Refinancing Discover
| Listing Information | |||
|---|---|---|---|
| Amount: | $2,275.00 | Status: | Loan created |
| Grade: | D | DTI: | 12% |
| Lender Rate: | 14% | Borrower: | yokem55 |
| Finished | State: | OR | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-04-11 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Apr 10, 2007 | Current |
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About Me: 25 years old, married, 3 children. Purpose of Loan: Refinance Discover Card. As of 3/23/07 I have a balance of $2187 at 28.99% with Discover. I would like to refinance this to below 18%. Goal of Loan: Reduce my revolving credit utilization and save some money on interest. Employment Background: I spent 2.5 years with a private non-profit workforce development agency in northern California. For the past 6 months I have been with a local major print publication in advertising sales. Income: My employment compensation is at $9.50/hour full-time (40x9.5x4.33 = $1645) plus commissions. My commissions are paid the month following their earning. I do not receive any commission advances. My past four months of commissions: February: $1510.13 January: $1101.01 December: $1119.97 November: $1193.55 My commissions fit the historical sales numbers with a drop in sales through the middle of the winter. My February commission reflects an overall improvement in my overall Sales Mojo. For the month of March I am on pace to meet my Feb. commission. My my will increase my earnings to this range. Monthly budget for this past month: Rent: $900 Electricity: $60 Natural Gas: Winter: $160, Summer: $40 Garbage: $15 Water & Sewer: $40, $75 Home VOIP Phone: $10 Cell Phone: $65 Internet: $55 Mail DVD service: $14 (we don't have cable tv or satellite) Auto Insurance: $80 (Paid semi-annually, set aside out of our bank book monthly) Auto fuel: $150 Auto Maintenance: $200 - set aside monthly to keep up 2 early 90's vehicles, cheaper (although more headaches) than an auto loan. Food: $200 (This is supplemented with WIC at about $150/mo., eligibility ends when we hit $3600/mo.) Clothes: $25 (we get a lot of hand-me-downs) Debt payments & maint.: Student Loans: $155 Misc. Medical: $100 (Paid off by June) Discover: $70 (min.) Total: $2449, Winter, $2364 Summer, against average net income of $2463 ($7028 Gross YTD - $869 YTD ded./2.5 mo. worth of pay through 3/15/07) Credit Information: My "D" credit rating is a reflection of my high revolving credit utilization and a couple of instances of going 30 days past due on a payment. However the bank card utilization & revolving balance as reported in my credit info above does not reflect the payoff we made on our Amex balance with our 2006 tax return. You can see the relevant portion of my 3/19 Amex statement showing the payoff in the images. Possible Risk Factors that lenders ought to consider: *Variable Commission income could decline--my current trend has me on an upswing, and as I gain more sales experience my earnings will become more like my coworkers. *Tight budget, although this is becoming less of a problem as my commissions increase, but see issue above. *Short employment history with current employer--I enjoy the position and am getting good feedback from my supervisor. *Possibility we will run up our revolving credit again--my wife and I use a system where any credit charges are logged to our bank book to ensure we aren't overspending with the charge. *Catastrophic illness or injury limiting employment-- now that my income is increasing we will be able to set aside more funds for a savings plan. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 116437 | Refinance Discover Balance | D | $2,225 @ 18% | Mar 28, 2007 | Withdrawn |
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