An extremely low risk D looking to consolidate credit cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $13,500.00 | Status: | Loan created |
| Grade: | D | DTI: | 15% |
| Lender Rate: | 14% | Borrower: | NivenHuH |
| Finished | State: | CA | |
| Funded: | 100% | Group: | Apple User Group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-04-09 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Apr 07, 2007 | Current |
| Feb 28, 2010 | Payoff in progress |
| Mar 10, 2010 | Paid |
|
About me -- Hello everyone. I'm a single male in my mid 20's. I'm currently working as an engineer in Apple's Product Design department. I've been working on my finances recently; a new goal of mine is to establish a significant savings outside of my existing 401k / stock account. As part of working towards this goal, I'm looking to consolidate my high interest credit cards (all about 24%) down to a single loan. I have a pretty low credit grade (D), but if you notice my credit record, you'll see that I've had 0 delinquencies. Additionally, my debt to income ratio is under control at 15%. The reason why my credit grade is low is because my limits are pretty low on my credit accounts. My limits are low on my credit accounts because my credit grade is pretty low. Dont'cha love catch 22's? :) I'm committed to paying my debts off so that I can get out of this catch 22 situation. My plan is to pay off my outstanding, revolving creditors with the funds I receive from Prosper. Additionally, I will not use the credit cards again (but will leave the accounts open so I don't damage my score). I've outlined my assets & expenses below. Thanks for taking the time to read my listing. Feel free to contact me with any questions. Assets / Income -- Current Income: $102,900 New Income: $108,100 (goes into effect on 4/2 due to recent promotion at work) 401k: $9100.00 Vested stock options: $5200.00 (as of 3/20) Unvested stock options: $15600 (as of 3/20, 33.3% vesting 1/12/2008, 1/12/2009, 1/12/2010) Current Monthly Income: $4750 (net) (~$2300 bi-weekly net) Estimated Monthly Income (post raise): $5000 (net) (~$2400 bi-weekly net) Debts / Liabilities -- * Yamaha / HSBC: $6682.42 (payment: $186.00) * Bank of America: $3972.05 (payment: $151.00) * Chase Credit Card: $1866.83 (payment $60.00) * Wells Fargo Credit: $938.00 (payment ~$50.00) Gas/Electric: $55.00/mo Internet: $120/mo Rent: $1850/mo Car Insurance: $110/mo Car Payment: $400/mo Food & Entertainment: $500/mo Gas: $200/mo * denotes creditors paid off with Prosper loan Total Monthly Expenses Before Consolidation: $3782.00 Total Monthly Expenses After Consolidation: $3842.00 Total interest paid on *'ed items for 3 years: $5567.22 @ 24% Total interest paid on prosper loan for 3 years: $4,810.09 @ 21% You'll notice that the amount that I pay per month will increase by $60. I'll be able to adapt to this influx as I have roughly $1000 to use as a buffer. Thanks again for taking the time to read my entry. Please let me know if I can answer any questions! |
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