Raise Credit Score for Best Rates
| Listing Information | |||
|---|---|---|---|
| Amount: | $19,950.00 | Status: | Loan created |
| Grade: | B | DTI: | 45% |
| Lender Rate: | 14% | Borrower: | ek1996 |
| Finished | State: | MN | |
| Funded: | 100% | Group: | No Bull Investors - We Invest In Good Borrowers |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 3 months late | Origination Date: | 2007-07-18 | EricsCC ROI: | -38% |
| Status History | |
|---|---|
| Jul 19, 2007 | Current |
| Sep 04, 2008 | Late |
| Sep 19, 2008 | 1 month late |
| Oct 19, 2008 | 2 months late |
| Nov 19, 2008 | 3 months late |
|
Purpose of loan: First, thank you for taking the time to look at my loan request. This loan will be used to increase my credit score, and to allow me to refinance all of my debt using the equity in my home. A few years back, my wife and I did a whole house remodel. Instead of taking out a construction loan, we used a HELOC and credit cards. A large portion of the DTI ratio in my listing is my HELOC. Looking back, this may have been a mistake. Now, we plan on refinancing our house to take advantage of the equity that we built up in remodeling. First, we need to raise our credit score to ensure that we get the best loan terms possible (current median score is 656 due to revolving debt). We do not want to have to refinance now, and then refinance again for a lower rate in 12-18 months. Working out a plan with a loan officer has shown me that my high revolving debt is lowering my credit score. This loan will allow me to transfer revolving debt to an installment loan. My score should then go through the roof, allowing me the best available rate on my new home loan. I have never had any delinquincies. This loan will be short term, it will be paid in full with the home refinance. In September 2005, the house was appraised at $490,000. We have talked to a realtor, she looked at comparable sales, and estimates that our value is now between $550,000 and $580,000. This gives us over $100,000 in equity. My financial situation: I have never been late with payments. My salary has increased every year that I have been working. I am currently working on an Executive MBA with top rated University. Last year my W2 was $124,000, this year I expect it to be higher. My goals are to continue to improve my financial situation. Next year, my wife will re-enter the work force at least part time. Monthly net income: $ 10,000 gross ($7666 base pay) Monthly expenses: $ Housing: $ 1969 Insurance: $ 108 Car expenses: $ 272 Utilities: $ 140 Phone, cable, internet: $ 122 Food, entertainment: $ 600 Clothing, household expenses $ 250 Credit cards and other loans: $ 2390 $1815 left over The prosper loan will reduce my credit card expense to $1800 Thank you for your consideration. Please let me know if you have any questions. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 135265 | Lower Interest Rate | C | $2,400 @ 9% | May 09, 2007 | Withdrawn |
| 136279 | The beginning of the End | C | $2,450 @ 13% | May 16, 2007 | Expired |
| 150991 | Refinance High Interest Rate Debt | B | $25,000 @ 18% | Jun 13, 2007 | Expired |
| 155544 | Raise Credit Score for Best Rates | B | $25,000 @ 18% | Jun 21, 2007 | Withdrawn |
| 297026 | Pay Chase Card at 29.99% | A | $6,100 @ 11% | Apr 11, 2008 | Loan created |
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