Debt Consolidation (Credit & DTI Reporting Errors)
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | E | DTI: | 43% |
| Lender Rate: | 24% | Borrower: | kmarrocco |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2007-08-24 | EricsCC ROI: | -73% |
| Status History | |
|---|---|
| Aug 28, 2007 | Current |
| Mar 10, 2008 | Late |
| Mar 25, 2008 | 1 month late |
| Apr 25, 2008 | 2 months late |
| May 25, 2008 | 3 months late |
| Jun 28, 2008 | 4+ months late |
| Aug 26, 2008 | Default |
|
I am a mortgage underwriter for a mortgage firm located in Murrieta CA. I also am working on my Nursing degree by attending night school. Informal Group Affiliation - Endorsed Vetted & Supported By Cashfunders: I was referred to the Cashfunders group by my best friend. The Cashfunders group limits is borrowers to small business owners who are using Prosper funds in their businesses. My loan did not qualify to be a part of the Cashfunders portfolio because I am not a small business owner. As a favor to me, the group leader of Cashfunders, agreed to extend me all of the benefits of his group (vetting, endorsement, bidding, assistance with this loan request, etc), but asked that I list the loan independently outside of his group so that the group?s loan portfolio ?business only? status can be maintained. He conducts his group as a true professional, and I appreciate the time and effort he has extended me. Use Of Funds: The funds I am requesting will be used to payoff a Cash Call loan which I obtain over a year ago. The interest rate is so abusively high, that even with paying my automatic payment of $250.00 each month for over a year, my principal balance has not gone down at all. It is both frustrating, and discouraging for me. (I needed this loan after going through a rough divorce in 2005. I basically was left with nothing at all.) I make my monthly payment on time without fail. It is set up to debit from my checking account, but I desperately need to get rid of this debt, to both lower the payment, and pay down my principle. Comments On Credit & DTI: I have demonstrated years of strong credit performance, and I always pay my bills. I have always had solid employment, solid income, and maintain my accounts in good standing. I make my monthly payments on the same day, every month. My finances are completely under control. Credit Reporting Error: There is currently a open balance of $20,448.00 being report by Wells Fargo Auto Group. This loan was paid off on 5/21/07, and I have a letter from Wells Fargo proving this. This error has significantly affected my credit because the loan balance is so large compared to my other debts. I am in the process of fixing this error by sending my payoff letter to the credit bureaus. My credit grade is low due because of my credit utilization ratio and the reporting error which I described above. I have several revolving accounts with very low credit limits. As a result, when I used the card, I easily come close to my limit and my credit balance to credit limit ratio becomes leveraged (Example: Fashion Bug card Limit: $500.00 Balance: $497) My intention is to quickly pay my outstanding balances down on these cards to levels that are below 50% of the credit limit. This will only require $3,000 and will dramatically improve my credit grade. (The $3,000 will come from my employment income ? not the Prosper loan.) My DTI ratio is also distorted and unreliable. Two significant distortions are the paid off car loan which is still on my credit ($384.00 payment) and the Cash Call Loan (payment is $250). The Prosper loan will be used to pay off the Cash Call loan, and therefore I will no longer have that payment. My personal cash flow breaks out as follows: Net employment income (salary): $2,701 Revolving Debt Payments: $339 Car Payment: $517.00 Housing: $700 Utilities: $250 Food/Entertainment $200 Clothing/Household $100 Net Free Cash Flow: $595 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 147666 | Paying off debt | E | $5,000 @ 25% | Jun 06, 2007 | Expired |
| 183096 | Debt Consolidation (Credit & DTI Reporting Errors) | E | $5,000 @ 26% | Aug 07, 2007 | Withdrawn |
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