DTI Includes Last Prosper Loan!
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 82% |
| Lender Rate: | 12% | Borrower: | JCJanko |
| Finished | State: | IL | |
| Funded: | 100% | Group: | Lend2's Group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-08-09 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Aug 10, 2007 | Current |
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After paying off my last loan, I was able to have great financial fortune. Basically, my wife and I restructured every single debt we had, visciously attacking the high interest rates we were paying. While I can easily hide many things about my credit, I am too honest to do such a thing. This is where we were, and where we are now (all rounded up): Before: $69,490 @ 19.30% weighted average APR, paying $1117.63 in interest monthly. Now: $74,250 @ 14.46% weighted average APR, paying $894.72 in interest monthly. After: $74,500 @ 13.86% weighted average APR, paying $860.48 in interest monthly (Using the average APR of 13.38% for my grade and the loan amount). Therefore, I am now saving 222.91 in interest, and this loan can subtract $34.24. An obvious question is, "Why should we lend to you if your debt has actually gone up? The answer is that my debt has not gone up due to consumption; it has gone up due to fees involved in transferring all of these debts and refinancing our home (as you can see I am now a homeowner). We also are saving over $100 per month on our mortgage now. Now that this is complete, I am savings hundreds of dollars per month and it will be going down from now on (after the Prosper fee). This is my final transaction in cleaning up my debt, so no more fees will accrue. Credit: When we refinanced our home, all three of our credit scores were showing 753 or above. Since then, I have opened numerous accounts and have had numerous inquiries in order to get the best rates available. I also wanted enough revolving credit to keep a cushion between our debts and limits. This credit will not be used for consumption. The only way it will be used is if a creditor decides to increase our rates, then we will need to transfer to the lower rate. I don't see that happening at all with our current credit scores. My scores as of today are around 730 and higher. Summary: Before Prosper, we were very, very slowly paying down our debt. It would have taken our whole lives. Now, we are in an exponentially better situation. We can start making more significant decreases in our debt, rather than tiny pieces. It will still take a very long time, but in the end it will be much quicker with this loan. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 104782 | Payoff Discovercard | D | $9,999 @ 25% | Feb 28, 2007 | Withdrawn |
| 105586 | Debt Consolidation: ZERO Chance of Default | D | $25,000 @ 21% | Mar 02, 2007 | Loan created |
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