Eric's Credit Community

Purpose of loan:
This loan is to pay the costs for a Lap-Band weight loss surgery that are not covered by my insurance. The Doctor requires I pay $5,000 in advance, that covers 5 years of followup that is not covered by my insurance. My portion of the hospital bill is estimated to be about $2,500. I am approved by my insurance and have almost all of my pre-op procedures completed.

I thought it would look best to prosper lenders to payoff the Prosper loan that I received last spring ($7500 @ 15%) and get one new loan. My previous Prosper listing attempt has proven this thought very wrong. I used business liquid cash flow money to payoff the Prosper loan and now need to replace that normal cash flow operations money.

I have placed this loan at 28% with the hopes that it will get attention bid down under 20% with a 10 day listing.

My past financial situation:
I have been an Apple Authorized reseller and service provider since 1994 when I opened my first retail office. I built my office up to 5 full time employees by 1999. In about 2001 the big box stores came to town, I tried everything to stay open but found myself in a position that had no way out as employees left. I became very frustrated with the fact that I would spend so much time and money training and keeping high tech employees.

In 2003 I made the hardest decision of my life to file bankruptcy at the recommendation of my CPA and close my store. Soon after I found that not having employees was a very good thing. I was also able to pick and keep the best customers and service them even better all myself.

My Current financial situation:
Since 2003 my income has improved every year by 10 to 20%. Each year I have figured out how to be more efficient and productive. I now have several monthly contract accounts and over 2500 clients in my database.

The reason my income changed, before my last Prosper listing, I took a closer look at my income for this year and realized I was doing better than I thought this year.

In October my mother sold her farm in New Mexico and has moved in with me. She is 72 and no longer feels like caring after 160 acres. She is paying 1/2 of my current housing expenses.

Assets free and clear:
1999 Honda 650 XL worth $2500.
1976 BMW R100/7 worth $3500.
1951 Chevy 3 window worth $7000.
1951 Chevy 5 window currently worth $3000.

4 Inquiries:
I purchase a new Honda Element May 23rd 2007. The dealership sold me the car, I signed the papers and left. Two days later they called and said they would need to redo the contract because they couldn't sell the loan to corporate Honda because of the bankruptcy. When I got to there office they told me the good news was they kept the payments the same but that I would have a 6 year loan instead of the 5 year loan that was on the contract I signed. I was a loan officer in the 80s and knew this was outrageous and told them so. They lowered the sales price to make the payments and term match the original contract but with the higher rate.

1 Inquirie:
In July I found the need to add the ability to also except American Express cards for some of my corporate accounts. I have always excepted Visa and MasterCard. American Express checked my credit as part of the application process.

Delinquencies:
All delinquencies are from the Bankruptcy in 2003.

Monthly net income: $ 6500 to 7500

Monthly expenses: $ 3698
Housing: $ 1,400
Insurance: $ 389
Car expenses: $ 564
Utilities: $ 200
Phone, cable, internet: $ 250
Food, entertainment: $ 500
Clothing, household expenses $ 100
Credit cards and other loans: $ 95
Other expenses: $ 200