Help Me Slash the Interest Rates on My AmEx Card!
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 17% |
| Lender Rate: | 10% | Borrower: | TheaterGeek |
| Finished | State: | IL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-04-30 | EricsCC ROI: | 7% |
| Status History | |
|---|---|
| Apr 28, 2007 | Current |
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Purpose of loan: The purpose of this loan is to cut the interest rate on my American Express card in half. After two years of working I went back to school. Even though I was working evenings (about 30 hours / week), I couldn't keep up with my expenses and resorted to using Credit Cards to meet the gap between my student aid and earnings and my expenses. All was well, I was accruing debt, but keeping it on low interest cards. I graduated with a BA in November 2006 and immediately began working. I moved to Chicago for my new job, and unfortunately somewhere in the chaos of moving and starting a new life I was three days late making a payment on one of my credit cards. This caused the interest rates on the three cards on which I carry a balance to skyrocket -- more than doubling overnight. I want to use this loan to cut the interest rate on my highest APR card in half. This is an American Express card which currently has a balance of $3,819.00 and an interest rate of 30.19%! The remainder of the money (after the Prosper fee) will be applied to a second credit card to reduce the balance. My financial situation: I have a solid financial situation. With the exception of the situation mentioned above, I consistently make timely payments. My credit rating would be higher (in the A or AA range), but I am close to maxed out on my three largest credit cards which skews the ratings. I am also willing to set up automatic direct payments from my bank account, giving you an extra measure of protection against default. I have a steady job which earns me a salary of $49,000.00, plus significant overtime. I anticipate a gross income of approximately $59,000 in 2007. I have a degree in a field that is in high demand, and when I graduated from school in November 2006, I had several offers to choose from. I work for a major national bank and have a very secure employment future. My monthly budget: Mortgage/rent: $940 Insurance: $110 Car expenses: $0 (I don't have a car, but I do spend $70 monthly for public transportation) Utilities: $22 Phone, cable, internet: $54 Food, entertainment: $300 Clothing, household expenses $150 Credit cards and other loan payments: $575 (represents minimum payments on all credit cards and student loans) Other expenses: $50 (misc. expenses) --------------------------------------- Total monthly expenses: $2201 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 311816 | Help Me Slash the Interest Rates on My Credit Card! | C | $5,500 @ 18% | May 13, 2008 | Withdrawn |
| 331667 | Help Me Slash the Interest Rates on My Credit Card! | C | $5,500 @ 22% | May 13, 2008 | Expired |
| 337084 | Help Me Slash the Interest Rates on My Credit Card! | C | $5,350 @ 22% | Jul 21, 2008 | Expired |
| 376514 | Help Me Slash the Interest Rates on My Credit Card! | B | $5,300 @ 18% | Sep 04, 2008 | Loan created |
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