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Prosper, "Your funds will arrive soon"

Member

Prosper, "Your funds will arrive soon"

About $20k in CC debt and a $5400 personal loan I was looking for cheaper options to pay this down. discover is my daily, the citi and bofa were my BT cards, and everything else are my emergency only. At the bottom are my current DP.

 

Inspired by some forum threads I discovered that I could request some CLI from discover, bofa, and citi with SP. On 12/02 via their respective websites I was instantly approved for +9k across all three (discover +500, citi +2500, bofa +6000). I also called barclay and was able to get an APR reduction from 27.99 to 22.99, not that I'll really use it though.

 

Rather than doing some more BT shuffling, I started shopping personal loans on 12/03. Looked into Marcus a couple months ago based on their mailings and was not impressed with the +13% APR offer.

 

Started the process with Prosper online. I was offered 36 months with $25k at 13.5%, but $20k at 10.99% looked better. Accepted the truth in lending disclosure. Was not instantly funded so I got disappointed given my success with CLI just the day before.

 

I joined a local credit union two months ago with the specific intention of a personal loan (they advertise 9% APR) and parked $8k cash in the savings account they make you open. Applied online and got a message about being notified with a decision within 7 days. Thoroughly disappointed I am tempted to close it and put the 8k back in my bofa checking. Hear terrible stories about bofa, but honestly have had a checking account since 1994 with no problems and they seem to be giving me some love with CLI on my rewards mc over the past two years.

 

Sofi sent me a couple pre-approval notices over the past year, so I tried online and was also denied because I did not meet the minimum score requirements? They listed my EX at 727.

 

Almost 24 hours later received an email from Prosper saying my loan was approved and funding is on its way within then next 1-4 business days. No requests for POI, additional documents, etc. From reading threads on this forum I am a little skeptical given it seems like most others are asked for something.

 

If I receive the funds I plan to pay off the discover, citi, citi personal loan, and take the year to pay down the bofa and/or roll it over to another BT or new card next year. I'll continue to use my discover as the daily and PIF every month. That is the plan unless there are some better suggestions.

 

Credit report is clean, AAoA > 7-8 years, 100% on time. Only had one HP from last year on EQ before I even applied for anything on 12/03.

 

TU >750, EQ >720, EX >720

 

discover 17.99 13500 /10866
citi 17.99 6400 /3345 (10.99% until 05/2020)
bofa 16.99 12500 /6000 (0% until 11/2019)
chase 19.99 2300 /0
thd 29.99 750 /0
merrick 29.99 3750 /0
barclay 22.99 5000 /0
citiloan 16.76 6500 /5415
toyota 4.99 15000 /3000

Message 1 of 11
10 REPLIES
Frequent Contributor

Re: Prosper, "Your funds will arrive soon"

I didn't know Sofi had a minimum requirement.  727 and rejected wow.  I hope your Prosper loan works out for you.

FICO 8
Message 2 of 11
Valued Contributor

Re: Prosper, "Your funds will arrive soon"

I hope this works out for you after checking with different places. Please update that you successfully got the funds deposited without issue.
                                 

Total Credit: $218,900Credit Utilization: 1%AAoA: 5 years, 5 monthsInstallments: Car Lease, Marcus LoanNegatives: 0


                                                                                              
                      DSC-27.1K | NFC-25K | ALI-25k | WAL-10k | BoA-22k | BB-12k | NFL-15k | LOW-35k | AMX-19.3k | CHA-10k | PF-8.8k | C-DC-9.7k
Message 3 of 11
Member

Re: Prosper, "Your funds will arrive soon"

Funds were depositied on two days after the email, no requests for any verification.

Message 4 of 11
Member

Re: Prosper, "Your funds will arrive soon"

Lastly, given I'm going to take a hit for the HP, adding a new account, and closing the citi personal loan, should I close the merrick account now and take the hit for loss of AAoA and total CL? Should I wait 3 mos until I try another round of increases, then close? Or will the significant drop in utilization make up for all?

 

merrick is one of my oldest accounts, but they have been stingy with the auto CLI (>3 yrs) and have the highest APR (29.99). I would not mind as I do not really use, but they also refuse to drop the annual fee charged as $8 mo.

 

Thanks for the knowledge,

 

Chase Card /11 yrs, 1 mo
Merrick Bank /10 yrs, 7 mos
Dell Financial Services /6 yrs, 7 mos
Barclays Bank Delaware /5 yrs, 1 mo
Discover Financial Servi /4 yrs, 6 mos
The Home Depot/cbna /3 yrs, 9 mos
Citicards Cbna /2 yrs, 8 mos
Bank Of America /2 yrs, 3 mos
Toyota Motor Credit /4 yrs, 2 mos

Citibank, N.a. /1 yr, 3 mos

Message 5 of 11
Super Contributor

Re: Prosper, "Your funds will arrive soon"

You can safely let Merrick go now.  Smiley Happy

Zero percent financing is where the devil lives...



Message 6 of 11
Member

Re: Prosper, "Your funds will arrive soon"

Still unhappy the credit union I joined specifically for this reason turned me down, I received their refusal letter today. They cited excessive unsecured debt to income yet pulled a 748 from EX. Funny how when I opened the account they offered me a $40k auto loan on the spot based on a SP. I suppose because it is backed by the vehicle.

Message 7 of 11
Frequent Contributor

Re: Prosper, "Your funds will arrive soon"

Closing your Merrick account will not affect your AAoA for up to 10 years.  I would say bye bye to that credit union.

FICO 8
Message 8 of 11
Valued Contributor

Re: Prosper, "Your funds will arrive soon"

Congrats OP Smiley Happy

Closing your Merrick cc willn't affect you because it will stay on your reports for 10 years. If I was you if you can swing it. I would pay your citi personal loan down to 6 months left it will help you with your scores Smiley Happy if you pay it off it will cost you some points due to 100% uti on your new personal loan

Message 9 of 11
New Contributor

Re: Prosper, "Your funds will arrive soon"


@dick1052413 wrote:

Still unhappy the credit union I joined specifically for this reason turned me down, I received their refusal letter today. They cited excessive unsecured debt to income yet pulled a 748 from EX. Funny how when I opened the account they offered me a $40k auto loan on the spot based on a SP. I suppose because it is backed by the vehicle.


My credit union is pretty conservative with both personal loans and credit cards. I've been with them 40 years and even though I have decent scores, they recently denied me for a BT credit card because my balances where too high. This was after them cold calling me, I didn't even approach them first. I would not be surprised if other CUs were similar. Lending Club offered me 10k at 6.5% APR for 3 years (which I took). This is not the first time the CU turned me down while other lenders didn't. I really just stay with them because they are nearby and a cheap place to bank.

 

I got a Prosper loan last year, I recall they were easy enough to work with, but did charge a 3% origination fee so my APR was a bit higher than the straight interest rate.

Current Score: OCT 2018: EX FICO8 751, TU FICO8 722, TU Vantage 704
Inquiries:
This year: 3
Last Year: 2
Oldest Account: 24 years
Average Account Age: 10.4 years
No BK ever, No Derog
Amex Gold, Amex Green, Amex Blue, BoA Platinum Plus, Chase Slate, Chase Amazon, Chase CSP, Sync Lowes, Sync JC Penney, Sync Sleep Number - total CL 91k
Marcus loan, Prosper loan
Message 10 of 11