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Thinkcash.com/fbdloans supposedly reports to tu

Date: Tue, 10/26/2010 - 08:32
Submitted by Mike Slade1287923481 on Tue, 10/26/2010 - 08:32
Posts: 17
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I needed a large amount of cash very quickly so I took out a $1600 loan with Think Cash.com in August 2009. I will be making my last payment today.

If I would have stuck with their payment schedule (about $97 every other Friday which has been very manageable for me), I would be making my last payment on 3/25/2011. Instead, I paid more towards my principle a few times. I also paid a few days (sometimes a week) before the due date which allowed more money to go towards my principle early in the loan since it is front-loaded with interest…BIG TIME. I’ll be done paying a full 5 months of ahead of schedule which will save me about $1100 in payments.

I spoke with a representative yesterday about reporting the loan to the credit bureaus since I have a hard inquiry from First Bank of Delaware (their servicer) on my TU, and their website now says they report to credit bureaus. I can’t remember if it said that last year so I decided to give them a call and ask about reporting my activity to the bureaus. There’s no harm in trying, I suppose.

She put me on hold and came back about 2 minutes later and said that they only report to TU. I told her that I have the inquiry but not the positive activity. She left for another 2 minutes and came back and said that they just started reporting loan activity this past August. I replied that their website as well as my loan agreement referenced them reporting loan activity to credit bureaus. Guess what she did then…yep…she left for another 2 minutes. She came back and said that her supervisor just told her that they only reported the bad activity (missed/late payments) in the past, which is believable but so unfair. According to her supervisor they now report ALL activity for any loan originated post-July 2010. I would really like to see that in writing so I think I’ll send them a letter. I’m thinking that they should still be able to report account to TU.

Does anyone have a Think Cash loan that was originated after July 2010 that is or is not being reported to TU or any other credit bureau? If your loan is being reported, that’s awesome. If not, it may be worth giving them a call. I’m interested to hear what they tell others that call them out on this.


[QUOTE=Mike Slade1287923481;763056]I needed a large amount of cash very quickly so I took out a $1600 loan with Think Cash.com in August 2009. I will be making my last payment today.
If I would have stuck with their payment schedule (about $97 every other Friday which has been very manageable for me), I would be making my last payment on 3/25/2011. Instead, I paid more towards my principle a few times. I also paid a few days (sometimes a week) before the due date which allowed more money to go towards my principle early in the loan since it is front-loaded with interest???BIG TIME. I???ll be done paying a full 5 months of ahead of schedule which will save me about $1100 in payments.
I spoke with a representative yesterday about reporting the loan to the credit bureaus since I have a hard inquiry from First Bank of Delaware (their servicer) on my TU, and their website now says they report to credit bureaus. I can???t remember if it said that last year so I decided to give them a call and ask about reporting my activity to the bureaus. There???s no harm in trying, I suppose.
She put me on hold and came back about 2 minutes later and said that they only report to TU. I told her that I have the inquiry but not the positive activity. She left for another 2 minutes and came back and said that they just started reporting loan activity this past August. I replied that their website as well as my loan agreement referenced them reporting loan activity to credit bureaus. Guess what she did then???yep???she left for another 2 minutes. She came back and said that her supervisor just told her that they only reported the bad activity (missed/late payments) in the past, which is believable but so unfair. According to her supervisor they now report ALL activity for any loan originated post-July 2010. I would really like to see that in writing so I think I???ll send them a letter. I???m thinking that they should still be able to report account to TU.
Does anyone have a Think Cash loan that was originated after July 2010 that is or is not being reported to TU or any other credit bureau? If your loan is being reported, that???s awesome. If not, it may be worth giving them a call. I???m interested to hear what they tell others that call them out on this.[/QUOTE]

The loan I have was originated in July of this year. Glad to know though you can make over and above the payment amount on principle to pay off sooner. Now that I have gotten all of my illegal payday lenders out of the picture I can concentrate on paying off the $800.00 I've borrowed. Buzzette


Submitted by Buzzette on Tue, 10/26/2010 - 09:13

Buzzette

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Quote:

Originally Posted by Buzzette
The loan I have was originated in July of this year. Glad to know though you can make over and above the payment amount on principle to pay off sooner. Now that I have gotten all of my illegal payday lenders out of the picture I can concentrate on paying off the $800.00 I've borrowed. Buzzette


If I were you, I would give them a call. As I said, there's no harm in asking.


Submitted by Mike Slade1287923481 on Tue, 10/26/2010 - 19:11

Mike Slade1287923481

( Posts: 17 | Credits: )


It's good to see that at least one person's GOOD activity is being reported.

I'm done with my payments. I think it was 42 payments of $97 and some change with a final payment of $95 or so. I can't really remember. But like I said, I paid mine up early so I think I made 31 payments in total. It was a total ripoff but it helped when I needed it.


Submitted by Mike Slade1287923481 on Tue, 11/02/2010 - 14:59

Mike Slade1287923481

( Posts: 17 | Credits: )