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Marcus Loan -- Scarily simple!!!

Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

WOW EX points are getting expensive

 

$6000+ paid down, and I get a 1 point improvement to 742, the loan is not reporting on EX.  Why does EX hate me so

 

https://snag.gy/01ZVlI.jpg

 

Thankfully TU points are bit cheaper, I got 8 points up today for most likely the same $6000 pay down.


TU 762....  


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 61 of 82
Frequent 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


I did not request a different date or change my due date.  I was given the 30th of June as my first due date by Marcus.  I'm not sure why mine reported so quickly. I'm pretty sure I saw a post from James that his reported within a week of mine.

Message 62 of 82
Contributor

Re: Marcus Loan -- Scarily simple!!!

Yep, you're absolutely right. I found it buried on page 4... looks like it reported the day after yours did. June 5th. Which makes me wonder... are these monitoring reports of a new account (which for me TU is the worst on updating) or were these discovered via SP/Backdoor report checks in real time?  
Ex: I use My Privacy Matters to access daily SP's and view reports, as needed.

 

Message 63 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

I get myfico  alerts as well as use creditkarma and credit sesame. 

 

 

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 64 of 82
Contributor

Re: Marcus Loan -- Scarily simple!!!


jamesdwi wrote:

I get myfico  alerts as well as use creditkarma and credit sesame. 

 

 


Okay. Me too. But even with the delayed TU updates, 2-3 weeks would still be an excessive delay for myFICO to pick up on it. Speaking for myself, I tend to find that TU usually runs about 4-5 days behind EX/EQ both here on MF and my SP access elsewhere.

 

This makes me wonder if GS might report all new acounts for the preceding month around the 1st of the following month. Stockpile and then do a single reporting to CRA's, perhaps there's some cost-reduction benefit to them for doing such? Pure theory/speculation, clearly I wouldn't know how any of THAT works w/regard to contracts. And since they are brand new to retail banking, there is no way to know their habits for certain.

 

Still, with your apps being [roughly] 2 weeks apart, yet being picked up on by monitoring within 24 hrs of each other? That's still just.. odd. 

 

Basically here's what I'd be looking to do, if plausible...

I could definitely stand to benefit from their offer and would utilize it to consolidate CC debt (although I would not note that in my app), as well as refinancing 80% of my remaining balance on a Disco PL that is set at an insulting rate, I want enough to reduce util and still provide 2 full years of history (March 2018) on the account before it's PIF.  

 

I was also planning to join PenFed next month. Just trying to figure out if there's a way to polish my reports even more for PenFed (further reduction of util - both revolving & installment) and then pull the trigger there before GS reports the new TL.  So, I would take out 25K and immediately pay that back down to 75% util.. the rest would go to existing debt. And my fear is that this plan of action (if the new account reported beforehand) might risk my being classified as an Egyption w/PenFed - whereas I see it as cost-effective debt management by reducing rates 66%-75% across the board, and enabling me to wipe it all out in half of the time.  Regardless, I don't want to miss an opportunity to get in w/PF this Summer.  

Decisions, decisions... complicated by speculation. Smiley Very Happy

Message 65 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

FAKO update

 

Credit Karma  TU  up 6 pts to 721

                        EQ  up 6 pts to 720

 

UTL  down to 10%  was  19% at the highest.. 

 

still lots of cards have not repported,  including my FNBO $5,155 and a few large payments.  

 

 

 

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 66 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

Latest update:

 

No updates for the last week on here, because I was on vacation with my lovely wife of 30 years, so we took a cruise to celebrate. The cruise was a major reason I timed the loan the way I did, I used about 2k of the loan proceeds to fund the cruise and 2 days in Orlando, and probably have about 1k of expenses from the cruise, they aren't cheap and they nickle and dime you to death.   But was a fun time. 

 

Here is where I stand, most payments have posted,  first payment on the loan as posted and about $700 in additional payments.  Over all UTL reporting at 5-6% depending on score,   only 1 hp in the last 7 months on TU, the other reports have none for the last 7+ months.

 

EQ 773    

TU  774

EX  763

 

all scores are now at their highest or close to it, despite having a new loan on my credit report, major jump from where I started in just 5 short weeks.

 

 

FAKO UPDATE:

The question I have now, is what exactly do I have to do to get them to move,  total UTL down to 5-6% depending on report. Worse case TU INQ's is 5,  EQ is 1.m AAoA is 4  years 9 months,  TU, and 4 years 3 months EQ.  No derogs, no lates, no card above 37%,  1 AU card at 36%,  2  at 25%,   2 at 11%, the rest are at 5% or less, many many at 0%.  

EQ FAKO CK   731  +4

TU  FAKO CK   725 +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 67 of 82
Established Member

Re: Marcus Loan -- Scarily simple!!!

Just figured I would add my experience with Marcus application. As the first poster said, it was ridiculously simple, to the point that I applied yesterday at around 2pm EST Zane had the money in my bank account this morning. Scary but nice.

I did all of the e doc signing right at application so there wasn't any delays. Scores are hovering around 730-750 each. Let me know if you have any questions, but t was really straight to the point. Thanks!
Message 68 of 82
Established Member

Re: Marcus Loan -- Scarily simple!!!

Sorry for typos, posting from my phone.

Zane = and
t = it
Message 69 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

its been just about a year now,  loan still doing great, recieved an email that I can skip a payment one time with 2 weeks notice, just call the enclosed number. Not going to take them up on the offer, I want the loan over ASAP. Now that I am forced to make  a $952 payment each month, its my largest fixed payment, I really don't like the feeling.  I can also open a second loan now from them, I checked my rate  for a 15k loan will be 7.99% for a 2 year loan.  But do I really want another $497 a month fixed payment?  

 

 

Loan Information

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 70 of 82