cancel
Showing results for 
Search instead for 
Did you mean: 

Marcus Loan -- Scarily simple!!!

Super Contributor

Re: Marcus Loan -- Scarily simple!!!


ABCD2199 wrote:

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?


TU FICO 8.


FICO8 EQ 743 TU 774 EX 742 Total revolving limits 610800 (500800 reporting)
Message 41 of 82
Super Contributor

Re: Marcus Loan -- Scarily simple!!!


Revelate wrote:

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.

 

 

 


Of course adding a 15k loan to my little SSL materially shifted my installment utilization. I went from 6.2% to 89.2%


FICO8 EQ 743 TU 774 EX 742 Total revolving limits 610800 (500800 reporting)
Message 42 of 82
Moderator

Re: Marcus Loan -- Scarily simple!!!


SouthJamaica wrote:

Revelate wrote:

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.

 

 

 


Of course adding a 15k loan to my little SSL materially shifted my installment utilization. I went from 6.2% to 89.2%


Yeah, my point was I don't know that James had a similar massive swing in installment utilization.




        
Message 43 of 82
Regular Contributor

Re: Marcus Loan -- Scarily simple!!!


Gidgetmom wrote:

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,

 

 



Congrats OP! Smiley Happy That's a sweet deal!

 

Gidgetomom, Care to share your offer details? Will help add more data points if interested. Smiley Happy

What rate did you get? Get the loan amount you wanted?? FICO scores? 

 

Also, curious to know if Marcus grants the same offer as their invite. And, if a 700+ FICO is really needed to get in.

Thanks! 


FICO 08 TU: 722 EX: 724 EQ: 728 May 2018
INQs: TU:1 EX:0 EQ:1
Message 44 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

Another balance update  EQ

 

Fidelity 

COMPANYELAN FINANCIAL SERVICES
  • ACCOUNT BALANCE
  • $1,721  down to $0

 

No score change. 

Notied that Citibank updated my EQ score 

 

766    as of 5/23/2017   

 

Capital One still hasn't reported yet that should be a big score change day  $5000 payment a card that was  7500 of 15000

 

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 45 of 82
Senior Contributor

Re: Marcus Loan -- Scarily simple!!!


SouthJamaica wrote:

Revelate wrote:

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.

 

 

 


Of course adding a 15k loan to my little SSL materially shifted my installment utilization. I went from 6.2% to 89.2%


Did you have a score change as a result going to 89.2%.?

Message 46 of 82
Super Contributor

Re: Marcus Loan -- Scarily simple!!!


donny10 wrote:

SouthJamaica wrote:

Revelate wrote:

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.

 

 

 


Of course adding a 15k loan to my little SSL materially shifted my installment utilization. I went from 6.2% to 89.2%


Did you have a score change as a result going to 89.2%.?


Huge... TU FICO 8 dropped 37 points!


FICO8 EQ 743 TU 774 EX 742 Total revolving limits 610800 (500800 reporting)
Message 47 of 82
Senior Contributor

Re: Marcus Loan -- Scarily simple!!!

Wow. Why do you think such s huge hit?
Message 48 of 82
Moderator

Re: Marcus Loan -- Scarily simple!!!


donny10 wrote:
Wow. Why do you think such s huge hit?

Installment utilization on FICO 8, <9% to 89% is going from best possible scoring scenario to worst for installment loans.

 

Method:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

Gory Theory:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Installment-tradeline-utilization-thread/...




        
Message 49 of 82
Super Contributor

Re: Marcus Loan -- Scarily simple!!!


donny10 wrote:
Wow. Why do you think such s huge hit?

You're asking me?  What do I know? The last time I took out a comparable loan my TU FICO 8 went down 41 points.


FICO8 EQ 743 TU 774 EX 742 Total revolving limits 610800 (500800 reporting)
Message 50 of 82