consolidating credit cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $12,500.00 | Status: | Loan created |
| Grade: | C | DTI: | 55% |
| Lender Rate: | 25% | Borrower: | Teener |
| Finished | State: | AZ | |
| Funded: | 100% | Group: | Preferred Professionals |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-11-27 | EricsCC ROI: | 24% |
| Status History | |
|---|---|
| Nov 27, 2007 | Current |
| Nov 06, 2008 | Payoff in progress |
| Nov 11, 2008 | Paid |
|
Purpose of loan:Explain what you will be using this loan for) RELISTED: Based upon a Lender's recommendation I'm lowering the requested amount and raising the interest rate. I've also joined a group of preferred professionals. I need to consolidate credit cards that are at a higher rate. I had one daughter get married last November and another one getting married this coming May and have pretty much used the cards to pay for them. If I could get a lower rate, I could pay them off quicker and finish paying for the wedding. I will be consolidating 3 credit cards with large balances that I'd like to pay off. With these paid off and the amount owed for this loan, I still would be able to pay down a couple of the little cards. I'm paying approximately 29.9% interest on these. The principal never seems to go down and at this rate; I'll still be paying for them in 10 years. My financial situation:(explain why you are a good candidate for paying back this loan) I've worked for the same company for 24 years. The only reason my credit rating is lower than should be is that I have too much credit. I always pay on time and I have never defaulted on any loan. In addition, I have been married for 36 years and my husband has an income. He makes the mortgage payment and pays his own bills. My debt to ratio is not as high as indicated because his income is not counted as part of mine, but our joint creditors are.In addition, we have a rental property which has an income of $925.00 and has been rented to the same party since we bought it in 1998. The mortgage on the rental is $713.00 so we make an extra $200.00 off of that. We could try and refinance the rental but then it would be another 20 years of paying off. That's why this is such a good program because you are paid off in 3 years. I've been at the same bank (although they've change names or owners) since I was 18 years old. I want to pay off the following credit cards: American Express $4000.00 currently at 24.9 % (230.00) Sears $5000.00 currently 27.9% ($210.00) (with the lower amount of loan, I'll only pay 2500 of this.) Chase $4860.00 currently at 29.34% (243.00) Monthly net income: $ 5100.00. (includes the rental property, but not my husbands's income of 2500.00) Monthly expenses: $ 3212.00 Housing: $ Insurance: $ 80.00 Car expenses: $ 532.00 (only 14 more months on this) Utilities: $ 200.00 Phone, cable, internet: $ 100.00 Food, entertainment: 300.00 Clothing, household expenses $ 200.00 Credit cards and other loans: $ 1500.00 Other expenses: $ 300.00 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 219379 | consolidating credit cards | C | $15,000 @ 19% | Oct 22, 2007 | Expired |
| 222779 | consolidating credit cards | C | $15,000 @ 26% | Oct 29, 2007 | Expired |
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