Scissors or chainsaw?
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,100.00 | Status: | Loan created |
| Grade: | D | DTI: | 20% |
| Lender Rate: | 18% | Borrower: | OllieGator |
| Finished | State: | FL | |
| Funded: | 100% | Group: | PsychDoc's Group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2006-05-09 | EricsCC ROI: | 17% |
| Status History | |
|---|---|
| Jul 12, 2006 | Current |
| May 12, 2007 | Payoff in progress |
| May 17, 2007 | Paid |
|
Note: Florida's cap for borrowers is 17.75% As the title says, I'm wondering if I should take just scissors or a chainsaw to my credit cards should I get funded for this loan! I?m 33-year-old, married and professionally employed by a professional sports franchise in Central Florida. I?m seeking a loan to help pay off three credit cards. Both MBNA and Sears have increased my interest rate in the past few years, and unfortunately I did not do my research and accepted a credit card from Cross Country Bank. Should this loan fund, I'll be reducing utilization and eliminating these high-interest credit cards. The three are: 1) A MBNA credit card that is one of my delinquencies from above. This card went into collections at one time, but I worked out a repayment plan with the company. I began paying consistently on it since 2000. Currently, I am paying 24% interest. There is $1,800 owed on this card. My current monthly payment to MBNA is $60. 2) A Sears credit card that is the other delinquency above. The interest rate on this card is 21%, and I owe $1,200 on this card. My current monthly payment to this card is $80. 3) Finally, I would pay off a Cross County/Applied Card Bank credit card. This company charges a monthly maintenance fee along with a 29.99% interest rate. I owe $500 on this card and make a $60 a month payment. My Prosper loan payment would be made from the money that I will not have to pay on these cards each month. My gross monthly income is $7,500. Please consider my loan request. More information is available on my profile page, so please visit if you choose. Thank you. |
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