Paying off revolving debt
| Listing Information |
| Amount: | $20,000.00 |
Status: | Loan created |
| Grade: | E |
DTI: | 39% |
| Lender Rate: | 29% |
Borrower: |
waterdistributor
|
| Time Left: | Finished |
State: | CA |
| Funded: | 100% |
Group: |
(No Group) |
| Loan Information |
| Loan Status:
| Default |
Origination Date:
| 2007-04-06 |
EricsCC ROI:
| -67% |
| Status History |
| Apr 06, 2007 |
Current |
| May 22, 2007 |
Late |
| Jun 09, 2007 |
1 month late |
| Jul 07, 2007 |
2 months late |
| Aug 07, 2007 |
3 months late |
| Sep 07, 2007 |
4+ months late |
| Feb 18, 2008 |
Default |
| Mar 06, 2008 |
Repurchased |
| Jun 10, 2008 |
Default |
|
I utilized my two credit cards in order to provide capital for my business. This increase in revolving debt and subsequent decrease in revolving available proved detrimental to my credit score. My maintaining a high credit score is essential in the operation of my business. This had created an immediate need for me to replace my revolving debt with a fixed installment loan. I currently own my primary residence as well as two rental properties. I would like to avoid refinancing since my fico score dictates that the mortgage rates I would recieve would be much higher than those currently on the properties. I do not see the value in refinniacing a 200,000 mortgage with a current rate of 6.5 percent to a 225,000 mortgage with a rate of 8.99 or more. The increased rate on the initial 200,000 dollars would cost a fortune when paid out over 30 years. There is equity in the properties which i feel creates a safe lending environment as there are assets to which a judgement could be attached as a lien in the event of a default. I feel however that this is highly unlikely as my current fico score betrays my true credit worthiness. I have a deep and extensive credit profile with a history of timely payments. The current credit score is again simply a byproduct of the maxed out credit cards. |
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