Tuition and Credit Card Consolidation
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,500.00 | Status: | Loan created |
| Grade: | C | DTI: | 17% |
| Lender Rate: | 12% | Borrower: | PatrickJ141 |
| Finished | State: | NY | |
| Funded: | 100% | Group: | No Bull Investors - We Invest In Good Borrowers |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-06-05 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Jun 09, 2007 | Current |
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Purpose of loan: I am seeking this loan in order to consolidate and rid myself of two high-interest credit cards, as well as pay for my remaining balance for the Spring '07 semester. I had initially intended on borrowing more in order to take summer courses, however the interest rate cap is too low for my state to borrow what I would have needed. I am currently seeking $4500, approximately $2000 will be applied toward my outstanding tuition balance for this past Spring, $1500 toward a credit card with Bank Of America, and $700 to pay off my balance on a Chase Bank credit card. I have one other credit card with HSBC, which has no balance and intend on closing this week. Upon clearing my balance with Bank of America, I intend on closing that account as well. I intend on keeping my Chase Bank credit card, as that is my oldest account, the service has been better, and the credit limit is adequate. I would have pursued traditional funding outlets to cover my education expenses, however, I decided to take courses in anticipation of a transfer for fall '07, not aware I would lose my financial aid along with my matriculated status. I was denied private loans on account of the balance/limit ratio on my credit cards and number of open accounts. I was an Engineering Major at Onondaga Community College in Syracuse, NY and will now be pursuing a B.A. in Economics from SUNY Cortland. I anticipate degree completion in December, 2008 and will continue my employment throughout. My financial situation: My credit suffers due to the number of Credit cards and balance ratios, and the interest rates are above 20%. This loan will help me consolidate those high balances, improving my credit while lowering interest payments and paying off my outstanding tuition balance. I have a very stable job with an established and growing business equipment company. I work in shipping and receiving, which isn't the most glorious job, but I don't mind the work and I can live on the pay. Monthly net income: $ $1430 Monthly expenses: $ Mortgage/rent: $300(utils. included), $350 in Dec/Jan/Feb. to account for higher gas bill. Insurance: $40(it's low because the car is paid for, I don't have collision or comprehensive, it's rated well for safety, and my driving record is good) Car expenses: $60 Utilities: $0(included w/rent) Phone, cable, internet: $45(for phone, wireless internet is included with rent.) Food, entertainment: $125 Clothing, household expenses $100 Credit cards and other loan payments: $70 Other expenses: $0 ------------------------------ Total - $740 Disposable Income - $690 As my credit payments will be consolidated into this loan, which the loan calculator estimates at $156/mo, I will be left with approximately $600/mo after everything including the prosper payment is included. Not a huge amount of money, but i'm a thrifty college student so it is still a comfortable margin. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 125699 | Summer Classes and Credit Card Consolidation | C | $5,900 @ 15% | Apr 18, 2007 | Withdrawn |
| 385443 | Tuition shortfall | D | $1,700 @ 30% | Sep 09, 2008 | Withdrawn |
| 395721 | Fixing credit after unplanned expenses. | D | $1,700 @ 16% | Sep 09, 2008 | Loan created |
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