Grad student needs to consolidate high interest cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $8,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 1,001% |
| Lender Rate: | 13% | Borrower: | UWgradstudent |
| Finished | State: | WA | |
| Funded: | 100% | Group: | New Day Rising Loans |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-12-17 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| Dec 15, 2007 | Current |
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Update: Although I am living on my GI Bill/VA benefits (see budget below), for the purposes of Prosper, I will not be listing it as income. Although this is not a change to my budget or situation, this change is reflected in my current DTI. Thanks again to those of you who bid.** **I'd like to extend my apologies to those who funded this loan nearly a month ago. It was temporarily withdrawn due to difficulty verifying my phone number. I have been training in rural areas for the last couple of months and was unable to be reached via cell phone. Prosper has since verified all of my personal information and has allowed me to relist this loan. Thanks again to those of you who originally bid on my loan--this listing is for the same purpose. This loan is solely to consolidate a high-interest credit card. I am currently paying 29% on a $7,500 balance. My monthly payment for this card is $250, and I also pay $25/month to a card with a $351 balance. If I combine these two balances to a lower interest rate loan, I will save nearly $200 /month in finance charges. More importantly, I will have a set time in which this debt will be paid off. My financial situation: I served in the Air Force for six years and was honorably discharged in June ?04. During my tour, I worked in an overseas clinic that specialized in treating geographically separated populations. My medical experience includes flight medicine, family practice, osteopathic medicine, and emergency medicine. I have been a full-time student since September ?04 and graduated from Western Washington University in March ?05. I am currently in my last year of graduate school at the University of Washington. Upon graduating in August '08, I will be gainfully employed as a physician assistant. The average income for new grads is $74,000 and much higher if practicing in a specialty. I have a good payment history, but my status as a full-time student makes my debt-to-income ratio very high. This makes it difficult to get a credit card with a good interest rate, and quite frankly, I don?t want another card. I would like to get a personal loan, so that I can close these lines of credit and have a set time in which I will pay this debt. In anticipation of future questions, I'd like to address my housing situation and bankcard utilization. Some hospitals allow me to stay for free in the on-call room, and I will be staying with family for the remainder of my rotations. My food bill is cheap because I eat A LOT of ramen and peanut butter. My bankcard utilization is high, primarily because I have had this debt for a long period of time. Since I have been a student, I have only been making the minimum payments. The finance charges were the majority of my minimum payment, and subsequently my balance continued to rise. Since my car and private loan will be paid off shortly after I graduate, I would like to focus on paying off my credit cards. I am exceedingly motivated to pay off this debt, so that I can begin to work towards my future goals of investing my income and owning a home. Monthly net income: $ 1363.00 ($1255 GI Bill, $108 VA benefits) Monthly expenses: $ 1223.29 Housing: $ 0 (live free with family/friends) Insurance: $ 104.44 (life,car,health) Car expenses: $ 300 ($220/payment, $80/gas) Utilities: $ 0 Phone, cable, internet: $ 75 Food, entertainment: $100 Clothing, household expenses $ 0 Credit cards and other loans: $ 603.85 (3 cards: $250, $200, $25 and one private loan: $128.85) Other expenses: $ 40 (Compassion International) |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 214399 | Grad student needs to consolidate high interest cards | B | $8,000 @ 17% | Oct 11, 2007 | Withdrawn |
| 214980 | Grad student needs to consolidate high interest cards | B | $8,000 @ 16% | Oct 12, 2007 | Cancelled |
| 231777 | Grad student needs to consolidate high interest cards | B | $8,000 @ 20% | Nov 14, 2007 | Cancelled |
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