Getting life back from Credit Cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,200.00 | Status: | Loan created |
| Grade: | HR | DTI: | 16% |
| Lender Rate: | 24% | Borrower: | nem3015 |
| Finished | State: | CA | |
| Funded: | 100% | Group: | Have Money - Will Bid |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-08-13 | EricsCC ROI: | 19% |
| Status History | |
|---|---|
| Aug 10, 2007 | Current |
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Hello and thank you for viewing my listing. I'm a software engineer working in the Bay Area (currently assigned to Yahoo) who came here to USA 6 years ago, from South America. I'm from Italian family and I decided this will my country for now on. I speak four other languages and I like soccer, computers, music, photography and travel. After starting like many immigrants with minimum wage and in unrelated fields of work I finally reached a point where I'm working on my industry and I'm making a good amount of money on a steady income. Unfortunately last year there was a period where I was laid off (massive laiyoff in the company) and just in that moment I did a compromise with Amex. For 5 months I was unemployed ad that credit card went on collection. I managed to keep everything else current and as soon I got employed again I paid off that compromise. However this situation plus the fact I had to pay a lot of taxes make my credit score sink and the credit cards raise. Nowadays having a good job and getting back on track is time to develop a strategy to recover the credit and for this the idea is clear the credit cards (around $3200) and pay some leftover taxes (as of today $870). This first step should consolidate everything in one payment, lower the payments and raise the credit score. The next step, after few months will be refinance the cars and lower those payments with better rates thanks to the (hopefully) improved credit score. Other than that there is no major other accounts open so should not be that bad, just a matter of make the cash flow better. Credit Cards: $860 - Bank of America Visa $600 - American Express Optima (got it back after paying the other that went in collection) $520 - Capital One MC $300 - Best Buy MC $300 - Shell Gas Card $300 - Conoco 76 Gas Card $250 - First premier Card Total $3130 (after clearing this, I plan to eliminate the First Premier. Is just a hole without bottom in expenses) $870 - Leftover taxes to IRS for 2005 ------- $4000 - Total amount of Debt to pay off $4200 - loan including fees To repay this I count on my current job as a Software QA Localization Engineer (which means I do quality control to software in languages different from English. Currently I do it in French, Spanish and Italian. I have been working in companies like Adobe (Dreamweaver CS3), Google and Yahoo (currently) in some of their localization projects. My current monthly net income is $4800 ($7200 less taxes). Here's my monthly budget with the prosper loan in place: $1595 - Rent $120 - Electricity/Gas $170 - Telephone (cell/home) $869 - Cars Payment (two cars) $100 - Insurance $200 - Gas $300 - Groceries $100 - Recreation $98 - Internet -------------- $3552 - total monthly expenditures $175 Prosper payment calculated at 29% As you can see, I have over $1250 left over to be used, not only for my Prosper Payment, but for savings and emergencies so that I never get into this situation again. I can begin to live a normal life free from the stress caused by the credit card interests and deadlines. I have learned my lesson. I promise that my payments to Prosper will be my top priority each month. In fact, I am going to have Prosper automatically withdraw my payments each month so that everyone, including myself, knows that my payment will be made on time, every time. I'm not about to make a mistake with this opportunity to start rebuilding my credit. Thank you again for viewing my listing and your patience, and God bless. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 179112 | Paying off debits cards | HR | $6,000 @ 26% | Jul 31, 2007 | Withdrawn |
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