Credit Repair, Bill Consolidation
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | E | DTI: | 7% |
| Lender Rate: | 18% | Borrower: | msindustrial |
| Finished | State: | TX | |
| Funded: | 100% | Group: | High Risks that should not be |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-03-20 | EricsCC ROI: | -78% |
| Status History | |
|---|---|
| Mar 18, 2007 | Current |
| Jul 09, 2008 | Late |
| Jul 21, 2008 | 1 month late |
| Aug 21, 2008 | 2 months late |
| Sep 21, 2008 | 3 months late |
| Oct 21, 2008 | 4+ months late |
|
About me I am a business professional in Granbury Texas. I have a husband, stepson and daughter. I have been in the telecom manufacturing/distributing business for 7 years and have worked very hard to get where I am. Our company has recently been incorporated, and I am the majority shareholder. I believe in honesty and hard work, along with staying positive and having faith in my own abilities. My credit rating I have worked very hard to repair my credit rating since my first marriage failed in 2004. I have reached a point where I need some help dealing with a creditor who has piled late and overlimit fees on my account. When I could not fight them anymore, I simply gave up. Now, 2 years later and much stronger, I would like to do what I can to repair my credit rating. To achieve my business goals, I need to finish paying off my personal debts and repair my credit to a state that will enable my bank to consider business loans. My credit really isn?t that bad. There are a couple of small bills that were overlooked during my divorce and I would like to repay these quickly . I have accounts that were paid off and others in good standing, but unfortunately the negative numbers take precedence. On my report I have a large credit card entry that I would like to have noted is not entirely my debt. I am an authorized user on my father?s AMEX card and the entire balance appears on my report as if I were the actual account holder. This payment does not come out of my income as it would appear. It is a good entry on my report, as the account is always in good standing, but it makes my DTI look really odd! My income My main source of income is the salary I earn from our corporation, which is $4k per month. As 60% shareholder of the new corporation, at the end of this year I will earn a dividend dependent upon the company's income. At this point, I do not wish to predict what that will be. My husband also receives an income of 4.5k per month. And I earn extra income (between $500-1k per month) from a consulting position, however, this income varies from month to month. The DTI stated on the listing, though, does not consider this additional income, nor that of my husband. My monthly expenses My current household expenses. leaving out the amounts that will go away after we get the Prosper loan and pay off various accounts, are: Home rent: $1075 Auto loan $485 Fuel $125 Vehicle Ins. $90 Utilities $200 Food $275 Paying this loan As you can see, we have more than ample income to support this loan payment. My main reason for getting a loan, rather than simply paying these things off, is to preserve capital for investing in our business. We have worked hard to build our business, and we're on the verge of making the "big time" with new contracts in the offing. Those contracts will require substantial business loan funding, for expanded equipment purchases, and I want to get my personal credit quickly to a position where we will qualify for such funding at a bank. Thanks for reading this far, and for any support you can give to this listing. If you have questions, feel free to write me. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 99405 | Purchase of production equipment for manufacturing business | E | $25,000 @ 18% | Feb 13, 2007 | Expired |
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