RELIST: Paying Off Credit Card Debt / Family Emergency
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,800.00 | Status: | Loan created |
| Grade: | D | DTI: | 21% |
| Lender Rate: | 15% | Borrower: | lvanacker |
| Finished | State: | CA | |
| Funded: | 100% | Group: | High Risks that should not be |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-05-21 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| May 19, 2007 | Current |
| Nov 01, 2008 | Payoff in progress |
| Nov 06, 2008 | Paid |
|
I withdrew my original listing to join a group that will give me a better chance of getting funded. ABOUT ME: I am a married, 23 year old Accountant with a stable job where I have been for one year. PURPOSE OF LOAN: I used my credit cards in college as a means of survival. After I graduated, I got married and moved out of state. My husband and I had a difficult time securing jobs so we lived off the credit cards for a period of time. After 10 months we realized that moving back to California would be better for us, financially, so I took out a loan to move back. The majority of the Prosper loan will be used to pay off my high interest credit cards. Those cards have a total balance of $3966, with interest rates in the 20-26% range. We have one other card, with a lower rate, which we will not pay off with this loan. A small portion of this loan will be used to fund a plane ticket for my husband to go to his dad?s forthcoming funeral. The ticket price could be anywhere from $500-900 as he will have to get it on short notice. MY CREDIT RATING: I have no delinquencies, and have never been late. My credit score is low because I have too many open revolving credit accounts that are near their max. We were making the minimum payments on these cards for a very long time, but it?s quite obvious that these payments don?t even cover the finance charges at times. As of now, I typically pay between $50-80 (each) on these cards. MY INCOME: My monthly net salary is $2,600. My husband?s monthly net income is about $2,000. We combine all our household income and pay all our expenses together. MY EXPENSES: We will be paying off four cards with this loan, with payments that average about $260 total. I have not included those payments in the list below, since they will no longer be necessary after we get this loan. Ongoing monthly expenses * Rent - $1,320 * Car Payment - $440 (for another 54 months) * Car Insurance - $200 (for 8 months of the year ? 2 vehicles) * Gas/Vehicle Maintenance - $300 (currently about $3.50 a gallon; expense is mainly for commuting) * Food/Entertainment - $450 * Utilities - $200 * Phone, Cable, Internet - $215 * Clothing, Medical, Household Expenses - $200 * Remaining Credit Card - $65 * Flex Loan - $150 ($4,500 outstanding at 13.75%) * Spouse?s Student Loan Payment - $105 The total of these expenses that will remain after we get the loan is $3645. PAYING OFF THE LOAN: My cushion before the Prosper loan is about $695/month. With the payments on these four cards gone, that will increase to about $955, minus about $160 for this loan. Obviously, our monthly cash cushion covers this payment many times over. I was very conservative in my estimates, and some may even be too high. I have never had problems paying my bills; I just want this opportunity to get smart with my money. After I pay off the 4 credit cards, I will cut them up, but keep the accounts open to help raise my credit score. My ultimate goal is to get a good credit rating so buying a home in a couple years won?t seem so impossible. Thank you for taking the time to look at my listing! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 134591 | Paying off Credit Cards / Unexpected Family Tragedy | D | $6,000 @ 18% | May 08, 2007 | Withdrawn |
| 134719 | Paying off Credit Card Debt / Unexpected Family Tragedy | D | $6,000 @ 20% | May 08, 2007 | Withdrawn |
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