

 

Message 22 of 82
Moderator

Re: Marcus Loan -- Scarily simple!!!


jamesdwi wrote:

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. 

 


If you're paying ahead on the loan can you let me know what the payment date does?  If I get stuck where I am I may try to play some silly FICO reindeer games on some installment loans, basically SSL on a much larger loan amount to swing my installment utilization.

 

I may not do this as it will look silly strange on my report and invite all sorts of questions whenever it's reviewed if I leveraged it on 2-3 loans, but it's a thought.  One loan though wouldn't be a big deal.

 

Basically the premise would look something like tap the Marcus loan for 20k (my apparent max) and then turn around and pay 19990 right back.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 741, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (1/1/18)
Goal Score:    EQ 5 771, TU 4 750, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (01/01/19)


Take the myFICO Fitness Challenge
Message 23 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!


Revelate wrote:

jamesdwi wrote:

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. 

 


If you're paying ahead on the loan can you let me know what the payment date does?  If I get stuck where I am I may try to play some silly FICO reindeer games on some installment loans, basically SSL on a much larger loan amount to swing my installment utilization.

 

I may not do this as it will look silly strange on my report and invite all sorts of questions whenever it's reviewed if I leveraged it on 2-3 loans, but it's a thought.  One loan though wouldn't be a big deal.

 

Basically the premise would look something like tap the Marcus loan for 20k (my apparent max) and then turn around and pay 19990 right back.


Here is what my accounts reflect, including notes on changes to auto-pay that was setup by Marcus when I took out the loan, it doesn't appear to act the same way as alliant does.  Unless my paycheck in June is drasticly lower I i will be adding the additional payment to keep my reguarly scheduled amount at 9.12.52

 


2017
August 20
$912.52 payment scheduled - auto-pay scheduled by Marcus, no impact because of lesser balance so far
July 20
$912.52 payment scheduled - auto-pay scheduled by Marcus,  no impact because of lesser balance so far
June 20
$387.52 payment scheduled - auto re-adjusted to take account of the $525 payment, by Marcus
June 05
$525 payment scheduled    - Manually added  extra payment
June 05
Statement is ready($912.52, due June 20 )Download statement
June 01
$400 paid - scheduled befor statement cut, no impact on the current month's payment
May 16
$30,000 disbursed into your account

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 24 of 82
Moderator

Re: Marcus Loan -- Scarily simple!!!


jamesdwi wrote:

Revelate wrote:

jamesdwi wrote:

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. 

 


If you're paying ahead on the loan can you let me know what the payment date does?  If I get stuck where I am I may try to play some silly FICO reindeer games on some installment loans, basically SSL on a much larger loan amount to swing my installment utilization.

 

I may not do this as it will look silly strange on my report and invite all sorts of questions whenever it's reviewed if I leveraged it on 2-3 loans, but it's a thought.  One loan though wouldn't be a big deal.

 

Basically the premise would look something like tap the Marcus loan for 20k (my apparent max) and then turn around and pay 19990 right back.


Here is what my accounts reflect, including notes on changes to auto-pay that was setup by Marcus when I took out the loan, it doesn't appear to act the same way as alliant does.  Unless my paycheck in June is drasticly lower I i will be adding the additional payment to keep my reguarly scheduled amount at 9.12.52

 


2017
August 20
$912.52 payment scheduled - auto-pay scheduled by Marcus, no impact because of lesser balance so far
July 20
$912.52 payment scheduled - auto-pay scheduled by Marcus,  no impact because of lesser balance so far
June 20
$387.52 payment scheduled - auto re-adjusted to take account of the $525 payment, by Marcus
June 05
$525 payment scheduled    - Manually added  extra payment
June 05
Statement is ready($912.52, due June 20 )Download statement
June 01
$400 paid - scheduled befor statement cut, no impact on the current month's payment
May 16
$30,000 disbursed into your account


Hmmm, so the autopay automatically took into account the balance which is encouraging; if you ever get fully ahead of it by more than a month would be interested to know if it skips the autopay entirely or if it automagically pushes the payment due date out... either one would probably come up all aces for my silly idea.

 

Course I guess they could do the darned DCU thing and reset it to some date in the future, but to my knowledge they're the only lender that does that unfortunate bit of loan accounting.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 741, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (1/1/18)
Goal Score:    EQ 5 771, TU 4 750, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (01/01/19)


Take the myFICO Fitness Challenge
Message 25 of 82
Frequent Contributor

Re: Marcus Loan -- Scarily simple!!!


ABCD2199 wrote:

Very nice!  Will that report as a bank installment loan or as a consumer finance company loan?


It shows up on TU as an installment loan.  MyFICO hasn't alerted me yet, but my Experian Credit Tracker did. 

Message 26 of 82
Senior Contributor

Re: Marcus Loan -- Scarily simple!!!


Gidgetmom wrote:

ABCD2199 wrote:

Very nice!  Will that report as a bank installment loan or as a consumer finance company loan?


It shows up on TU as an installment loan.  MyFICO hasn't alerted me yet, but my Experian Credit Tracker did. 


Awesome!  Do report once MyFico reports it so we're clear that it's just an installment loan (good) and not a consumer finance loan (bad).

 

My FICOs wouldn't approve me for the loan so I can't test it out personally.

Message 27 of 82
Frequent Contributor

Re: Marcus Loan -- Scarily simple!!!

Experian Credit Tracker is equal to myFICO in my experience.  I've been with Experian and myFICO for awhile now and the info I get from one is the same as the other.  FICO just takes a little longer to catch up.

 

 I pulled my 3B report from Credit Tracker this morning.  It shows up in my installment loans section with my truck loan and student loans.  Account Type: Unsecured loan

 

So far, it only shows on TU.

 

Hope this helps!

Message 28 of 82
Super Contributor

Re: Marcus Loan -- Scarily simple!!!


Gidgetmom wrote:

Experian Credit Tracker is equal to myFICO in my experience.  I've been with Experian and myFICO for awhile now and the info I get from one is the same as the other.  FICO just takes a little longer to catch up.

 

 I pulled my 3B report from Credit Tracker this morning.  It shows up in my installment loans section with my truck loan and student loans.  Account Type: Unsecured loan

 

So far, it only shows on TU.

 

Hope this helps!


Yes it does, thanks Smiley Happy


FICO8 EQ 769 TU 796 EX 764 Total revolving limits 569900 (484900 reporting)






Message 29 of 82
Moderator

Re: Marcus Loan -- Scarily simple!!!


Gidgetmom wrote:

Experian Credit Tracker is equal to myFICO in my experience.  I've been with Experian and myFICO for awhile now and the info I get from one is the same as the other.  FICO just takes a little longer to catch up.

 

 I pulled my 3B report from Credit Tracker this morning.  It shows up in my installment loans section with my truck loan and student loans.  Account Type: Unsecured loan

 

So far, it only shows on TU.

 

Hope this helps!


Credit Tracker I thought was:

1) Just for FICO 8

2) Didn't give reason codes

 

Am I mistaken in that?  My own CFA reports as an installment loan and looks identical to other installment loans; the details simply aren't in the tradeline as near as I can tell.  Also we'd have to look at FICO 3 when we're talking Experian possibly, I have yet to see a confirmation of a CFA on a FICO 8 reason code, I'm not even certain how some people have stated they have CFA's as if you don't see it in the reason code how can you know?

 

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 741, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (1/1/18)
Goal Score:    EQ 5 771, TU 4 750, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (01/01/19)


Take the myFICO Fitness Challenge
Message 30 of 82