Author Topic: My ANAR is down over 1% in less than a month...  (Read 10773 times)

bobeubanks

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Re: My ANAR is down over 1% in less than a month...
« Reply #15 on: June 22, 2016, 12:51:32 PM »
Just because you are filing bankruptcy doesn't mean you aren't worried about your credit

Absolutely correct. I worded that very poorly.

Edward Reid

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Re: My ANAR is down over 1% in less than a month...
« Reply #16 on: June 22, 2016, 09:23:15 PM »
I had more "in grace period" than usual the past month. Perhaps more people moving, leaving school, etc and changing banks as a result? I haven't looked up the numbers. Was 8 in grace a few days ago, now 2 caught up and it's down to 6. And my ANAR went from 9.5% to 9.9% at the same time. ANAR seems to be very sensitive to loans in grace -- I don't remember how much those are discounted by the adjustment, but it doesn't take much to affect the overall ANAR (the first A being Adjusted).

balto21

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Re: My ANAR is down over 1% in less than a month...
« Reply #17 on: June 23, 2016, 11:27:03 AM »
I had more "in grace period" than usual the past month. Perhaps more people moving, leaving school, etc and changing banks as a result? I haven't looked up the numbers. Was 8 in grace a few days ago, now 2 caught up and it's down to 6. And my ANAR went from 9.5% to 9.9% at the same time. ANAR seems to be very sensitive to loans in grace -- I don't remember how much those are discounted by the adjustment, but it doesn't take much to affect the overall ANAR (the first A being Adjusted).

Thank you

anabio

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Re: My ANAR is down over 1% in less than a month...
« Reply #18 on: June 23, 2016, 01:22:25 PM »
I had more "in grace period" than usual the past month.

For some reason LC is "pulling the trigger" on putting loans in grace  faster than before. In the past loans could easily sit in current even if they were 6 - 7 or more days late. I had 4 notes go into grace today. One of which was due on June 20...so it is only 3 days late. One was due June 19 so only 4 days late. The other two were June 18 so late 5 days. In the past those 4 loans would not be in grace yet, and most likely would not be going into grace for another 3-4 days.
As Will Rogers stated: : I'm not as concerned about the return on my money as I am the return of my money

fliphusker

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Re: My ANAR is down over 1% in less than a month...
« Reply #19 on: June 23, 2016, 05:44:46 PM »
Following up what anabio said, is how some notes on the same pay schedule will go into IGP, while others do not.  Curious on why that is. 

Lovinglifestyle

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Re: My ANAR is down over 1% in less than a month...
« Reply #20 on: June 23, 2016, 05:46:16 PM »
Yes, since noticing the prompt passage to Grace status I've been trying to hold off on listing them for sale until the usual date of actual payment settling has passed.  For example, a note due on the 20th has habitually paid on the 24th or 25th.

Fred93

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Re: My ANAR is down over 1% in less than a month...
« Reply #21 on: June 23, 2016, 05:56:21 PM »
Following up what anabio said, is how some notes on the same pay schedule will go into IGP, while others do not.  Curious on why that is.

Reasonable question.  Suggest you ask LC.  Please let us know the answer.

RT45

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Re: My ANAR is down over 1% in less than a month...
« Reply #22 on: June 23, 2016, 08:34:48 PM »
Would be curious to know about this as well.

pplinvestor

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Re: My ANAR is down over 1% in less than a month...
« Reply #23 on: June 24, 2016, 12:52:10 AM »
People can't manage their credit, somehow know who was CEO of LC and that CEO was kicked out and then decided to stop make payments on their loans.
Hack, I did not even know LR was kicked out until I checked this Forum.

dbailey75

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Re: My ANAR is down over 1% in less than a month...
« Reply #24 on: June 24, 2016, 12:58:26 PM »
That would be a stupid move.  Defaults stick on borrowers' credit report for 7 years.  Credit cards would raise their interest rates or cancel their cards, insurance premiums would skyrocket, and finding a new job would be difficult with a credit check.

There were 819,240 bankruptcy filings in 2015. That is about a 1/3 of a percent of the US adult population. Presumably the number of people who aren't worried about their credit score is bigger. Especially those who already have a low credit score.
Just because you are filing bankruptcy doesn't mean you aren't worried about your credit -- as a forum of net savers, I see how it's easy to assume bad outcomes means they didn't care.  And then even further, one of the largest categories of bankruptcies is medical, which even net savers may understand that dilemma.

only a small % of my charge off's are related to actual Bankruptcy filings (based off the collection notes).  Most are straight rollers/fraud, call it what you want.
« Last Edit: June 24, 2016, 01:01:37 PM by dbailey75 »

Fred

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Re: My ANAR is down over 1% in less than a month...
« Reply #25 on: June 24, 2016, 01:12:11 PM »
only a small % of my charge off's are related to actual Bankruptcy filings (based off the collection notes).  Most are straight rollers/fraud, call it what you want.

Can you quantify this statement a bit more?  "Small %" and "Most" are vague.

I have 14,000+ notes currently in my portfolios, and 20,000+ if I include those that matured already.  My charge-offs due to straight-rollers are less than 2%.

anabio

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Re: My ANAR is down over 1% in less than a month...
« Reply #26 on: June 24, 2016, 01:20:43 PM »

only a small % of my charge off's are related to actual Bankruptcy filings (based off the collection notes).  Most are straight rollers/fraud, call it what you want.

I think a very small percentage of loans are charged off because of fraud or intending to stop paying. I believe the vast majority of loans are charged off because the borrower REALLY INTENDED to pay off those credit cards...and probably did...but as any financial debt counselor will tell you the biggest problem with consolidating debt is that the borrower fixed the symptom rather than cured the problem. They pay off those high interest card balances but don't modify their spending habits. They still spend as much as before...charging their now 0 balance credit cards. They feel breathing room because their monthly payments went down so that breathing room makes them feel richer so they might even think they can spend more. Eventually they find themselves paying both a Lending Club consolidation payment AND are right back paying the minimum on credit card payments. And now they are really messed up because where else can they go? Before getting to LC they probably played with the system and transferred their balances to new cards that let them have reduced or 0 percent interest for a year. Can only play that game so long...so they then go to LC. Once they have LC and high minimum payments on their credit cards again what can they do?  They just give up and then your loan goes into Charge off.

I think LC should have a blurb (they maybe do...but since I never applied for a loan I don't know) that states the borrower REALLY SHOULD talk to a debt counselor to keep from making the same mistake again.
As Will Rogers stated: : I'm not as concerned about the return on my money as I am the return of my money

AnilG

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Re: My ANAR is down over 1% in less than a month...
« Reply #27 on: June 24, 2016, 01:38:36 PM »
Agree with Fred. I am in the process of analyzing data for a project on straight rollers. My early impressions are that the problem is not as severe as some lenders seem to portray. Also, based on the recoveries after charge offs from such loans, I will assume that Lending Club takes such charge offs very seriously. Some of the recoveries are eye-popping, LC recovered not only the original amount lent but also accrued interest and penalties. I don't know yet how much of such recoveries trickle down to lenders but I am inclined to revise my assumptions of recoveries being inconsequential.

only a small % of my charge off's are related to actual Bankruptcy filings (based off the collection notes).  Most are straight rollers/fraud, call it what you want.

Can you quantify this statement a bit more?  "Small %" and "Most" are vague.

I have 14,000+ notes currently in my portfolios, and 20,000+ if I include those that matured already.  My charge-offs due to straight-rollers are less than 2%.
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fliphusker

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Re: My ANAR is down over 1% in less than a month...
« Reply #28 on: June 24, 2016, 01:46:30 PM »
Agree with Fred. I am in the process of analyzing data for a project on straight rollers. My early impressions are that the problem is not as severe as some lenders seem to portray. Also, based on the recoveries after charge offs from such loans, I will assume that Lending Club takes such charge offs very seriously. Some of the recoveries are eye-popping, LC recovered not only the original amount lent but also accrued interest and penalties. I don't know yet how much of such recoveries trickle down to lenders but I am inclined to revise my assumptions of recoveries being inconsequential.
In my case with my straight roller, he made one payment then declared bankruptcy.  Just a frustrating issue with my account being small and only three months-old.  I know that this is going to occur, but it sux seeing a 3.5% drop in returns.  I know I need to ignore these types of things and just keep on my strategy, just not easy. 

dbailey75

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Re: My ANAR is down over 1% in less than a month...
« Reply #29 on: June 24, 2016, 02:51:13 PM »
only a small % of my charge off's are related to actual Bankruptcy filings (based off the collection notes).  Most are straight rollers/fraud, call it what you want.

Can you quantify this statement a bit more?  "Small %" and "Most" are vague.

I have 14,000+ notes currently in my portfolios, and 20,000+ if I include those that matured already.  My charge-offs due to straight-rollers are less than 2%.

Ok, seems I was way off, guess I only remember the straight rollers, 44% of my charge offs are related to Bankruptcies. Small sample size for most, but that's 22 out of 50. 5.3% charge off rate.  out of 943 notes issued.