Author Topic: Application question  (Read 4474 times)

tnhpdc

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Application question
« on: April 20, 2016, 11:25:49 AM »
Hey folks, I know this is the lenders section but had a question maybe someone could help with. Applied back on the 11th, received a loan number but have yet to see my loan listed in the notes section. Loan was supposedly approved and just waiting for funding...Cant fund if its not on the platform though...lol.

Can anyone check out my loan number to see if it was even listed or if an institutional investor ate it up quick?

Loan # 77316901

I don't have deep access to current/prior loans listed.

Thanks much

jheizer

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Re: Application question
« Reply #1 on: April 20, 2016, 11:43:45 AM »
It is currently available for funding on the whole loan market.
Replacement to P2P Quant's Percentile Tool http://lc.geekminute.com

tnhpdc

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Re: Application question
« Reply #2 on: April 20, 2016, 12:04:58 PM »
Oh, cool...ok. So its probably been up there for a few days then.

Thank you for checking for me sir.

tnhpdc

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Re: Application question
« Reply #3 on: April 20, 2016, 12:10:45 PM »
One more question if I may...is there anything that jumps out at you that would make it uninvestable or give cause for concern? I'm not 100% sure what you as an investor actually gets to see.

Modify: Another question..Do regular investors get to fund whole loans? Why do they go to institutional first? How is that fair for a regular investor? That doesn't make sense...the true "p2P" aspect seems to be taken away no? Or am I off base?
« Last Edit: April 20, 2016, 12:20:04 PM by tnhpdc »

rawraw

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Application question
« Reply #4 on: April 20, 2016, 01:16:44 PM »
It's not everyone loan that goes to whole market. It's random.

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fliphusker

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Re: Application question
« Reply #5 on: April 20, 2016, 02:33:03 PM »
I now see it as fully funded by 1 person/institution, so congrats.
Personally for me, I would not have invested due to the 1 inquiry.  Just for me personally this raises a big red flag that the borrower is credit shopping, and my history, they tend to have a higher default rate.  Besides that, everything about your loan meets my criteria. 
Not sure if you can see this, but will give you the link.  I am not a whole note investor but I put your loan ID in my browser and can see them. 
https://www.lendingclub.com/browse/loanDetail.action?loan_id=77316901

Whole loans are bought up by only 1 person/institution.  It is only a certain percentage that are randomly selected for the whole loan process.  I am a small time investor compared to most here, so for me it is easy to be very picky with my notes I buy. 

tnhpdc

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Re: Application question
« Reply #6 on: April 20, 2016, 02:56:21 PM »
It's funny because 30 minutes after I wrote that the loan was funded.

It's interesting that people with numerous inquires have a higher rate of default (in your experience)...I never would have put much credence in the whole "inquiries" thing but I guess a lot of investors do.

In my case, I applied for a discover card and they ran a hard inquiry (assholes). Aside from that, this will be my 2nd LC loan. I took one out last year to consolidate credit cards but the rate was about 24% because my score was pretty bad. Paying off those cards juiced my score almost 100 points so I applied for this loan at a much better rate, little over 16%. Long story short, I'm paying off my first loan with LC and paying off my last cc that's over 26% interest...capital one are criminals and I'll never take out another card with them. Wife and I are buying another house end of summer so I need to work on my credit score some more. At the start of this LC process last year my score was low 600's with over 95% credit utilization, I've raised my score tremendously and my utilization rate is under 10% now (although probably not reflected on my CR yet).

Thanks for the information guys and good luck with your investments, wish you the best. I think the p2p story is a good thing as it benefits both sides. That being said, I hate the idea of institutions still having a leg up on the smaller investors...they hold all the cards and sometimes it sucks.
« Last Edit: April 20, 2016, 03:01:09 PM by tnhpdc »

Fred93

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Re: Application question
« Reply #7 on: April 20, 2016, 03:19:48 PM »
In my case, I applied for a discover card and they ran a hard inquiry (assholes).

It is what they are supposed to do.

dbailey75

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Re: Application question
« Reply #8 on: April 20, 2016, 04:26:22 PM »
Personally for me, I would not have invested due to the 1 inquiry.  Just for me personally this raises a big red flag that the borrower is credit shopping, and my history, they tend to have a higher default rate.

I understand were you coming from, but I was just in a refi with a lender, the lender lied, and I walked, so I now have 2 pulls on my credit.  just saying.  My credit dropped roughly 20 points with all agencies, complete BS.  went from 800ish to to 780's. Not all pulls are bad, and Why would one not shop for better rates.  We shop pricing for everything else.


dompazz

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Re: Application question
« Reply #9 on: April 20, 2016, 04:48:52 PM »
Personally for me, I would not have invested due to the 1 inquiry.  Just for me personally this raises a big red flag that the borrower is credit shopping, and my history, they tend to have a higher default rate.

I understand were you coming from, but I was just in a refi with a lender, the lender lied, and I walked, so I now have 2 pulls on my credit.  just saying.  My credit dropped roughly 20 points with all agencies, complete BS.  went from 800ish to to 780's. Not all pulls are bad, and Why would one not shop for better rates.  We shop pricing for everything else.
I don't use it given that it is already in the FICO score.  As your example shows, there is a direct relationship between the two. 

Ran

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Application question
« Reply #10 on: April 20, 2016, 06:07:05 PM »
I would assume many people think whoever dare or care enough to ask about funding on this board is more trust worthy so they rush to fund the loan. But I am skeptical about this.
It's funny because 30 minutes after I wrote that the loan was funded.

It's interesting that people with numerous inquires have a higher rate of default (in your experience)...I never would have put much credence in the whole "inquiries" thing but I guess a lot of investors do.

In my case, I applied for a discover card and they ran a hard inquiry (assholes). Aside from that, this will be my 2nd LC loan. I took one out last year to consolidate credit cards but the rate was about 24% because my score was pretty bad. Paying off those cards juiced my score almost 100 points so I applied for this loan at a much better rate, little over 16%. Long story short, I'm paying off my first loan with LC and paying off my last cc that's over 26% interest...capital one are criminals and I'll never take out another card with them. Wife and I are buying another house end of summer so I need to work on my credit score some more. At the start of this LC process last year my score was low 600's with over 95% credit utilization, I've raised my score tremendously and my utilization rate is under 10% now (although probably not reflected on my CR yet).

Thanks for the information guys and good luck with your investments, wish you the best. I think the p2p story is a good thing as it benefits both sides. That being said, I hate the idea of institutions still having a leg up on the smaller investors...they hold all the cards and sometimes it sucks.

fliphusker

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Re: Application question
« Reply #11 on: April 20, 2016, 06:46:04 PM »
I do understand completely why you have the inquiries, and you are one of the very smart people who have come to LC to lower their huge interest rates.  You do have a delinquency from a number of years ago, which for me, is of no consequence, mainly because of the age of it.  I think it was over 5 years or something. 
Discover is a good card, especially if you got the 2% payback for the first year, personally I would go with the Citi double cash back though.  But I am also not one to ever run a balance from month to month either.  Like my Cap One for the rotating catagories, very handy. 
Your debt to income ratio is just shy of 17% which is solid IMO, CC utilization is 49%.  Others that may bother them, but not me as it is a debt consolidation loan. 
When I have shopped for credit, I do it all at once on same day, so the pulls may or may not be there.  And always make sure that I am not agreeing to have a hard pull done, until I am ready. 

RT45

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Re: Application question
« Reply #12 on: April 20, 2016, 07:32:21 PM »
@tnhpdc What is the reason you're getting a 2nd loan?

Quote
In my case, I applied for a discover card and they ran a hard inquiry (assholes). Aside from that, this will be my 2nd LC loan. I took one out last year to consolidate credit cards but the rate was about 24% because my score was pretty bad. Paying off those cards juiced my score almost 100 points so I applied for this loan at a much better rate, little over 16%. Long story short, I'm paying off my first loan with LC and paying off my last cc that's over 26% interest...capital one are criminals and I'll never take out another card with them. Wife and I are buying another house end of summer so I need to work on my credit score some more. At the start of this LC process last year my score was low 600's with over 95% credit utilization, I've raised my score tremendously and my utilization rate is under 10% now (although probably not reflected on my CR yet).

solongtj

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Re: Application question
« Reply #13 on: April 20, 2016, 08:32:18 PM »
@tnhpdc What is the reason you're getting a 2nd loan?

Quote
In my case, I applied for a discover card and they ran a hard inquiry (assholes). Aside from that, this will be my 2nd LC loan. I took one out last year to consolidate credit cards but the rate was about 24% because my score was pretty bad. Paying off those cards juiced my score almost 100 points so I applied for this loan at a much better rate, little over 16%. Long story short, I'm paying off my first loan with LC and paying off my last cc that's over 26% interest...capital one are criminals and I'll never take out another card with them. Wife and I are buying another house end of summer so I need to work on my credit score some more. At the start of this LC process last year my score was low 600's with over 95% credit utilization, I've raised my score tremendously and my utilization rate is under 10% now (although probably not reflected on my CR yet).

Because OP has a better credit score now and can get a lower rate. OP is going to pay off old loan and CC and pay less in interest. (As OP stated)