Help me pay off my 21% Line of Credit
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,500.00 | Status: | Loan created |
| Grade: | C | DTI: | 6% |
| Lender Rate: | 13% | Borrower: | supraman |
| Finished | State: | CO | |
| Funded: | 100% | Group: | PsychDoc's Group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2006-05-22 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Jul 12, 2006 | Current |
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Hello I am listing for a loan to close out a Line of Credit (LOC) I opened with Household Finance (HFC) almost 3 years ago. It was one of the infamous "live checks" for $5600 with a horrible interest rate of 21%. I paid the minimums on this account for 2 years before wising up to the fact that with a $110 minimum payment, only $15 of my payment was going towards the principle of the LOC. Recently I've been paying double payments and have the balance down to $5100. On 05/15 I have a $1000 payment scheduled on this LOC to bring the balance to $4100. I plan on paying another $600 on this LOC on 05/31 to bring the balance to $3500. With a little luck and a little love from the prosper community I hope to receive a loan in the amount of $3500 to pay off the remaining balance. I am aggressively working to pay off this LOC from HFC for a few reasons. First and foremost is the outrageous interest rate. Second is this LOC shows up as "revolving" for the credit type on my credit reports, paying off this "revolving" account and replacing it with a lower balance prosper installment loan will reduce my utilization reflected in my FICO scores and hopefully assist in raising them. Last but not least, I am tired of paying a huge corporation that doesn't care about me or my loan. I would rather allow the average joe, members of the prosper community, to earn profits on my loan. I have had credit problems in the past, but in the last year I have turned that around. I hope that members here can respect my efforts and current credit grade by assisting me in my quest to end my dealings with HFC. Up to a year ago I didn't know what a fico score was or why I should care about it. A year ago I started working to pay down my debts and with the help of www.creditboards.com I have learned what credit is, what it means, and how to better handle my finances. I have recently paid off all outstanding balances on my credit cards, which is not reflected in my credit grade or debt to income percentage yet. This LOC is the last debt that I have to pay. I want to reduce my utilization to raise my credit scores and I want to fulfill my obligations to HFC. I am willing to take a loan at 16% to make this happen. Let me say thank you in advance to anybody that bids to help me in my journey. The day I get my "paid in full" notice from HFC I will be sure to send out a heartfelt thank you message to any bidders on my loan to let them know I have accomplished my goal. |
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