Eric's Credit Community

Hello, my name is Christian and I just graduated from the MBA program at Michigan State University in December.

My fiancee is still studying at MSU and she will graduate in May, so we will be staying here in Michigan until we move to Pittsburgh (also in May). As it is very difficult to get a temporary job for such a short time in Michigan, and in a management/consulting type of role, I decided that it was better to work toward my Chartered Financial Analyst (CFA) certification and to develop new computer and programming skills. In the long-run, I think I'd be better off doing this than working for minimum wage on something unrelated to my career.

In my previous listing, I had asked for $9.6K, but since I'll be moving earlier and using other financial sources, I have significantly lowered the amount. The current amount is going to help finance what I need to cover approximately 3 months of basic living expenses (until I start working), detailed as follows:

Rent + utilities $850
Car payments $250
Car insurance $100
Cell phone $50
Food + Household expenses $300
Other expenses $100
TOTAL: $1650

Plus one-time expenses to relocate to Pittsburgh and the two Prosper payments before my first paycheck:
Moving: $800 (just received a quote much lower than my estimate in the previous listing)
Security deposit: $750
First month of rent: $750
Prosper: approx. $350 total for April and May
TOTAL: $2650

Total Expenses = $7,600 (1650 * 3 + 2650). The difference ($7600-$4500 = $3100) will be financed with a combination of my fiancee?s new part-time job (total expected income of $900), stocks, cash from the wedding and credit cards. As a contingency plan, I have enough assets to finance the whole $7,600 if I don?t get this loan (see attached file), but I?d rather not liquidate them, that?s why I?m listing here.

After I start working, paying this off won?t be a problem. My base salary will be $90K/year, and I will receive a $15K signing bonus upon starting. Also, the company will reimburse me for up to $10K in relocation expenses after I begin work. My group leader has already verified the numbers and my new starting date.

With my signing bonus I will be able to pay the family loan for our wedding and the money I borrowed for business school (not much as I went there on a scholarship), so my future budget would look like this (being very conservative):

NET INCOME $5250/mo (90K/12 ?30% in taxes; this number does not include annual bonuses, relocation reimbursement, tax refunds and my fiancee?s income after she gets a job)

MONTHLY EXPENSES
Total from previous budget: $1650
Entertainment: $400
Fiancee?s federal student loan: $100 (after 6-8mo grace period)
Prosper: $175 (until I pay the loan off, within a year at most)
Total expenses: $2325

Disposable income: $5250 - $2325 = $2925. (We have no kids, by the way.)

It is also worth mentioning that my credit score is not better because of my short credit history. My credit report is, and will continue to be, flawless. The weird looking debt to income ratio (declared income $1) is explained by not being currently employed.

In case more information is necessary, attached you will find proof of my recent graduation, my job offer letter, and the value of my stock position.

One last thing. The job offer indicates a July starting month but it was just confirmed that I will start in May. My group leader has a copy of the email from the company validating this.

Thanks for helping,
Christian