Marcus By Goldman Saks Uses Fico 9

[Anonymous]

I don't know if someone mention this before, but Marcus pulled my TU Fico 9 when i applied today. Which is great for me as this is my highest score. Incidentally the process was painless. Approved in less than 2 hours from the time of application to loading of documents (W2). After I electronically signed the loan documents, i got a congratulatory message informing me that the money has been sent and to call them in 4 business days if the money is not in my account.

[NRB525]

Interesting. No loan fees, but the lowest rate I get in the pre-approval is 10.99% on a fairly short term loan, $4,000 just to see what is there.

Now I expect I will get weekly emails from Marcus by Goldman Sachs as they continue to market me

[Anonymous]

They gave me 20k over 42 months at 11.99%. TU fico 9 at 766, 5 inq, 166k income. 

[Revelate]

I tried it with the minimum ~400 payment, for the loan options which looks like it pretty much maxxes out at 20K.    14.99% on a 72 month loan, 771 TU FICO 9.  

I'm sort of curious as to what happens if you pay a month or more ahead with a Marcus loan, and whether it pushes your loan date out.  If I'm stuck in my current mortgage for a while longer, I may try some installment shennanigans and pull what amounts to the SSL trick on a much larger unsecured loan if I can do the same Big Mac in interest play.

[SouthJamaica]

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@Revelate wrote:

I tried it with the minimum ~400 payment, for the loan options which looks like it pretty much maxxes out at 20K.    14.99% on a 72 month loan, 771 TU FICO 9.  

I'm sort of curious as to what happens if you pay a month or more ahead with a Marcus loan, and whether it pushes your loan date out.  If I'm stuck in my current mortgage for a while longer, I may try some installment shennanigans and pull what amounts to the SSL trick on a much larger unsecured loan if I can do the same Big Mac in interest play.

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I'm also curious as to whether it reports as a "consumer finance" loan.

[SouthJamaica]

Wow I checked the loans and the interest rates were high, 14.99 - 19.99.

Forget that.

[Revelate]

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@SouthJamaica wrote:

Wow I checked the loans and the interest rates were high, 14.99 - 19.99.

Forget that.

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It may have been that minimum payment thing, I'll probaby retry it with a 1K payment and see what it thinks.

Yeah it does change, now it's 8.99% still at 20K though.  Depends what it's used for, silly reindeer games haha, would've been nicer at 30K though to be sure but 20K may still have legs on it.  Have to run some math whenever I get to that point like Februrary or whatever.

[Anonymous]

The instant HP notification said Goldman Saks. I thought I read somewhere that it reports as an installment loan. Although I care about my fico scores, I sometimes make financial decision that may not maximize those scores as long as I can get what I need credit wise.

[Anonymous]

8.99% is great for an unsecured loan. Congrats

[Revelate]

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@Anonymous wrote:

8.99% is great for an unsecured loan. Congrats

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Yeah, it is close to 2% cheaper than my Penfed PLOC actually and is a fantastic rate if I ever pull the trigger to be sure.

Not the godlike 5.99% some were reporting, seriously my HELOC is currently at 3.5 and that's backed by my condo if I flake haha.

It may also depend on what the loan is going to be used for: I said Moving and Relocation expenses heh.