Eric's Credit Community

Purpose of loan:
To pay off and consolidate loans in my mother's name. They recently bought a new house, and the additional burden of my debt in their name resulted in poor mortgage offers; the churn and utilization were dropping their scores. I have brought $23k down to $8k in 3 yrs, and I need to take on the rest. I tried Prosper when I lived in Washington, DC, but state caps made my listing unattractive. I can now list a loan that works for lenders, pay my parents and add an installment loan to my credit report.

My financial situation:
In Chicago I received a 15% raise, and a 20% cost-of-living cut. The data below is conservative, based on my salary but both of our expenditures. My wife has an interview today, and has very marketable skills, so we expect her to be working v. soon. I can maintain our expenses with my new salary, and I am not taking on any new debt with this loan.

Regarding my credit score:
The delinquencies are not current, but are the mistakes I made with credit in the past. I did not manage myself or my money well as a young man. Everything that?s my responsibility is from four to six years ago and I could get no better report than Paid in Collection. Good news: We put all our new utilities in my name. For the first time since 1999, I didn?t have to pay any extra deposits. That may not seem significant tp you, but as a recovering credit abuser, it?s a real sign of progress.

I have lent $ on Prosper, and I have a non-performing loan. Not all C?s are created equal: you want to bid on someone like me whose score is rising than one whose score is falling.

Net income: $ 4000 (includes taxes and 401(k) deductions)

Expenses:
Housing: $ 800
Insurance: $150 (includes wife?s premiums, which will drop off when she gets a job).
Transportation expenses: $200 (we do not own a car. This reflects $50/month in Zipcar charges, plus two monthly passes for the El, although my wife will pay for her own once she?s working)
Utilities: $ 50 (historically, the electric on my unit is $35/month, and heat is included in the rent).
Phone, cable, internet: $ 200 (I increased my cell plan minutes when I was interviewing.)
Food, entertainment: $ 750 (I eat lunch out more than I should)
Clothing, household expenses $ 0 (we just moved and plan to move again when we buy a house within a year. We aren?t buying ANYTHING we have to move!)
Credit cards and other loans: $ 0 (I carry nothing on my own credit cards, as you can see)
Savings: $ 500 (Yes, it makes sense to continue to save money when in debt. Habits are extremely powerful!)
Charity, Tithing: $500 (First fruits first)
Remainder to pay Prosper loan: $850.

I am currently putting $830/month toward the debt, so that is what you should expect to see coming in.