Young professional looking to consolidate C.C. debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $11,700.00 | Status: | Loan created |
| Grade: | B | DTI: | 44% |
| Lender Rate: | 14% | Borrower: | Joe8757 |
| Finished | State: | IA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-10-23 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Oct 20, 2007 | Current |
| Nov 29, 2007 | Payoff in progress |
| Dec 04, 2007 | Paid |
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Purpose of loan: This is a straight-debt elimination loan. I will only be using the funds to consolidate my credit card debt. My financial situation: I am just looking to get out from under the burden of the high APR on my credit card debt that I primarily racked up while in college and pay down the debt at a faster clip. I had to pay my own way through college and when my part time job didn't cover the necessities, I was forced to use cash advances on my credit card, which I am paying for now with fees and a very high APR. One credit card has a 19.99% APR and the other has two APRs (purchases at 10% and majority of it at the cash advance rate of 25%). I have since wised up about credit card usage and got a better paying job since graduating. So why am I a good risk? For starters, I have never had a late payment...on anything as my credit report indicates. Not my light bill, not my student loans and not even these outrageous credit card rates. Second, while my DTI would ideally be below 20%, I feel it isn't bad at all considering the reason why it is so high is because of these revolving credit lines that I will pay down with this Prosper Loan and I recently graduated with student loan debt. Third, I am a young professional on my way up with a 4 year business degree from UI working for the largest life insurance company in the nation so my montly net income is likely to increase before this Prosper loan term expires. In fact, I am in the process of taking a licensing exam to sell securities. I welcome any questions. Monthly Net Income: $1,700 Monthly Expenses: Rent $495.00 Car Maint. $20.00 Food $200.00 Laundry $10.00 Eat out $25.00 Clothes $25.00 School Loan $165.00 Gas $65.00 Cable/Phone/Int $105.00 Utilties $45.00 Grooming $10.00 Cell $10.00 Prosper Loan (takes place of previous C.C. payments) $430 |
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