Refinancing Personal Loan
| Listing Information | |||
|---|---|---|---|
| Amount: | $11,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 24% |
| Lender Rate: | 11% | Borrower: | BrownEyes32 |
| Finished | State: | MA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-10-05 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Oct 04, 2007 | Current |
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Purpose of loan: I have been a loyal customer of Bank of America for some years now, so when I received from them in the mail information and an application for a consolidation loan at a rate of 7.00% for a 48 month term, I saw an opportunity to lower my monthly payments. I was delighted to find out I was approved for the loan at a monthly payment that was more than reasonable. What I found out later, however, was that my rate was 20.00% and the term was 84 months! Needless to say I would like to refinance this loan at a lower rate. My financial situation: Like most of us, I had to learn the hard way how negative credit can limit the things you can do in your life. I work very diligently to maintain my current credit score and financial status. I have a budget that I've been able to maintain for several years, and that budget, along with the help of modern technology (Excel, Online Bill Pay, ect.), has enabled me to ensure that all my debts are paid timely. I do not currently own a home, but am working on doing so in the near future. That is another reason why I need to maintain a good credit history. Monthly net income: $ 2,274 Monthly expenses: $ 1,924 Housing: $ 600 Insurance: $ 40 Car expenses: $ 220 Utilities: $ 200 Phone, cable, internet: $ 164 Food, entertainment: $ 200 Clothing, household expenses $ 50 Credit cards and other loans: $ 300 Other expenses: $ 150 |
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