Pay off higher interest revolving debt & raise FICO scores
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 15% |
| Lender Rate: | 12% | Borrower: | Coloradofitness |
| Finished | State: | CO | |
| Funded: | 100% | Group: | PsychDoc's Group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2006-07-11 | EricsCC ROI: | 7% |
| Status History | |
|---|---|
| Jul 12, 2006 | Current |
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For additional information that will not fit here, please check my profile. Thanks for looking at my listing. Purpose of Loan: This loan is for two purposes. The first is to pay off higher interest revolving credit cards. The current amounts owed and payments are not representing any problems for me in my current and future financial situation. The debts were used to furnish my house. This loan will improve my financial situation. By paying off my revolving debt, it will in turn raise my FICO scores to qualify for an even better mortgage rate. 35 % of your FICO scores are based on the amount owed to revolving debt. Even thought this will be a new loan, it will be an installment loan, so my FICO scores will be affected in a very positive way after using the proceeds for this loan to pay off my revolving debt. I purchased my house almost 4 years ago. I started with a fixed rate mortgage (6.25%), but this last January it went to an adjustable rate and the rate did go up (7.7%). I also have another rate increase (to 9.2%, it does have a 1.5% adjustment cap, and an overall cap) this July (every six months). I want to refinance my home into a fixed rate mortgage at a lower rate. I want to refinance my mortgage with a higher FICO score and this loan will help me achieve this. Income: My net income is $6798 per month from my full time job, employed as a computer specialist with the federal government (I have been with the same government agency over 27 years). I also work part time for a local retailer with an average net income of $1550. I don?t mind working hard for my goals I have set for myself. Repayment: This loan will present no problem for me to repay. I have calculated that it will actually reduce my monthly expenditures for the revolving debt it will pay off. Note to Lenders: I would prefer to pay this loan off as quickly as possible. But I do respect the wishes of the lenders, and will consult with all lenders prior to doing so to make sure it is acceptable to the majority. |
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