Eric's Credit Community

Purpose of loan:

To pay off medical bills on credit cards, improve credit rating, and start a new business.

A year ago our 6 month old little girl needed a surgery on her skull which our insurance company denied coverage on. This $60,000 operation has been a huge burden on our finances. We unfortunately are in that category gap where we make too much or too little to qualify for most financial aid programs. So we?ve been subsidizing all the payments with our income and cards.

Two weeks ago my credit score was 705 (Prosper B rating). Two medical collection accounts were reported which already had payment plans established. This mistake is being corrected and the collection accounts will be removed. This creates a unique opportunity to invest. Receive C returns for a B borrower.

Thus, with the cards paid off, and the collection accounts removed I anticipate returning to the 750 credit score that I enjoyed before the surgery. That higher score will allow me to do two things:

1.Pay off the Prosper high interest loan with a loan from my bank at 9 ? 10%

2.Finance a new business

Currently, I have 40k invested and now I?m looking to lease equipment. This requires a higher credit score than I currently have in order to get the terms I want.

My financial situation:

I?m Self Employed in Sales and Marketing, and I have Real Estate investments. My income ranges from 4,000 ? 10,000 a month. Currently, I?m up to 78,000 for this year with 3 months to go.

I have never missed a payment!

Monthly net income: $

Varies; $6,500 average

Monthly expenses: $
Housing: $ 1550
Insurance: $ 80
Car expenses: $320
Utilities: $ 120
Phone, cable, internet: $ 200
Food, entertainment: $ 300
Clothing, household expenses $ 200
Credit cards and other loans: $ 679
Other expenses: $250
Real Estate: $2450