Breaking the Credit Card Cycle
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 21% |
| Lender Rate: | 14% | Borrower: | paulb50 |
| Finished | State: | IL | |
| Funded: | 100% | Group: | No Bull Investors - We Invest In Good Borrowers |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-03-27 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Mar 27, 2007 | Current |
| Mar 28, 2008 | Payoff in progress |
| Apr 02, 2008 | Paid |
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I have two credit cards with Chase that I'm looking to eliminate. I spoke with Chase and they are not willing to work with me despite the fact that I've neither missed a payment nor been late on either of these cards. The rates and information are listed below. My overall goal is to get my credit under control and then move into a position where I can get back to my stellar credit score.Longer-term I want to refinance my mortgage, but it is pointless to do that until my credit rating increases in order to lower my monthly payments which will further expedite my goal of achieving financial independence.Net income $6,228.50 (after deductions) Mortgage $1,250 Second Mortgage $875 Home insurance/ taxes $600 Car Insurance $178 Child Support $240 Utilities $325 Credit Card 1 a $14,733 balance at 19.18% $400 Credit Card 2 a $10,845 balance at 18.47% $300 (will pay off with this loan) Other Credit $600 Groceries $550 Gas $200 --------------------------------------------------- Total bills $5,518 Free cash flow after bills $710 I was unemployed for 6 months after shutting down my company (my investor and I had a major disagreement over client type and he pulled funding - we were doing lead generation for a major Tobacco company and he was morally opposed to this business). I also ended up shouldering a tax liability to the IRS due to the investor seizing the assets of the company and was forced to personally reconcile the liabilities with the IRS. As a result of these two events I had to use my credit cards to survive.I've been working again for the past two years but the credit card cycle makes it very difficult to recover. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 107855 | Help ending credit card cycle | C | $25,000 @ 12% | Mar 07, 2007 | Withdrawn |
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