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Marcus Loan -- Scarily simple!!!

Super Contributor

Re: Marcus Loan -- Scarily simple!!!


Revelate wrote:

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/...


Yep, same thing happened last time I took out an installment loan like that.


FICO8 EQ 743 TU 774 EX 742 Total revolving limits 610800 (500800 reporting)
Message 51 of 82
Senior Contributor

Re: Marcus Loan -- Scarily simple!!!


SouthJamaica wrote:

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.


Yes southie I was asking you. That's weird, 8 months ago when I added my 25k Sofi loan, AAOA dropped a few months but lost nothing in points. Paid my Sofi loan down to 3k and just got a Prosper loan for 15k that hasn't reported yet. It will be interesting to see if I get wacked. My CC utilization hovers around 3%.

Message 52 of 82
Super Contributor

Re: Marcus Loan -- Scarily simple!!!


donny10 wrote:

SouthJamaica wrote:

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.


Yes southie I was asking you. That's weird, 8 months ago when I added my 25k Sofi loan, AAOA dropped a few months but lost nothing in points. Paid my Sofi loan down to 3k and just got a Prosper loan for 15k that hasn't reported yet. It will be interesting to see if I get wacked. My CC utilization hovers around 3%.


Well let's hope your profile gets treated more gently than mine Smiley Happy


FICO8 EQ 743 TU 774 EX 742 Total revolving limits 610800 (500800 reporting)
Message 53 of 82
Senior Contributor

Re: Marcus Loan -- Scarily simple!!!


SouthJamaica wrote:

donny10 wrote:

SouthJamaica wrote:

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.


Yes southie I was asking you. That's weird, 8 months ago when I added my 25k Sofi loan, AAOA dropped a few months but lost nothing in points. Paid my Sofi loan down to 3k and just got a Prosper loan for 15k that hasn't reported yet. It will be interesting to see if I get wacked. My CC utilization hovers around 3%.


Well let's hope your profile gets treated more gently than mine Smiley Happy


Thanks Southie.

Message 54 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

Over the last 2 days EQ alerts for , one card reported 100% decrease of $1700, and another one also reported a 100% decrease $324 payment.  

So two cards paid to 0 balance, and no EQ score improvement.  Still waiting for my CapOne Venture card to report  its drop from $6700 to $1700,  $5,000 payment still not reported even though it cleared and the card's new statement has been cut, perhaps tomorrow

 

 

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 55 of 82
Moderator

Re: Marcus Loan -- Scarily simple!!!


donny10 wrote:

SouthJamaica wrote:

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.


Yes southie I was asking you. That's weird, 8 months ago when I added my 25k Sofi loan, AAOA dropped a few months but lost nothing in points. Paid my Sofi loan down to 3k and just got a Prosper loan for 15k that hasn't reported yet. It will be interesting to see if I get wacked. My CC utilization hovers around 3%.


What open installment loans did you have and what were their current / original balance prior to the SOFI loan?

 

As stated, unless you change your aggregate installment utilization over a breakpoint, you don't lose substantial points; new tradeline on some models, and AAOA, that's it.




        
Message 56 of 82
Senior Contributor

Re: Marcus Loan -- Scarily simple!!!


Revelate wrote:

donny10 wrote:

SouthJamaica wrote:

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.


Yes southie I was asking you. That's weird, 8 months ago when I added my 25k Sofi loan, AAOA dropped a few months but lost nothing in points. Paid my Sofi loan down to 3k and just got a Prosper loan for 15k that hasn't reported yet. It will be interesting to see if I get wacked. My CC utilization hovers around 3%.


What open installment loans did you have and what were their current / original balance prior to the SOFI loan?

 

As stated, unless you change your aggregate installment utilization over a breakpoint, you don't lose substantial points; new tradeline on some models, and AAOA, that's it.


car loan and secured personal. installment utilization was up there when I got Sofi, low 90%. 

 

I get it now.

Message 57 of 82
Contributor

Re: Marcus Loan -- Scarily simple!!!

Okay... so for several months I've also been receiving these invitations in the mail. I never paid them much attention since the contents smelled of just another CFA. That is, until I recently came across this thread and began to give it a closer look. And wouldn't you know it, low and behold, I received yet another invite in todays mail haha.

So I noticed that Gidgets loan reported almost immediately... If I followed correctly, her timeline looked like this:

Applied: 5/31

Funded: 6/2

Reported to TU: 6/4

 

Yet, James has yet to see the loan reported and his data points were as follows...

Applied: 5/16

Funded: 5/18

Reporting To CRA: None to date...

Statement: 6/5  <---- which one would assume this date would have been the time for GS to actually report the new TL, right?

Due Date: 6/20

 

It's my understanding that the customer still chooses their own due date here... pretty stock for most unsecured PL's or auto-loans.

So my question... do we know what GidgetsMom chosen due date was?  And if THIS is the reason her's reported so quickly? Just trying to figure out if there's a formula for controlling the reporting of the new account w/our new friend, Marcus  Smiley Wink

Message 58 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!


rebound2014 wrote:

Okay... so for several months I've also been receiving these invitations in the mail. I never paid them much attention since the contents smelled of just another CFA. That is, until I recently came across this thread and began to give it a closer look. And wouldn't you know it, low and behold, I received yet another invite in todays mail haha.

So I noticed that Gidgets loan reported almost immediately... If I followed correctly, her timeline looked like this:

Applied: 5/31

Funded: 6/2

Reported to TU: 6/4

 

Yet, James has yet to see the loan reported and his data points were as follows...

Applied: 5/16

Funded: 5/18

Reporting To CRA: None to date...

Statement: 6/5  <---- which one would assume this date would have been the time for GS to actually report the new TL, right?

Due Date: 6/20

 

It's my understanding that the customer still chooses their own due date here... pretty stock for most unsecured PL's or auto-loans.

So my question... do we know what GidgetsMom chosen due date was?  And if THIS is the reason her's reported so quickly? Just trying to figure out if there's a formula for controlling the reporting of the new account w/our new friend, Marcus  Smiley Wink


beware of invading my brain... I was about to post about this morning. 

 

I have come to the conclusion that we not only choose the date of our payment, but in doing so we choose the date the loan will report.   From Marcus payment FAQ document. 

 

"Your statement will generate at 5pm E.T. on the day that is 16 days before your upcoming due date. If this day is not a business day, your statement will generate at 5pm E.T. on the business day prior. For more information, reference your loan agreement."   

 

The reporting of the loan is part of the statement generation process, Since I requested a payment date of the 20th of the month, and I was approved on the 16th of may, the statement generation process didn't start untill the 31st.  Because the 4th of June was a Sunday the statement generation began on the the 31st.  I could of gained a couple more days if I would of asked for the 21st as my payment date.  Oh well.

 

 

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 59 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

there is a bug in the forum for me... it says there is a problem with my HTML but the post is published anyway...   

 

 

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 60 of 82