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Marcus Loan -- Scarily simple!!!

Established Member

Re: Marcus Loan -- Scarily simple!!!

Thank you for the update, and I am sorry to hear about your A/C going out.

 

A couple of questions:

 

1.  The Marcus loan DOES report as an installment loan and NOT a consumer finance loan?

 

2.  Are you able to pay over the minimum payment and thus reduce the overall amount that you will pay in interest?

 

Thank you.

Message 71 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

Here is how it reports per creditkarma 

Account Details

Account status Open
Type Unsecured
Loan Responsibility Individual
Remarks --
Times 30/60/90 days late 0/0/0

 

Yes you can make early payments and over the scheduled payment no issues. It will change the timing and date of the last payment. The one caveat I found when doing this is to make sure you make your payment after your statement cuts. One of my  payments I made after the due date and before the next statement cut, they credited the extra payment to the previous month, and the full payment was still due the following month.  Just a surprise really, but a warning if you decide to make a payment earlier than your auto-payment. If you make your normal or partial  payment early they will reduce the size of your auto-pay. But there are no penalities.  

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 72 of 82
Regular Contributor

Re: Marcus Loan -- Scarily simple!!!

I have a loan opened in May and already made first payment and about to have my second statement cut. However so far it has also reported to TU. Was your experience that it eventually reported to all 3 just took a couple months?

 

Message 73 of 82
Frequent Contributor

Re: Marcus Loan -- Scarily simple!!!

Did you have to send in your paycheck stubs? 

Message 74 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!


@codefreak13 wrote:

I have a loan opened in May and already made first payment and about to have my second statement cut. However so far it has also reported to TU. Was your experience that it eventually reported to all 3 just took a couple months?

 


Same for me as 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 75 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!


@Asgardian wrote:

Did you have to send in your paycheck stubs? 


no,  just a voided check.  

 

 

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 76 of 82
Regular Contributor

Re: Marcus Loan -- Scarily simple!!!


@jamesdwi wrote:

@codefreak13 wrote:

I have a loan opened in May and already made first payment and about to have my second statement cut. However so far it has also reported to TU. Was your experience that it eventually reported to all 3 just took a couple months?

 


Same for me as well.   



Same that it is still only reporting to TU? Or that it took awhile to report to the others?

Message 77 of 82
Valued Contributor

Re: Marcus Loan -- Scarily simple!!!

only reporting on my TU report, it took about a month or so report, IIRC

 

 

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 78 of 82
Established Member

Re: Marcus Loan -- Scarily simple!!!


@jamesdwi wrote:

Here is how it reports per creditkarma 

Account Details

Account status Open
Type Unsecured
Loan Responsibility Individual
Remarks --
Times 30/60/90 days late 0/0/0

 

Yes you can make early payments and over the scheduled payment no issues. It will change the timing and date of the last payment. The one caveat I found when doing this is to make sure you make your payment after your statement cuts. One of my  payments I made after the due date and before the next statement cut, they credited the extra payment to the previous month, and the full payment was still due the following month.  Just a surprise really, but a warning if you decide to make a payment earlier than your auto-payment. If you make your normal or partial  payment early they will reduce the size of your auto-pay. But there are no penalities.  


 

Thank you!

 

Message 79 of 82
Valued Member

Re: Marcus Loan -- Scarily simple!!!

My loan is from May with my first payment and only one statement. It is also only reporting to TU. I also have another personal loan with > 8.9% on all three CRA's and will need to be paid in full mid August which will close and concerned with no installments reporting with EX & EQ after August.

1/17 Fico 8 - low 500's
Message 80 of 82