Rebuilding Credit History and Lowering My Interest Expense
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 20% |
| Lender Rate: | 12% | Borrower: | Gotham-Investments |
| Finished | State: | NY | |
| Funded: | 100% | Group: | Lend2's Group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-03-20 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Mar 20, 2007 | Current |
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Hi, I?m an accountant living and working in New York. As an investment, I?m currently a lender within the Prosper community with 8 loans. I now want to try to take advantage of the same generosity and trust I extend to the Prosper community to reduce the interest I am currently paying on my BOA loan. INCOME/EXPENSES The following is a breakdown of my monthly finances (not including my annual bonus -$50,000 in ?06) which should demonstrate my ability to pay this loan: After Tax Income: $6,800 Rent (1,500) Auto (825) Parking/Ins (500) Debt pmts ($1,600) Prosper pmt (est) (800) Wedding Savings (500) Incidental costs* (500) Net 575 *Incidental costs include commuting, dry cleaning, lunch and entertainment DEBT: My debt is the following (rounded to the nearest 000's): Bank of America Loan @24%: $20,000 American Express @ 12.8%: $13,000 HSBC Credit @ 18.5%: $5,000 Citibank @ 0%: $4,000 Auto Lease of approx $26,000 outstanding This loan will help me to reduce the amount of interest I'm currently paying by approximately $175 per month which will be used to temporarily increase my current wedding savings from $500 to approximately $675 per month until this summer, after the wedding, when 100% of my savings will go back to paying down my outstanding debt. I anticipate paying off the American Express and HSBC balances during the first week of March ?07 with my '07 bonus. The remainder of my anticipated ?07 bonus (approx $60,000) will be applied to my upcoming wedding. The monthly income/expense breakdown listed above does not include my fiancee?s income ($100,000gross) to our household finances and does not include my annual bonus ($50,000 in ?06). CREDIT RATING EXPLAINED: Back in college and the first couple of years after moving to NY my living exceeded my income and as a result my credit suffered a number of late payments and collections. A bad mistake on my part for which I?m still recovering. It?s been over 6 years since I?ve taken an active role to improve my credit rating. I have been very motivated to rebuild my credit history and when I started my credit rating was a ?HR? ?now it?s a ?B? and only a few points away from an ?A? rating. ?AA? is my goal. The 2 delinquencies on my record are from 6 years ago and are late payments. I hope I?ve answered any questions you may have but if I haven?t then please feel free to contact me! And thank you in advance to those that help fund my loan request! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 72451 | Paying for a wedding | B | $25,000 @ 10% | Dec 09, 2006 | Expired |
| 99561 | Consolidation, Lower Interest Rate and Help Pay for Wedding | B | $25,000 @ 14% | Feb 14, 2007 | Withdrawn |
| 101346 | State Max% -Consolidate to Lower Int Rate and Wedding Costs | B | $25,000 @ 15% | Feb 19, 2007 | Withdrawn |
| 348405 | Rebuilding Credit History and Lowering My Interest Expense | C | $10,000 @ 18% | Jun 11, 2008 | Loan created |
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