Credit Card Rate Reduction -- Balance Transfer Offer
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|Loan Status:||Paid||Origination Date:||2007-07-30||EricsCC ROI:||9%|
|Jul 27, 2007||Current|
|Jun 11, 2009||Payoff in progress|
|Jun 18, 2009||Paid|
Prior fully funded loan was cancelled due to Prosper's attempt to verify bank account via a phone call instead of in writing. A new verification policy should be implemented that leaves a written paper trail! A change in the verification process would address privacy concerns; and would result in less cancellations based on human error.
Full disclosure here, the group leader and endorsement is my wife, mhs505.
We would like this loan to bridge some consumer debt to another balance transfer offer. Our revolving debt is all under 5% except for one balance at 15.24%, a BOA card that has $ 9,500 on it (the BT on it expired recently). We get BT offers all the time from our credit card companies but we don't have an empty credit card with a high enough credit line to transfer this one to (although we do have plenty of available credit.) When this loan funds, we will pay off the BOA card and then review what BT's can be done to keep low rates (while keeping in mind any fees that need to be paid). All of consumer debt is joint debt, there is only one debt that isn't joint, a land contract my wife has for about 450 a month on an investment property. We have 9 open credit cards:
MBNA (now BOA) 9,437 <-------- this is the one to pay off
Providian (now WAMU) 2,880
BabyMint (now BOA) 15,325
BOA Platinum 6,492
Chase Amazon 0
BOA Signature 0
AMEX 399 (balance today, but paid off every month)
Each card is a "pure" balance transfer so we are not paying high rates on purchases while we are paying off the balance transfers. We use only AMEX for credit card purchases and pay it off each month. The debt has been going down at least 3K a month as my wife is now working full time since the beginning of the year. Before that she was either not working or only working part time as we have young kids. The debt was incurred while we were dealing with a custody battle two years ago. Our income is great. We both make over 100K.
TrueCredit scores -- TU 743, Experian 701, Equifax 739 Experian shows a paid medical collection from 2003. The plan is for the loan to be for a short time so that we can get a new BT offer from BOA and rotate any debt on which the low rate is going to expire and continue to whack away at our debt.
It would be great if the rate gets bid down as well too! Thanks for your consideration!
|Borrower's Other Listings|
|155438||Credit Card rate reduction -- Balance Transfer Offer||AA||$9,500 @ 9%||Jul 06, 2007||Cancelled|
|292595||Investment New Land Contract||AA||$14,500 @ 9%||Apr 17, 2008||Loan created|