Author Topic: "Check MY Rate" = Inquiry? Or no  (Read 15073 times)

rajuabju

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"Check MY Rate" = Inquiry? Or no
« on: August 14, 2013, 12:52:10 PM »
If I want to "check my rate" (ie, what rate LC would give me if I wanted to take out a loan) would that result in a hard credit pull on me?

Thinking about finding out what they'd offer me, although not so much if its going to result in a credit check even if I dont actually get a loan from them in the end.

Zach

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Re: "Check MY Rate" = Inquiry? Or no
« Reply #1 on: August 14, 2013, 12:53:01 PM »
If I want to "check my rate" (ie, what rate LC would give me if I wanted to take out a loan) would that result in a hard credit pull on me?

Thinking about finding out what they'd offer me, although not so much if its going to result in a credit check even if I dont actually get a loan from them in the end.

Nope...That's the nice thing about LC - you can basically see your credit score and it's only a soft pull.

rajuabju

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Re: "Check MY Rate" = Inquiry? Or no
« Reply #2 on: August 14, 2013, 12:57:55 PM »
wow that is interesting.

and if i actually proceed and get the loan, then they do a second look and a hard pull? or is it again only a softpull without ANY hard ?

core

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Re: "Check MY Rate" = Inquiry? Or no
« Reply #3 on: August 14, 2013, 01:12:24 PM »
I wonder why they ask you to estimate your score if they're going to do a soft pull anyway.  What CRA do they pull?  I was going to try it just now but they don't allow my state.   I hope the IPO solves that because I'm sick of not being allowed to do stuff.

Zach

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Re: "Check MY Rate" = Inquiry? Or no
« Reply #4 on: August 14, 2013, 01:39:52 PM »
I wonder why they ask you to estimate your score if they're going to do a soft pull anyway.  What CRA do they pull?  I was going to try it just now but they don't allow my state.   I hope the IPO solves that because I'm sick of not being allowed to do stuff.

They ask your estimated FICO to save the expense of pulling a score at all if you more than likely know that your score isn't going to make the cut >660.

rajuabju

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Re: "Check MY Rate" = Inquiry? Or no
« Reply #5 on: August 14, 2013, 01:49:30 PM »
Fascinating.

My score is in the high 700's.

they offered me an A1 rate.

Now I have to decide whether I really want it or not :)

rawraw

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Re: Re: "Check MY Rate" = Inquiry? Or no
« Reply #6 on: August 14, 2013, 03:02:47 PM »
Fascinating.

My score is in the high 700's.

they offered me an A1 rate.

Now I have to decide whether I really want it or not :)
Invest it at a spread

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core

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Re: "Check MY Rate" = Inquiry? Or no
« Reply #7 on: August 14, 2013, 03:13:32 PM »
they offered me an A1 rate.
Now I have to decide whether I really want it or not :)

Go for it!  Invest it in 15%+ notes and then default!  Heheh I wonder if they'd force you to sell your notes to cover your loan balance.

rajuabju

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Re: "Check MY Rate" = Inquiry? Or no
« Reply #8 on: August 14, 2013, 05:28:02 PM »
Yep, thats what I decided to do. I have over 50k in various LC accounts, all averaging returns between 11% to 14%

Borrowing at their A1 rate on a 3 year term, the spread will be good enough to make it worth while. I can pay off the loan at any time so no real risk for me.

I never realized there is NO hard inquiry on borrowers. thats pretty amazing actually.

rajuabju

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Re: "Check MY Rate" = Inquiry? Or no
« Reply #9 on: August 14, 2013, 05:29:51 PM »
Also, another thing I find fascinating is WHO is funding my loan

So far, I see the following; big concentration from CA. Too bad I cant see how much each person is putting in.

otrebor from Sunnyvale, CA
Member_7689426 from SANTA ROSA, CA
Member_802943 from San Francisco, CA
Member_8134473 from Greenwood, MS
Member_947768 from San Diego, CA
Member_1549148 from Arlington , VA
BBF QP-LCA-2012 from San Francisco, CA
HC886 from San Francisco, CA
Member_1342466 from Redwood City, CA
Member_8070232 from Aurora, MN
Member_5012514 from Redwood City, CA
Member_7210194 from Henderson, NV
Member_949043 from Saratoga, CA
Member_3557861 from New York, NY
Seegs from Denver, CO
Member_2557843 from Oak Park , CA

Fred

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Re: "Check MY Rate" = Inquiry? Or no
« Reply #10 on: August 14, 2013, 08:06:49 PM »
otrebor from Sunnyvale, CA
BBF QP-LCA-2012 from San Francisco, CA
HC886 from San Francisco, CA
Seegs from Denver, CO

Thanks for sharing your investor names.  The normal retail name usually is of the form 'Member_*'.  The above names are, let's say, not normal; they might be institutional.

The [BBF QP-LCA-2012] seems like an LC Advisory account.

One obvious point: it's good to see that LCA (and perhaps other institutional investors) are also buying A1 notes, and not just D-G notes.  Most likely they had to do this to prevent idle cash.

p2p2p2p2p

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Re: "Check MY Rate" = Inquiry? Or no
« Reply #11 on: August 14, 2013, 09:22:38 PM »
LC Advisors Conservative Funds invest exclusively in A and B notes only

Fred

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Re: "Check MY Rate" = Inquiry? Or no
« Reply #12 on: August 14, 2013, 10:15:20 PM »
LC Advisors Conservative Funds invest exclusively in A and B notes only

Conservative Consumer Credit Fund, L.P.  is CCF

BBF-QP is for Broad Based Consumer (Q) Fund, L.P.

rajuabju

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Re: "Check MY Rate" = Inquiry? Or no
« Reply #13 on: August 16, 2013, 09:40:54 AM »
I have to say that unfortunately, I'm finding the approval process somewhat frustrating and annoying.

When I filled out the initial app, I was immediately offered the A1 rate. Loan hit the platform same day, and by the next day, my loan was 100% funded.

During the funding process, I was asked to verify bank account and phone number... easy enough, no problem, done.

Then I was asked to prove my home address (providing a recent utility bill) ok, also easy, done.

Now I'm being asked for other info. I'm sure shortly, they will want employment and income verification.

I dont get it, why is this being done so piecemeal? I dont want to get an email every day asking me to log in and submit more info. Why couldnt they just have requested everything in 1 shot?

I'm still quite confident I'll end up being approved (and if not, I'm going to become beyond pissed off)... it just seems like an inefficient approval process to me.

rawraw

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Re: Re: "Check MY Rate" = Inquiry? Or no
« Reply #14 on: August 16, 2013, 12:12:00 PM »
I have to say that unfortunately, I'm finding the approval process somewhat frustrating and annoying.

When I filled out the initial app, I was immediately offered the A1 rate. Loan hit the platform same day, and by the next day, my loan was 100% funded.

During the funding process, I was asked to verify bank account and phone number... easy enough, no problem, done.

Then I was asked to prove my home address (providing a recent utility bill) ok, also easy, done.

Now I'm being asked for other info. I'm sure shortly, they will want employment and income verification.

I dont get it, why is this being done so piecemeal? I dont want to get an email every day asking me to log in and submit more info. Why couldnt they just have requested everything in 1 shot?

I'm still quite confident I'll end up being approved (and if not, I'm going to become beyond pissed off)... it just seems like an inefficient approval process to me.
That explains a lot

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