Newly Weds Recovering from High Credit Card Interest Rates
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 39% |
| Lender Rate: | 11% | Borrower: | MdyTrTrak |
| Finished | State: | CO | |
| Funded: | 100% | Group: | Have Money - Will Bid |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-08-13 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Aug 11, 2007 | Current |
| Jul 10, 2008 | Payoff in progress |
| Jul 15, 2008 | Paid |
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Hello and thank you for viewing my listing. About Me: I have been a Technician on Heavy Equipment for the past 4 years at the same employer. My wife is a Service Manager for a Garage Door Company and the only children we have is our dog named "Bella". During this past year my wife graduated college in May 2006, we bought our home in June 2006 and we were married in August 2006. We have had a fun and exciting past year, and now we are recovering from our year of 1st's. My financial situation: We are a very dependable couple trying to get caught up from our overwhelming credit card interest rates. We have a long history of making our payments on time each month and are very dedicated to getting our loan paid off as soon as possible so we are able to start a family of our own. Credit: I am very responsible with my finances. However, I do have two credit card that are above the 80% mark and have been that way for the past year and a half. My two credit cards are Wells Fargo at 16.9% and Capital One at 17.9%. What I will do with the Money Loaned to me: The plan is to use the loan on the two credit cards I have: 1) Pay off the Capital One, which has a balance of $3799.04. 2) Put the $150.96 (after the finance charge) left over on the Wells Fargo, which has a balance of $4921.69. 3) Transfer the remaining balance of $4,770.73 from the Wells Fargo to the Capital One because they are offering a "Lock Down Rate" at 3.99% for the life of that amount transfered. We would then have two loan payments: 1) Prosper Payment for 3 years for $4000.00 at 12.5%. 2) Capital One Credit Card for $4770.73 at 3.99% for the life of the loan Here are my Monthly Financial Details: My Net Income after Payroll Deductions from all sources is: $2900.00 (My Wife and I split All Bills in Half) Housing (incl. taxes and ins.): $ 800.00 Insurance (Covered by Employer): $ 0 Car expenses: $ 356.00 Utilities: $ 78.56 Phone, cable, etc.: $ 109.00 Food, ent.: $ 200.00 Clothing, household expenses $ 100.00 Credit cards (Not paid off by Prosper): $ 105.00 Tool Bill: 80.00 Other expenses (Gas): $ 200.00 ****************************************** Total Monthly Expenses: $2028.56 This leaves me a cushion of over $870.00 per month. This is many times what I need to fund the prosper loan, and I plan to use the additional cushion, over the next months, (along with my tax return, which will go straight to paying off this debt) to pay off the remaining credit card as fast as I can, further increasing my available monthly cash. I am finally in a place where with just a bit of help I could get out of this situation and not have the stress of living with high credit card interest rates any longer. My prosper loan is of highest importance to me because of you! You would make it possible for me to pay off my 1st Credit Card and Lock my 2nd Credit Card at a very low rate and become credit card free. I would greatly appreciate any help you would be willing t |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 180182 | Newly Weds Recovering from 1st Year of Homeownership | B | $4,000 @ 13% | Aug 01, 2007 | Withdrawn |
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