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Topics - New Jersey Guy

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1
Investors - LC / Here's a new one for Log Entries.
« on: July 01, 2014, 12:26:33 AM »
Hey, at least he's being up-front and not making promises he won't keep.

6/25/14 (Wednesday)    Borrower contacted Lending Club and refuses to pay

https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=5970124&order_id=21036610&note_id=26267180

2
Investors - LC / Anybody Know What this Collection Log Entry Means?
« on: May 25, 2014, 12:36:55 PM »
This guy still owes 21 payments on his account.

What did LC do?  "Pardon him" from paying?

3/20/14 (Thursday)    Borrower completed all payments for the negotiated settlement amount and will not be making additional payments


Check Loan https://www.lendingclub.com/foliofn/browseNotesLoanPerf.action?showfoliofn=true&loan_id=1091780&order_id=4287038&note_id=8043373

3
Check out this guys FICO Graph

https://www.lendingclub.com/account/loanPerf.action?loan_id=2175339&order_id=25022758&note_id=15889842

170 Point drop in a month?  I've seen 200 point drops over the course of 4 or 5 months, but this one takes the cake.

I mean, you'd have to really work hard to drop your score that fast.  What do you have to do to achieve this feat?  Maybe he lost his job at Corkey's?

4
Interest Radar / My Bank transactions > Upload: Is it not working?
« on: May 15, 2014, 10:16:30 AM »
I couldn't get my notes to upload.

"Upload error
No note was loaded. Make sure the file was downloaded directly from Lending Club prior to upload, and try again."


Tried 3 times and kept getting the same error message.  I tried to upload an earlier list that I knew worked, and it didn't go either.

5
Off Topic / Use your Credit Card or get spanked!
« on: April 12, 2014, 10:44:13 PM »
I've had a credit card since 2006 with a $3000 limit.  Since it was nothing really special, I kept it aside for emergencies.  It's been sitting there, unused, for like the past 20 months.

Alas....no emergencies, and the bank, without warning, closed the card.  I lost 12 points on my credit score. 

Upon calling the bank, they said I'd have to re-apply if I wanted to reopen the account.  Sorry, but that would not reinstate the age of the card and would probably result in a hard pull.  In addition, a new card will cost you a few more points to boot.  I was steamed.

Lesson.  If you have credit cards sitting around unused, find something to buy even it it's only a few bucks.

6
Off Topic / Moving to Florida. Simon, loan me some money!
« on: April 11, 2014, 10:45:19 AM »
Just a quick note.  For those who may not have known, I'm relocating from New Jersey to Florida.  That's why I've been absent for the past couple of weeks.  I'll be arriving on Tuesday.

Knowing that, two things come into mind.

1.)  I can no longer be the New Jersey Guy.  So now what?  XNew Jersey Guy?

2.)  I'll apply for a $35K LC loan.  After it issues, I'll let my FICO drop 100 points and will default come September or October.  This will keep in line with Simons statistics on how Florida folks suck.


7
Interest Radar / "Buy" Function on IR once again Operable!
« on: February 08, 2014, 07:40:18 PM »
Rev corrected the "Buy" function for the Folio section of Interest Radar.

Note, there is an extra step involved.  He has posted detailed instructions that appear right above your search results. 

I've tried it, and it's working perfectly!

8
Foliofn - LC / Folio Tax Statements
« on: February 06, 2014, 10:06:29 AM »
Are we supposed to be getting 1099's or something from Folio?

9
Interest Radar / Interest Radar Alert!!!
« on: January 22, 2014, 04:44:35 PM »
The new "Shopping Cart" addition that Folio just now added has made the buying feature on IR INOPERATIVE!

Unless can figure out how to make the changes, YOU CURRENTLY CANNOT BUY OFF OF IR.

I had to track my loan numbers down on Folio the hard and old-fashioned way.  Quite frustrating!!

10
There's an old saying:

"It's easier for an intelligent person to act like an idiot than
it is for an idiot to act like an intelligent person."


With that in mind, I'm kinda like the idiot among you wizards.  And it looks like I'm probably going to be catching crap as Ryan posts the different parts of the blog each day.  Since it was Ryan's idea, and it is on Ryan's site, responses should be posted on his site.  However, it appears the crap will be rolling here, so I opened this thread so Ryan can get some sort of credit for his own webiste.  So if you have questions or crap, put them on here.

So before he continues, I want to address and clear up one thing:  Diversification.  The entire blog actually has to do with diversification. 

When somebody says to you that "You need to diversify your P2P account", what do you think of?  What's the first thing that pops into your head?

I can tell you right now that most of you are thinking "That's easy!  It's spreading your money out evenly into different grades of notes in order to keep from putting all your eggs into one basket, thus reducing risk of default and loss"

Like you, I have those notes based on the same principle.  But to me, that's not diversification.
I diversify  by using different strategies.  Actually, I have 7 different strategies including the normal Buy/Hold notes and the ones Ryan is going to present.  I probably maintain about 17 or 18 folders in my LC portfolio all devoted toward these different strategies.  Some eventually get deleted as the last note sells, while new folders open as new notes and ideas take their place.

I DO NOT work each strategy every day. You can't!  Normally, I am only working 2 to 4 at a time.  Just like when stocks drop, bonds go up, I'll switch strategies as the P2P market changes. 

So, how is my account diversified?
It goes from standard risky (the typical LC investor account of quality Buy/Holds) to very, very, very risky (The buying and selling of very speculative late notes).  The ideas Ryan will be presenting fall in some place in between, but none are safe or guaranteed as nothing in P2P is.

That's how you diversify. 




11
Foliofn - LC / The Comic Folio Black Hole sucked up another note.
« on: January 06, 2014, 09:48:41 AM »
Another Folio cosmic mystery.

I've been trying to dump this BK note now for over a week.
https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=662255&order_id=15330594&note_id=3612361

This morning I wake up to discover it is no longer in the Folio Listings.  IR is telling me there isn't a single note for this loan up for sale.  Not one!

The note wasn't cancelled for payment.
It has not been sold.
It is STILL showing up in my account as up for sale.

Besides alien abduction, can anybody explain this one?  I mean, it was showing up last night, now it's gone.


12
Off Topic / Forbes & Bankrate dispute Santa's net worth.
« on: December 18, 2013, 12:20:09 PM »
Forbes still claims Santa as the richest fictional character on earth.

#1 Claus, Santa
Net Worth: $ ∞
Source: Toys, Candy
Age: 1,651
Marital Status: Married, no children.
Hometown: North Pole

"North Pole's tubby toy titan remains fiction's richest character, despite ongoing strife with Elvish labor force. Elves bemoan low-wages, lack of health care coverage and union-busting tactics of "Claws." Factory operations also dogged by several documented instances of child-labor. Santa retorts that "immortal" Elves don't need health insurance, and says child-workers were being punished for being "naughty." Analysts expect impact on toy and candy production to be minimal. Claus' ultimate motivations for annual gift-giving orgy remain unclear. Speculated to be tormented by infinite wealth; embarks on annual around-the-world trip in a futile attempt to give it away. Others detect darker side, noting percentage of children receiving lumps of coal and ill-treatment of rare Finnish-bred flying reindeer. Claus himself plays it close to the vest, cryptically muttering "Ho! Ho! Ho!" Member since time immemorial."

Bankrate disagrees:

"Unfortunately, he's missing out on the real cash cow. According to Steve Weinberg, a shareholder with the Greenberg Traurig law firm, the holiday icon has no claim to any royalty income."

"Maddux estimates Santa pays each elf $1,624 in biweekly salary.
Since the elves are under Santa's control and direction, and work on-site at the workshop, they are considered seasonal hourly employees rather than independent contractors," he says. That means Mr. Claus must also pay employment taxes and provide worker's compensation.  So over the five-week frenzy, he must budget $34,510,000 in payroll needs."

"Bottom line: Santa earns a little more than $13 million annually. Weinberg's former clients, the Muppets, are actually richer than Santa."

"So what's it all add up to? Well, Santa's dimples won't be so merry when his calculator determines that he owes $931,191,823 -- at least $921,191,823 more than he makes. That's serious bankruptcy material, and he has yet to feed his reindeer."

He's going to have to find other work if he wants to make money," Weinberg says. "Maybe he can be the next Harry Potter character, but of course this is only one Jewish guy's opinion."





13
Interest Radar / Another Busted Feature!
« on: November 21, 2013, 08:33:13 AM »
Interest Radar is not pulling up late loans (IE:  31-120 days late).

Current and Grace Period is all it's able to do.

14
Foliofn - LC / Help SarahV rehome some of her notes.
« on: November 20, 2013, 12:20:32 AM »
I got a message from SarahV (call her Sarah, for short) telling me she still has some notes on Folio that need a good forever home.  So I told her I would post those notes on the forum hoping that perhaps some of you with extra cash sitting there would take advantage of her good nature.

Now, those of you not familiar with Sarah, let me fill you in. 
Sarah prided herself in selecting only the best of the best.  Her "Pristine Bouquet" as Rawraw and I would tease her about.  I'm still convinced she put all of her notes under her pillow every night and talked to them frequently during the day.

Unfortunately, some health issues has forced her to abandon LC.  Now, it's nothing real serious, but she just doesn't have the time to continue feeding and grooming the notes on a daily basis.

The good news is that you can be confident in any note you may decide to adopt.  She is also willing to waive the need for you to provide her any personal references and financial statements prior to adopting her notes.

Now, there is not a lot to go around for everybody.  Please don't crowd, and please no bickering and fighting.

5615183  2430933  19.72%  60
https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=5615183&order_id=8341298&note_id=24309335

5967680  26203205  15.88%  60
https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=5967680&order_id=10148044&note_id=26203205

6537130  28096825  14.33%  60
https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=6537130&order_id=10319525&note_id=28096825

1301066  10781246  13.99%  60
https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=1301066&order_id=3038709&note_id=10781246


5760813  25343219  17.77%  60
https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=5760813&order_id=10152042&note_id=25343219

2093855  15791405  14.33%  60
https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=2093855&order_id=4500807&note_id=15791405

5186494  23643531  17.27%  60
https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=5186494&order_id=9204434&note_id=23643531

Sarah also has 5 remaining notes hanging in Purgatory.  I'll get those up a little later.


15
Investors - LC / Another Lending Club Mystery I can't figure.
« on: November 19, 2013, 10:47:45 AM »
I know I can't be the only one who's seen this. 

Payment Due on the 1st, and settles correctly on the 5th.  Yet, log shows payment failed.
Now, I have a really nice 34-month old note now tarnished with a failed payment when the borrower clearly paid on time.

Notice the borrower contacted Lending Club.  Probably to tell them to put the pipe down.

Is this just a glitch?  I'd be pretty pissed if I started getting emails and voicemails telling me my payment bounced when I know I paid it.


Due Date   Completion Date      Amount    Principal    Interest
11/30/13 
10/30/13      11/5/13               $0.64      $0.42        $0.22   

Collection Log

11/5/12 (Monday) Borrower contacted Lending Club
11/5/12 (Monday) Attempted to contact borrower (left voicemail)
11/5/12 (Monday) Borrower contacted Lending Club
11/2/12 (Friday) Borrower contacted Lending Club
11/1/12 (Thursday) PAYMENT Failed
11/1/12 (Thursday) Sent email to borrower
11/1/12 (Thursday) Attempted to contact borrower (left voicemail)

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