Eric's Credit Community

Purpose of loan:
I will use this loan to eliminate my remaining revolving credit card debt. This debt was incurred while I was in college.

My financial situation:
I am a 27 years old college graduate with no children or dependents. I am Director of Operations (and a stockholder) for a company I helped create in 2005. (I am unable to exercise my options until 2009.) Because of my expertise in my industry I travel extensively and rarely remain in a single city longer than 3 months. As a result, my company pays all my housing expenses. So housing is not a major concern, nor is purchasing a house a top priority.

Additionally, since graduating college I have been able to repay a significant amount of my debt.

Currently, I pay as much as $800/month EXTRA to my credit cards in an effort to minimize finance charges. With this prosper loan I will lower my APR from 17% to 12%. Thereby, decreasing my monthly finance charges by $125/month! Even with a lower APR Prosper loan I plan to continue paying extra monthly as my goal is not to decrease minimum monthly payments but INSTEAD to accelerate payoff.

Additionally, my 29% DTI includes student loans. Therefore, I would consider my true DTI to be between 15-18%. (My student loan interest rate is 3.75% fixed with a $130/month payment. I only pay the minimum because I am paying off my higher interest debt first.)  **Also, worthing of noting, my DTI is listed at 16% in my profile but changes to 29% when I post.  I can only assume my student loans is the difference.

Lastly, I would view myself as a very low risk investment (as reflected in my ?AA? credit rating & DTI). My ?AA? did not happen on accident. I worked multiple jobs through college to protect my credit. And on a personal note, I was raised in a large family that understood the power of perfect credit. At a young age I was taught that credit worthiness is a reflection of your ?word?? your word to repay people back. Without your word you lack integrity.

Monthly net income: $ 3,654.00

Monthly expenses: $ 1,535.00
Housing: $ 0
Insurance: $ 100
Car expenses: $ 450
Utilities: $ 0
Phone, cable, internet: $ 75
Food, entertainment: $ 200
Clothing, household expenses $ 100
Credit cards and other loans: $ 450
Other expenses: $ 160