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Found 4 results

  1. So I've been bored a bit and had a weird thought. The installment loans that I have on my reports don't do that much for me currently (all positive but I have 22k in student loans, 29k left on my car and you could throw in my mortgage I guess). The thing is that they are all less than 2 years old and the balance vs the original amounts is still really high. This got me thinking, has anyone ever tried getting a p2p loan (2k-4k) then paying it off in 4-6 months, followed by a bigger one (4k-6k) then paying that off in 4-6 months and then rinse repeat a few times? Obviously this will keep adding new accounts 1-2 times a year in addition to increasing paid off positive trade lines. Has anyone studied the effect of said paid off positive accounts? For the sake of discussion, I'm choosing to ignore the fact that this is potentially costly with the fees and interest involved.
  2. decided to check into LC for a check on my TU score before a considered app... scores on fako have been moving up, only Fico I have is from DCU which went way up LC, without me entering an amount, instantly declined me- they recognized my email They gave an EX score as the basis(it is not yet frozen, had to wait until monday when fraud alert comes off) Didn't know that they EVER pulled EX, always pulled TU to my knowlege (one prior application) Of course the basis of the turndown was my very worst score but I was shocked at the turndown before the application. I am assuming it was not a hard pull as I entered no info. If it is, I will raise holy hell, they also noted too may apps, which is odd because last app was May and I have only that and Verizon phone. Be Aware of this and don't depend on LC using TU. Something is in the wind...
  3. Hello all, I'm seeking any real-world, first-hand experiences with adding a Prosper or Lending Club tradeline to your credit report. What was the FICO impact - if any? In theory, since it's an installment loan, should have minimal impact (other than AAOA). But, I've been surprised before... hopefully it's not considered a "finance company" loan...? Would love to hear some actual experiences - did you get any immediate FICO movement as soon as the P2P tradeline posted? Thank you CB!
  4. Several months ago got a loan thru Lending Club. Last month it was fully paid. After searching online I have seen reports of Lending CLub not reporting the balance as paid in full. Does anybody have experience with this? I am hoping it will update balance to $0 and closed. example from yelp review: "I took a loan from lending club in 2011 and paid it all off in 2012 almost 18 months before i was supposed to .. the loan approval, funding and payoff process was simple and easy and everything went smoothly over the web .... the problem is that even after paying the loan off almost 10 months back the loan still shows open on my credit profile ..." and another: "Word of caution to all borrowers, Lending Club fails to report the loan paid in full when the time comes. My old loan still shows current with a $3,400 balance, although I paid it off a long time ago!" Dont they have to report accurate info?
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