Chemical Engineer Needs Refinance
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,700.00 | Status: | Loan created |
| Grade: | C | DTI: | 43% |
| Lender Rate: | 19% | Borrower: | DrWill |
| Finished | State: | GA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-12-18 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| Dec 15, 2007 | Current |
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Purpose of loan: This loan will be used to pay off a credit card, with balance just under $5700 that just reset to 17.99%. My financial situation: I have never missed a payment in the 13years since my first credit card. I graduated from Georgia Tech in 2004 with a degree in chemical engineering with about 10,000 in CC debt. Soon after graduation I went to work in a research lab at the University of Cape Town in South Africa, which came only with a nominal paycheck. I had excellent credit and numerous low-rate offers, so I funded my 6 months in Africa primarily with CC debt, which which was locked in at a 4.99% interest rate. Shortly after arriving in Cape Town I learned that my (then) girlfriend back in the states had become pregnant just before I left and so I had to adjust my trip accordingly and complete a 1-year project in six months, which I did. Much of the rest of my debt was incurred over the following year (?05) after my daughter was born, when I stayed at home with her while my wife finished her PhD. in Biochemistry, and paid the bills with CC debt. In March 2006 I started working in my current position as a research engineer. With all the changes in my life, including taking three months Paternity leave when my son was born (in April of this year) as well as paying mostly out of pocket for his delivery, I just haven?t had a chance to get on top of my debt yet. While I have an enormous amount of revolving debt ~$60,000, the value I received from the expenditure of that money both in Africa and allowing myself to spend the first year of my daughters life at home with her is much greater. The average interest rate that I currently pay is only 5-6%. This explains how such a high balance can only have $1100 in monthly payments. Much of this low rate debt is at fixed 4.99%, fixed 5.9%, or fixed 7.9% with the remainder at 0% until August ?08. My total credit lines amount to 130K, so I will have no problem keeping this debt as a low rate when the 0% rate expires. I believe the inquiries on my account are the result of a recent apartment search where I put in a number of applications. Assets: $7,000 in 401K account with Fidelity $4000 emergency cash savings $2000 loans out on prosper $3000 current checking balance Monthly net income: $ 4000 (after tax) I expect a raise of at least 5% at the start of 2008 (last year was 8%), as well as a 2007 year end bonus in Dec (unknown amount, but historically in the neighborhood of 5% of gross income). I work in California for a recession proof biotech company with several hundred employees. Monthly expenses: $ 3700 Housing: $ 1325 Insurance: $ 140 (Family Health/Dental/Vision 90% paid by employer) Car expenses: $ 429 (1 year of payments left) Utilities: $ 50 (gas/elec , water paid by complex) Phone, cable, internet: $ 100 (2X cell phone + internet / no cable T.V., or T.V. at all in fact) Food, entertainment: $ 300 Clothing, household expenses $ 100 Credit cards and other loans: $ 1100 Other expenses: $100 After Prosper loan, ~$160 of current payments would be replaced by ~$250 prosper payment which I will have automatically deducted from my checking account. While there would not be an interest rate savings, after the three-year time frame of the loan I would $5700 debt off the books, which is the direction that I need to go. At the end of 2008 I will be finished paying off my car, and the extra $429 will go towards paying my debt in general. The only blemish on my credit report is my very high level of debt. I pay my debts on time every time; your money is safe with me. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 232161 | Chemical Engineer Needs Refinance | C | $5,700 @ 20% | Nov 29, 2007 | Withdrawn |
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