cancel
Showing results for 
Search instead for 
Did you mean: 

Marcus Loan -- Scarily simple!!!

Frequent Contributor

Re: Marcus Loan -- Scarily simple!!!


Revelate wrote:

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?

 

 



Unfortunately, I pulled my 3B FICO report just before this loan hit.  I won't be able to check FICO 3 for another couple of months.  Just to clarify, when you say "reason codes", is that the same as "factors helping or hurting your score"?  If so, the Credit Tracker app will show the factors, but two days in a row now it's not showing any for me.  Appears to be a glitch when I pulled my reports.  

Message 31 of 82
Moderator

Re: Marcus Loan -- Scarily simple!!!


Gidgetmom wrote:

Revelate wrote:

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?

 

 



Unfortunately, I pulled my 3B FICO report just before this loan hit.  I won't be able to check FICO 3 for another couple of months.  Just to clarify, when you say "reason codes", is that the same as "factors helping or hurting your score"?  If so, the Credit Tracker app will show the factors, but two days in a row now it's not showing any for me.  Appears to be a glitch when I pulled my reports.  


Well reason codes are never helping heh.

 

Some services for the ones that "hurting" will just list the reason codes, but some do something else entirely different which rather sucks.

 

Even if your 3B report is a few months away I'd *love* to see the reason codes for more than just FICO 8 too... I know CFA's exist in FICO 04, so EQ FICO 5, TU FICO 4, and EX FICO 3 if it's not there, I suspect that's close to confirmation enough that Marcus isn't a CFA:  I had the CFA tag on EQ FICO 5 for years, and my file was always badly dirty so it's significant enough to make the reason codes even with an ugly file.




        
Message 32 of 82
Frequent Contributor

Re: Marcus Loan -- Scarily simple!!!

Hi Rev!  As soon as I get the full 28 score report, I'll update.  

Message 33 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

The day I dreaded has arrived, damage not as bad as I expected, I am amazed that adding a 30k loan to my credit report only cost between 4-7 pts on my TU score, second surprise they didn't reduce the total to reflect my $400 payment when it reported. Loan balanced reported 30,080.. 


credit Journey chase
down 7 pts to 715 down from having the loan added to my report TU
Type of Industry Bank - Installment Loans
Address PO BOX 45400, SALT LAKE CITY, UT 84145

 

Positivies on Report
There are no or only a few recent delinquencies on your accounts
Available credit on open bankcard or revolving accounts is not too low
The balances on your accounts are not too high compared to loan limits
Few or no installment accts with delinquent or derogatory payment status


Negatives on my report --
Lack of sufficient relevant real estate account information
Total of all balances on bankcard or revolving accounts is too high
The date that you opened your oldest account is too recent
Balances on installment accounts are too high compared to their loan amounts

 


MyFico monitoring

 

TU down 4 points to 754 myfico

New Account added.

 

 

All Bankcard
TOTAL BALANCE
$28,502.00

 

this should go up as companies report more, capone has a $5k payment sent to be paid tomorrow, 2/3rds of it balance being paid off

 

FAKO Report

 

TU report

CreditKarma :  715  down 7 pts

AAoA::   4 years 8 months,  was  4 years 10months

 

EQ report unchanged, loan not showing. 

 

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 34 of 82
Super Contributor

Re: Marcus Loan -- Scarily simple!!!


jamesdwi wrote:

The day I dreaded has arrived, damage not as bad as I expected, I am amazed that adding a 30k loan to my credit report only cost between 4-7 pts on my TU score, second surprise they didn't reduce the total to reflect my $400 payment when it reported. Loan balanced reported 30,080.. 


credit Journey chase
down 7 pts to 715 down from having the loan added to my report TU
Type of Industry Bank - Installment Loans
Address PO BOX 45400, SALT LAKE CITY, UT 84145

 

Positivies on Report
There are no or only a few recent delinquencies on your accounts
Available credit on open bankcard or revolving accounts is not too low
The balances on your accounts are not too high compared to loan limits
Few or no installment accts with delinquent or derogatory payment status


Negatives on my report --
Lack of sufficient relevant real estate account information
Total of all balances on bankcard or revolving accounts is too high
The date that you opened your oldest account is too recent
Balances on installment accounts are too high compared to their loan amounts

 


MyFico monitoring

 

TU down 4 points to 754 myfico

New Account added.

 

 

All Bankcard
TOTAL BALANCE
$28,502.00

 

this should go up as companies report more, capone has a $5k payment sent to be paid tomorrow, 2/3rds of it balance being paid off

 

FAKO Report

 

TU report

CreditKarma :  715  down 7 pts

AAoA::   4 years 8 months,  was  4 years 10months

 

EQ report unchanged, loan not showing. 

 


That's odd. I just added a 15k loan paid down to 13,800 and got a 37-point ding on TU.


FICO8 EQ 746 TU 773 EX 743 Total revolving limits 618800 (508800 reporting)
Message 35 of 82
Senior Contributor

Re: Marcus Loan -- Scarily simple!!!


SouthJamaica wrote:

 

That's odd. I just added a 15k loan paid down to 13,800 and got a 37-point ding on TU.


On FICO or FAKO?

Message 36 of 82
Frequent Contributor

Re: Marcus Loan -- Scarily simple!!!

I just got the alert from myFICO about the loan reporting.  However, it coincided with Chase updating a payoff from 58% to 0, so I got a 14 point increase on TU.  For me, TU is my least looked at report, so I'm glad the loan is only showing there. Smiley Wink

Message 37 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

yes, I will be quite happy if the loan only shows up on TU, don't mind EQ either,   its EX that is my lowest score and the one that AMEX monitors, so no loan my DTI goes way dowm and my UTL reports like 3-4%

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 38 of 82
Frequent Contributor

Re: Marcus Loan -- Scarily simple!!!

Marcus loans not available in MD as of yet, was advised by CSR today that they are working on the licensing issues. Congrats to all who are applying and getting funded!!!

Message 39 of 82
Moderator

Re: Marcus Loan -- Scarily simple!!!


SouthJamaica wrote:

jamesdwi wrote:

The day I dreaded has arrived, damage not as bad as I expected, I am amazed that adding a 30k loan to my credit report only cost between 4-7 pts on my TU score, second surprise they didn't reduce the total to reflect my $400 payment when it reported. Loan balanced reported 30,080.. 


credit Journey chase
down 7 pts to 715 down from having the loan added to my report TU
Type of Industry Bank - Installment Loans
Address PO BOX 45400, SALT LAKE CITY, UT 84145

 

Positivies on Report
There are no or only a few recent delinquencies on your accounts
Available credit on open bankcard or revolving accounts is not too low
The balances on your accounts are not too high compared to loan limits
Few or no installment accts with delinquent or derogatory payment status


Negatives on my report --
Lack of sufficient relevant real estate account information
Total of all balances on bankcard or revolving accounts is too high
The date that you opened your oldest account is too recent
Balances on installment accounts are too high compared to their loan amounts

 


MyFico monitoring

 

TU down 4 points to 754 myfico

New Account added.

 

 

All Bankcard
TOTAL BALANCE
$28,502.00

 

this should go up as companies report more, capone has a $5k payment sent to be paid tomorrow, 2/3rds of it balance being paid off

 

FAKO Report

 

TU report

CreditKarma :  715  down 7 pts

AAoA::   4 years 8 months,  was  4 years 10months

 

EQ report unchanged, loan not showing. 

 


That's odd. I just added a 15k loan paid down to 13,800 and got a 37-point ding on TU.


AFAIK I never lost points for adding an installment loan (other than inquiry / new account on clean scorecards) if I didn't materially shift my installment utilization.  That said I'm not certain if there was a window sans installment loan because I always tried to open installment loans when before the last fell off, something to look at.

 

Heh, also before anyone gets the wrong idea on those reason codes: Chase Credit Journey so it's Vantage.

 

Lack of sufficient relevant real estate account information
Total of all balances on bankcard or revolving accounts is too high

 

Those are VS specific, not FICO; like FICO 8 I don't know if VS cares about CFA's at all; interesting that Credit Journey provides VS reason codes though as I've only gotten those through Alliant previously, that's a nice touch and maybe I'll come off my you ain't getting my TU report for free Chase... nah probably not Smiley Happy.

 

 

 




        
Message 40 of 82