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Messages - william

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1
Investors - LC / Re: Quality of loans deteriorating...
« on: November 28, 2013, 12:09:53 AM »
Yea probably but it's not because there are less. It's because the competition is going up. Quality notes exist but they are bought up so fast. And don't expect it to get any better. The more popular P2P gets the harder it will be to get even notes we consider average today. Soon (assuming it hasn't happened already) there will be firms setting up supercomputers connected by fiber optics or CNT on LC's doorsteps.
Oh my.  Not another one of you.  You are forgetting the other side of the equation.  The amount of borrowers isn't a fixed pool.  But let's all panic anyway :)
;D ;D ;D

2
Investors - LC / Re: Quality of loans deteriorating...
« on: November 27, 2013, 03:26:02 AM »
Yea probably but it's not because there are less. It's because the competition is going up. Quality notes exist but they are bought up so fast. And don't expect it to get any better. The more popular P2P gets the harder it will be to get even notes we consider average today. Soon (assuming it hasn't happened already) there will be firms setting up supercomputers connected by fiber optics or CNT on LC's doorsteps.

3
Investors - LC / Re: 0 APR Convenience Check
« on: November 25, 2013, 09:53:11 PM »
It's worth noting that lots of credit cards offer 0% interest introductory periods for purchases with no fee at all. One could make all their normal purchases with such a card instead of using their cash (and invest the cash instead).
  • The payoff is actual 0% APR and no-fee access to money for investment.
  • Careful, you probably can't deduct the interest on your taxes if you let the introductory period lapse.

^^^This is what I do. I don't remember exactly but I think I used a BankAmericard Visa card the first time I did it, then a Capital One VentureOne Card that I just payed off (must be fully payed by 12/2013 if I don't want to get charged the interest for the entire balance I had through out the year). Next I'm looking at a Citi Simplicity card which will have a 0% intro APR for 18 MONTHS!!! That is unless anyone can recommend a better card?

I've done the math and for me doing a balance transfer just doesn't make sense. I usually reach the limit within 2 months anyway (because I use the card for almost every expense). So paying a 2-3% fee upfront is usually just a little worst.

The minimum is not that much at all. It's $150 each month so I used my income to pay for it.

4
Interest Radar / Re: Another Busted Feature!
« on: November 24, 2013, 03:51:22 AM »

5
Investors - LC / Re: Lending robot
« on: November 24, 2013, 01:06:22 AM »
Interesting... I have multiple LC accounts, will it be possible to create just 1 Lending Robot account or will I have to create a separate one for each LC account I have?

6
We started discussing this here...
http://www.lendacademy.com/forum/index.php?topic=1716.0

We all knew this was coming. I suspect half the people on this board will now disappear into the void.


For a split second I thought about it.... then I remembered all of those people in I think it was 2012 that closed thier accounts because LC didn't let them have custom questions if I remember correctly. Then all the people who left LC in 2011 for some other stupid reason which I can't even remember. My modo is evolve or die. Yes this completely obliterated my amazingly lucrative strategy but that will not stop me from finding a new one.

7
Investors - LC / Re: FolioFN and Payments Recieved
« on: November 07, 2013, 01:10:48 PM »
I didn't mean to use the word "trick"in a derogatory way, I just couldn't think of a better word at the time.  I'm sure this is a "cover your butt" move by LC, since there is an appearance of an unfair contract in this situation, were one party has nothing to lose, and the other party can claim its a "bait and switch".  They think they are buying a current note at a discount, but end up over paying for a grace note.  People have done dumber things, damaged themselves, sued and won.  If that is LCs motivation, I would say that a better way to deal with this would have been to institute the policy that a sale is cancelled on a payment OR a change in payment status.  That way, we could still list our notes anytime we want, and the helpless would be protected.

Oh no, I didn't take it as derogatory.

So let me get this straight:

You can't put a note up for sale that's in Processing status

But if you already have a note up for sale that goes into Processing status, what happens?

Since I don't know when exactly this was implemented I can't be sure but this is the message I got on a recently sold note.
"Order Status
Canceled, Payment Processing"
Take this with a grain of salt as I'm not 100% certain that is the reason.

I wish LC would communicate this VERY IMPORTANT INFORMATION better.

8
Investors - LC / Re: FolioFN and Payments Recieved
« on: November 07, 2013, 11:24:01 AM »
Yea it seems like a slight change in strategy is in order. Guess I'm going to have to say goodbye to my 17.26% XIRR. I'm just hoping it doesn't go below 15%. But considering the junk notes I've been buying that might be too optimistic.
I may even have to start considering buying notes based on thier quality. But I won't consider that crazy option just yet.  ;) ;D

9
Investors - LC / Re: FolioFN and Payments Recieved
« on: November 07, 2013, 09:43:39 AM »
Well I assume most of the people who buy the notes I sell before entering grace period, either know about it and think they are getting a good deal or it is thier first time with folio and they made a careless mistake. That is why I didn't see "helpless" as a good adjective to use. But if you think it is the same people who are consistently making the same mistake, I can understand the use of "helpless".

10
Investors - LC / Re: FolioFN and Payments Recieved
« on: November 07, 2013, 08:55:31 AM »
@GS Yea I'm one of those people and that has been my strategy from day 1 at LC.
But I'm asking why core considers them "helpless"?
I would call them ignorant or misguided or in some cases they might think that is a steal.

11
Investors - LC / Re: FolioFN and Payments Recieved
« on: November 07, 2013, 05:53:16 AM »
I really hope this is temporary

I really have to ask:  Why do you guys keep mentioning this word "temporary"?  Temporary what?  What could be temporary about this?  As in they decided for one week in November they're going to protect the helpless just as sort of a holiday, but then next Friday it's back to the way it was??   :o   There's no technical "problem", no glitches, they simply don't want you selling notes to people that have payments in progress.  That's not temporary.   I don't get it. 

Next they'll probably disallow the selling of BK/deceased notes.  You just watch.  Then no more selling of 31+ lates.  And way down the road, assuming there's even a trading platform still in existence, they'll probably limit your discount/markup to a narrow window that they decide is appropriate for that note.
"protect the helpless" What?

Well sometimes companies do things to see how they will work out and if people will like it. And if people don't like it and/or it doesn't work properly they will change it back (ergo temporary).

12
Investors - LC / Re: FolioFN and Payments Recieved
« on: November 07, 2013, 04:18:07 AM »
I really hope this is temporary or I will be able to sell the note on the day they are about to enter grace period. If not I would have lost my entire strategy!  :o :'( :'( :'( :'( :'( :'(

13
Investors - LC / Re: FolioFN and Payments Recieved
« on: November 07, 2013, 04:11:08 AM »
Wow this one thing literally destroyed my entire LC strategy. UNBELIEVABLE! Why would they do something like this????

14
Investors - LC / Re: Grace-Period notes seem harder to sell
« on: October 25, 2013, 05:39:07 PM »
I have been noticing the same thing. It was very hard to sell even current notes without discounting them greatly. At first I thought the new folio "warning" message was scaring people off. But the last couple of days it seems everything is back to normal. I'm discounting notes as I normally would and they are selling in the same amount of time as usual. So this has led me to believe it is something related to the government shutdown/debt limit.

15
Investors - LC / Folio Confirmation
« on: September 25, 2013, 01:14:54 PM »
"Warning: You are about to leave the Lending Club website
You are about to leave the LendingClub website and enter the note trading platform website operated by Foliofn Investments, Inc. (Foliofn). Foliofn is an independently operated registered broker-dealer and is not related to Lending Club. Lending Club is not a registered broker-dealer.

Foliofn does not review Lending Club’s website(s) and makes no representation regarding information contained in the Lending Club website.  Foliofn does not provide any advice regarding any investment opportunities on its site.

Please confirm that you would like to leave lendingclub.com and go to the note trading site operated by Foliofn.
Yes       No"

Is everyone getting one of these when trying to enter Folio? I'm getting it every single time I try to enter.

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