Debt Consolidation
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 16% |
| Lender Rate: | 13% | Borrower: | CanDoMom |
| Finished | State: | OR | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-09-12 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Sep 11, 2007 | Current |
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Purpose of loan: I would like to consolidate as many high interest loans as I can into one with a lower interest rate so that my budget isn?t stretched so tight. Since my credit score is on the low side, I have been turned down for an unsecured loan to consolidate debt and ultimately lower my monthly payments. I am trying to improve my credit score and know that every application for a loan puts another inquiry on my credit report, dropping my credit score and making me an even worse candidate for a loan. Since I can?t ?shop around? for the best deal without this happening, I feel stuck in my current financial situation until my score improves enough that I?m not considered a high risk. Although it is do-able, it doesn?t really allow much ?breathing room.? My financial situation: I have been in my current job for over 5 years and in the same profession for almost 20 years. From Jan thru Apr of every year I work part time at a second job preparing taxes professionally. I gross over $5000 on average each year during that time, which helps me to pay down/pay off existing loans. I have just received a pay increase at my full time job retroactive to July 1 of this year that will be reflected in my Oct 1 paycheck. My annual salary increase (roughly $200/mo) happens in Feb 2008. Monthly net income: $ 3460 Monthly expenses: $ 3129 Housing: $1527 Insurance: $ 95 Car expenses: $ 400 Utilities: $ 263 Phone, cable, internet: $ 144 Food, entertainment: $ 300 Clothing, household expenses $ 100 Credit cards and other loans: $ 300 Other expenses: $ ? |
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