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Messages - Lovinglifestyle

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871
Investors - LC / Re: Revolving Balance Lower than Request
« on: February 12, 2013, 04:23:09 PM »
In such situations, I typically look at other data points. If there is nothing else that can justify borrowing more than revolving balance, I typically pass on loans.

- Total Mortgage Accounts
- Total Credit Balance Excl Mortgage
- Total Open to Buy on Revolving Bankcards
- % of Bankcards >75% of Limit
- Total bankcard credit limit
- Total installment credit limit

Do you (or anybody else?) happen to know if "Total Mortgage Accounts" can include both open and closed accounts???

872
Interest Radar / Re: Suggestion thread
« on: February 11, 2013, 02:47:29 PM »
I'm sorry if I missed a post about credit search info not being available for canceled loans--I looked back and couldn't find that discussion if there was one. 

It's disappointing not to be able to look up canceled loans to see if they had similarities. 

The IR in-depth credit info is vastly more informative than the original application.  Thank you, Rev!

873
Interest Radar / Re: Suggestion thread
« on: February 10, 2013, 12:59:49 PM »
^^What they said.  Would really like an alert re collection log updates on my own notes!

874
Investors - LC / Re: LC Tax Documents available now!
« on: February 06, 2013, 12:21:43 AM »
Too late for me too.  Would have waited if I'd known, but I'm glad it's over with.  Did the best I could with the info available and it seemed right to me.  Don't plan to amend!  If anything, I probably paid extra!

875
Investors - LC / Re: LC Tax Documents available now!
« on: February 04, 2013, 02:19:08 PM »
On the Account Summary page I click on "My notes-at-a-Glance", and then on the blue number after "Charged Off" at the bottom.  On that page, I sort by "Payment Due Date" to get all the 2012s at the top.  Then I click on the/each blue "Charged Off" in turn to look at the "Issued Date".  In the "Payment History" on that same page it confirms the same date for "Charged Off" that was the "Payment Due Date".

As bad as this sounds, it's the easiest and fastest way I've come up with.   For taxes, the sale's price is zero (thanks for someone here for pointing that out!). 

If anybody without Excel has a better way, I'm all ears!

Sorry to keep asking this question, but I do not see where on the monthly statements (or anywhere else) to find the date acquired for charged off loans.  Please point me to the form.  Thanks.

876
Investors - LC / Re: This one surprised me
« on: January 06, 2013, 03:40:15 PM »
I like it too, for those reasons.  But the DTI shows s/he is paying $1339/mos. on something owed, including the RCB.  That makes the monthly obligation a little high.  Job stability may by a factor, and if the mortgage is being paid (how would we know?) the loan may cure.  I'm surprised I didn't take it, because I remember looking up the employer and giving it a second look. 

877
General P2P Lending Discussion / Re: Borrow-to-Lend
« on: January 06, 2013, 03:02:37 PM »
I heard Dave Ramsey address a similar issue today.  The call was about borrowing to invest.  Dave made two points.  One, the borrowed money DOES have to be paid back. And two, an additional risk factor is one's own will power to resist the temptation to do something else with the money instead, such as helping a family member or buying something you really want.  He said he wouldn't trust himself to not get sidetracked by temptation.  Another comment was that only one thing has to go right--you have to earn a higher rate than you pay--but many things can go wrong to prevent that.

878
General P2P Lending Discussion / Re: P2P - 2012 XIRR Returns
« on: January 03, 2013, 08:38:45 PM »
Sarah and rawraw,  my daughter does that too with the credit card and bank bonuses.  She just figured out that she made $657 last year by being diligent.

Nickel Steamroller:  10.85% (age 9.65 months)
LC:  12.61%
Interest Radar IRR:  15.94%

879
General P2P Lending Discussion / Re: P2P - 2012 XIRR Returns
« on: January 01, 2013, 10:14:25 PM »
Thanks.  Excel isn't in my lexicon of tools.  I did try the Interest Radar bank transactions link by picking a date of 8 months ago and entering my current balance, but I haven't yet forced myself to find and enter each past deposit and withdrawal.  I was trying to get a general shortcut idea of IRR to compare with LC's NAR (they were close), but I haven't buckled down to doing it the right way.

I really appreciate that you're trying to help me.  Thank you for your reply.  I'll get started on making those entries.
I have other ways of figuring out my net returns myself because I want to subtract losses, taxes, and fees from the investment earnings, like with a pencil, paper, and calculator--LOL!






880
General P2P Lending Discussion / Re: P2P - 2012 XIRR Returns
« on: January 01, 2013, 07:03:11 PM »
I'd be happy to vote, but I don't know what my XIRR returns are nor how to find out.  All I know is LC's NAR and Interest Radar's IRR.  Sorry!

881
Investors - LC / Re: Approval percentage relating to the Quality of notes?
« on: December 28, 2012, 02:29:47 PM »
For me, the removed or withdrawn note count has risen dramatically since Dec. 10.  It's driving me crazy.  If I weren't taking as many already approved notes as I can, I'd be getting nowhere even faster than I am!   ::)

Nov. 4-10:  29 issued; 6 did not.
Dec. 4-10:  29 issued; 6 did not, and 2 are still IF (in funding). (Don't know why both weeks are 29 and 6.  Counted twice!)
Dec. 18-24:  4 issued; 18 did not, and 17 remain in funding.

From the 25th to now, all (22) are in funding.

My thought is that LC is accepting more than usual from a flood of applications and figuring out which to reject a little further down the line, when the workload becomes more manageable (after the holidays?).  Wanting a year end boost would make sense too.   

882
Investors - LC / Re: Has LC loan quality dropped?
« on: December 27, 2012, 07:46:22 PM »
I don't know if my observation is correct.  It seems that the quality of LC loans has dropped lately.  I have noticed more loans with "Last Major Derogatory" coming on their pipeline than before.  And I have not been able to find loans that fit my criteria as quickly as I did in the past.  I was able to find at least 1 or 2 loans using the same criteria just a couple of months ago but now I have to go for days without being able to put any money to work.  (And it seems that there are more 60-month C loans coming on the platform as well.)

Can someone shed some light on this?

"PRE-APPROVED OFFER IN THE MAIL" referenced by this applicant could be related.  (Loan 2825704 if the link doesn't work). 

Summary:  some applicants get annoyed by questions because they don't realize where the questions come from.  They can become annoyed enough to withdraw the application (my guess).

https://www.lendingclub.com/browse/loanDetailFull.action?loan_id=2825704&previous=

It is interesting that you caught this one.  It seems that this applicant might have received a solicitation from LC, only to be turned off by lenders asking him/her questions on the fly.  What could he/she have expected otherwise?  This individual was asking people nearly $19K.  Don't borrow if you can't even have the courtesy and patience of answering a few questions for $19K.  You would have to jump through some hoops even going on Wheel of Fortune, wouldn't you?  At any rate, I wouldn't have pitched in even if he/she hadn't withdrawn.  He/she has a public record, even though it is dated back nearly 9 years.  Gross income is about $4K per month, but monthly payment is $530 and borrowing 2x revolving credit balance?  It sounds like a bad risk anyway.

In any event, I am seeing so many "major derogatory" showing up in the D-G loans--even C loans as well.  I don't know if it is because they were unaccounted for by LC before or whether LC has relaxed its standards to allow applicants with higher risks.

According to LC, the "major derogatory" attribute definition as provided by TransUnion is "months since most recent 90-day or worse rating".   I think this is helpful information which was simply not previously included.

883
I believe the charge is 0.8% of any money transferred to the PRIME account from your bank account.
From the LC website -- link:

https://www.lendingclub.com/landing/prime-promotion-2012-10.action

Lending Club charges a fee for administering PRIME accounts equal to 0.8% of new funds deposited into the PRIME account.

Thank you very much.  Another account I have charges .48% of the average daily balance annually for administration, but waives a negative amount if it doesn't earn enough to pay .48%. 

A one time charge of .8% wouldn't kill me.   The "administering" term without a "one time" term rang my bell.
I don't plan to do it now, but it's a future consideration.  Appreciate the responses!

884
General Lending Club Discussion / Re: General Observations/Ramblings
« on: December 26, 2012, 07:12:35 PM »

 I agree, that's why I don't consider any notes that aren't 1:1 revolving ratio to requested balance.  Almost all my notes I have problems with deviate from that golden rule. "
-------------------------------------------------------------------------------------------------------------------------------------
rawraw, I would very much like to know if/when DTI has anything to do with that golden rule.  If you care to comment, I'd really appreciate it. 

For example, am I wasting my energy multiplying the income by the DTI and thinking that shows me how much the person REALLY owes so I can compare it to the amount requested, the revolving balance, and discover a gap in ability to pay? 

Thank you VERY much in advance.




885
Investors - LC / Re: Has LC loan quality dropped?
« on: December 26, 2012, 01:19:35 PM »
I don't know if my observation is correct.  It seems that the quality of LC loans has dropped lately.  I have noticed more loans with "Last Major Derogatory" coming on their pipeline than before.  And I have not been able to find loans that fit my criteria as quickly as I did in the past.  I was able to find at least 1 or 2 loans using the same criteria just a couple of months ago but now I have to go for days without being able to put any money to work.  (And it seems that there are more 60-month C loans coming on the platform as well.)

Can someone shed some light on this?

"PRE-APPROVED OFFER IN THE MAIL" referenced by this applicant could be related.  (Loan 2825704 if the link doesn't work). 

Summary:  some applicants get annoyed by questions because they don't realize where the questions come from.  They can become annoyed enough to withdraw the application (my guess).

https://www.lendingclub.com/browse/loanDetailFull.action?loan_id=2825704&previous=

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