Pay off all non-mortgage debt *DTI actually <10%
| Listing Information | |||
|---|---|---|---|
| Amount: | $9,700.00 | Status: | Loan created |
| Grade: | D | DTI: | 42% |
| Lender Rate: | 18% | Borrower: | busyatthebeach |
| Finished | State: | CA | |
| Funded: | 100% | Group: | No Bull Investors - We Invest In Good Borrowers |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2007-05-30 | EricsCC ROI: | -44% |
| Status History | |
|---|---|
| May 30, 2007 | Current |
| Mar 17, 2008 | Late |
| Mar 31, 2008 | 1 month late |
| May 01, 2008 | 2 months late |
| Jun 05, 2008 | 3 months late |
| Jul 09, 2008 | 4+ months late |
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Purpose of loan: This loan will pay off all my non-mortgage debt, including 3 low limit credit cards and 1 medical care credit card. After these are paid off I intend to cut up the cards and keep the accounts open which will in turn raise my credit score. Then, over the next 3 years of making the payments on this loan on time, my score will increase more which will allow me the option of refinancing my home equity line of credit into a fixed rate 2nd. I also still intend to rehab this beach property to increase my rental income, although I won?t be using this loan to fund the project. My financial situation: My DTI is actually very low. The red displayed DTI includes a home equity line of of credit which I consider to be part of my mortgage. This is completely covered by my rental income along with the 1st mortgage. I always took pride in the fact that I had excellent credit and bought my first home at 21. However, my credit took a hit just after 9/11 when I lost my job as a flight attendant for UA. Since then, however, I have raised my income significantly and I have not been late on any payments of any kind?..that?s over 5 years of on-time payments. Plus, I have never in 18 years as a homeowner been late on a mortgage payment. My credit is a major priority in my life. Monthly net income: $ 7700 Monthly expenses: $ 4359 Housing: $ 3424 (includes heloc) Covered by rents Insurance: $ 210 (home and auto) Car expenses: $ 0 (paid off) Utilities: $ 150 Phone, cable, internet: $ 100 Food, entertainment: $ 200 Clothing, household expenses $ 200 Credit cards and other loans: $ 75 Other expenses: $ |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 134514 | Increase my beach rental income | D | $14,700 @ 24% | May 08, 2007 | Withdrawn |
| 134646 | Pay debt and increase rental income | D | $14,700 @ 27% | May 08, 2007 | Withdrawn |
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