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Messages - thezfunk

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1
Investors - LC / Re: Investing with Bondora
« on: February 10, 2018, 06:09:07 PM »
Seeing as it is based in Estonia, when the borrower default does Igor come to their house and break kneecaps?  Is that an extra fee to the lender?

2
Investors - LC / Re: Liquidating IRA account for rollover
« on: February 10, 2018, 06:06:36 PM »
I thought I would share my experience with LC and Strata in recently liquidating two IRA accounts.

In early December, I started the process of selling notes on Foliofn. This took about three weeks for each account.

In late December, I mailed the Strata withdrawal/close account request form directly to Strata. Don't do this. You need a special Lending Club/Strata withdrawal form. My error smoked about a week of time. I emailed the correct form to LC and they forwarded to Strata.

About 10 days later, I received the withdrawal check in the mail. Total fees charged by Strata were $150 (fees would be higher but for a paper check via USPS).

In early January, I emailed LC the form to close account number 2. They forwarded this to Strata.

Strata has been sitting on this second request -- I emailed and phoned Strata (left VM) requesting expeditious processing. My annual account fee was due Jan 28 and I wanted to wrap this up before then. As of today, Strata has done nothing. My Strata funds were hit with an autopay charge of $100 annual fee on Jan 29. I called LC today and the account rep said he would reimburse the fee bc I had evident intent of closing the account.

Thank you, LC!

Moral of the story: get your papers to Strata very early. And follow up, follow up, follow up.

Did you begin this process with a call or email to LC?

3
As a final act as Lending Club investor I am trying to transfer my ROTH away from Lending Club now that I have sold all my notes.  Who am I transferring from?  Is it Lending Club?  Folio?  Web Bank?

4
Investors - LC / Re: Worst Month Yet
« on: January 15, 2018, 09:11:34 PM »
Down to my last few notes.  When I get those gone, I won't be back.

5
Investors - LC / Re: Worst Month Yet
« on: October 14, 2017, 11:44:02 AM »
Well, I am about to find out as I am currently dumping my notes on Folio.  I have about $1K left.  Someone has been getting good deals on mature notes.

Sent from my XT1650 using Tapatalk


6
Foliofn - LC / Re: remaining automated options?
« on: October 02, 2017, 03:56:18 PM »
I came here to ask the same question.  It looks like p2p investing is over for me and now I have to figure out how to liquidate my account manually and move my funds.  Should be fun in an IRA.

7
LendingRobot / Re: LendingRobot and NSR Invest join forces
« on: October 02, 2017, 03:53:27 PM »
NSR has also announced they will no longer support the secondary market.  Looks like this is finally the end for me.

8
Foliofn - LC / Re: Anyone else using automated trading on foliofn?
« on: March 31, 2017, 02:42:23 PM »
Personally I would not consider a note being paid during the grace period as being paid late.
Late is late when buying on FOLIO. Dr. Everett and jz are the heavy FOLIO buyers here and I would guess they would say the same thing.

I would agree- if I could find a way to get IGP and have my automation sell on it I would jump all over it. Never Late is good and boring. IGP is a harbinger of bad things to come. All of my Late/CO notes showed some or multiple IGP before finally walking the plank. Much like I wish I had better options to sell on FICO drops on Lending Robot, I would dance a jig for IGP sales.

I really wish we had more granularity on Lending Robot to sell FICO down notes too.  I only want to see Down notes that meet other criteria but, alas, that is not possible.  I have talked to them about it.

9
Investors - LC / Re: Worst Month Yet
« on: January 03, 2017, 04:19:31 PM »
The conclusion is you shouldn't just lend to the riskier people and expect defaults never to occur.

blasphemy!  Tar and feather that man!

10
Investors - LC / Re: Worst Month Yet
« on: December 21, 2016, 11:45:43 PM »
I have just been buying aged notes on the secondary platform with LendingRobot at least 10 months old.  I have yet to graph my misery like the rest of you as I haven't had the time.  I should post my login information so one of you can do it for me  ;D

I stopped trying to think about it. 

However, I did sell all my equities in my Roth IRA and they are sitting in cash and I moved my entire 401k out of equities and in the safest option I had (I wish cash was an option).  I have a feeling after the baseless euphoria wears off...there might be some revaluation in the stock market.  Just a hunch.

Be fearful when others are greedy and greedy when others are fearful.

11
Investors - LC / Re: Worst Month Yet
« on: December 10, 2016, 03:19:54 AM »
Here is the latest from Prosper that came today.  They are way past their 'second attempt'.

http://imgur.com/a/YuNZ9

12
Investors - LC / Re: Worst Month Yet
« on: December 09, 2016, 09:26:55 PM »
So, I am paying some bills and did another check.  This last month I had a ton of work related expenses that all hit at once.  I run those through my card instead of work so that I can get the rewards points for it.  They are quick to pay and I don't have to float it very long.  Those expenses pushed me back up over the 30% usage for the month and dropped by FICO by 20 points.  30% is definitely a breaking point.

13
Investors - LC / Re: Worst Month Yet
« on: December 09, 2016, 07:52:33 PM »
I imagine we are a target because we bought a house in Jan 2016 and promptly took our 0% offers on two credit cards and two store financing options to get things like floors, windows, and two bathrooms remodeled (I was a busy beaver, still am).  My budget has them all getting paid off before the 0% expires so I am paying in the neighborhood of ~3k a month towards these debts.  I keep track of FICO and credit reports via Credit Karma and I see our high balances dropping like a stone.

What a great arbitrage opportunity!!
Whoa... wait... never mind!  :)

I am, of course, getting a ton of new credit card offers.  I am keeping an eye out for 0% balance transfer cards that DON'T CHARGE A FEE OR HAVE A MINIMUM FEE.  I already used the only one I know of.  If I wanted to ease up on my aggressive payoff schedule to get more work done on the house, I could push out 0% longer.  If you have any ideas, let me know :-)

14
Investors - LC / Re: Worst Month Yet
« on: December 09, 2016, 05:54:39 PM »
You guys are right on utilization hitting FICO.  Using my house buying and remodeling experiment I can say that I went from almost 0% utilization and a score around 780 and within a month or two I had a mortgage and $40k in financed debt at 0%.  My score dropped to 660-670 range and my utilization jumped over 60%.  I am now down to about 30% utilization and saw the biggest single jump since I started paying it all off.  30% utilization is a magic number on your overall score but also on individual cards it seems.  To maximize a score I would keep overall utilization below 30% and all of the individual lines of credit below 30% as well.

I should have everything but the mortgage paid off by next fall.  It has been an interesting ride...credit wise. 

The authorized user thing worked for me too.  My score was higher than the wife's and making her an authorized user on mine jumped her score significantly and didn't impact mine at all.

15
Investors - LC / Re: Worst Month Yet
« on: December 09, 2016, 05:46:37 PM »
Those Ds have to be getting refinanced either through LC or a competitor.

Just so happens that I received a pre-approved offer from Discover in the mail today.
In the letter they tout same day approval, loan terms of 3, 4, 5, 6 or 7 years, up to $35k and no origination or closing fees.
There's a "Compare the Benefits" table including LC, Prosper, Citibank Personal Loan and PNC bank. No Marcus.
Top line of the table; zero origination or closing fees for all but LC and Prosper (which they estimate to be about $675 for both).
Anyone with a loan at a Discover competitor like LC would likely pick up the phone and call Discover. It's free and easy. No downside.

Got one of those about six months ago and posted it here, before I started running a little experiment with my own FICO - for other reasons - which sits at well >800 with ~0% util (I've been doing PIF, even before they report balances, each month - though a couple hundred bucks here or there will show up on a card or two, last day or so of the month, and get reported)...  I decided to look like a good, Christmas-shopping consumer this month (instead of a deadbeat/tightwad) and loaded up a 0% card with a ton of stuff which I'm going to let get reported, before PIF in January (maybe, depending on if any interesting rate arb opportunities arise, w/fed move).

I should be in the sweet spot for LC/P/GS/STI/DFS loan offers, both on the credit side and on the amount side - I expect to learn a lot from my January junkmail about who's doing what... ;)

What do you want to know?  My wife literally gets at least one Prosper or Lending Club mailer a week.  They are getting sneaky now on the envelope.  They used to say who they were from and I would throw it out without opening it.  Now they are unmarked.  I'll show you whatever comes in if you want.  Blocking out key details, of course.

I imagine we are a target because we bought a house in Jan 2016 and promptly took our 0% offers on two credit cards and two store financing options to get things like floors, windows, and two bathrooms remodeled (I was a busy beaver, still am).  My budget has them all getting paid off before the 0% expires so I am paying in the neighborhood of ~3k a month towards these debts.  I keep track of FICO and credit reports via Credit Karma and I see our high balances dropping like a stone.

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