|
Re-Listing with lower amount and higher rate to make it more attractive based on my debt ratio. I do need to point out though that my debt ratio prior to the loan is 17% and it will be lower after as I will pay off cards with it that currently carry a higher monthly mayment. But listing the loan brings up my DR as it assumes I will increase my debt load.
This loan is to pay off revolving debt I accumulated after purchasing a home in late 2004. I used credit to purchase home furnishings and appliances.This loan will not increase my debt ratio as it will pay off debt currently carrying a higher combined monthly payment.My salary is $74K/year plus a company car benefit of $6K. Bonus potential also exists but was not included in this amount. My wife works as well and earns $24K/yr but her income was not included either, although we share all financial responsibilities.Please help me get out of this revolving debt. I expect this will significantly improve my credit score as well as I pay off what is now highly utilized credit lines. Thanks for your help! Loan is to pay off credit cards.
On the previous listing, a lender asked me about my past delinquencies and the liklihood of experiencing them again. Here was my response that I wanted to add to this new listing:
Thanks for looking at my posting,The delinquencies were about 5 or 6 years ago. I had a time period where I wasn't working and got behind on my obligations. I joined my current employer over 5 years ago and started off making $27K as an entry level analyst and have since gotten promoted to Analyst, Manager, and now, Director.
This has come with a big increase in salary which has allowed me of course to keep current. My problem today is not the delinquencies anymore so much as the fact that my revolving debt is higher than I would like. I bought a home in late 2004 and to do this I had gotten well past my delinquencies.
To answer your question though as to whether it is likely to happen again the answer is no. To fill you in a little more, I live in a state with below average cost of living and my income is high relative to what it costs to live here. I have no problems meeting my obligations month in and month out. Just need to wrap them up and get out of the revolving trap. My wife's income is not included here but she makes $24K and between the two of us we have only one car payment as I have a company car benefit which also pays my insurance. We have one child in daycare which is $110/wk. I owe about $9K in student loans. Nothing unusual outside of these things. Thanks again. Let me know if you have further questions.
|
