Eric's Credit Community

Purpose of loan:
I am geting married and have the reception hall and a photographer picked out.  While I was able to get some money together, I am still about $1,200 short on covering these costs.  Unfortunately, both only take cash and I drained my savings to buy the ring.

The interest rate is the State max, so I chose not to do an action to insure that is the rate for this loan.  To increase the interest rate, I would have to ask for more dollars, but I don't want to take on more debt than I need to.  As I have done on my first Prosper loan, repayment is not and will not be an issue.

As to my credit score, I have disputed some inaccurate information on my Experian report. I did have a couple negative items that are legitimate. However, those negative things occurred almost 6 years ago when I ran into some difficulties. The main reason that my score is not higher is that a couple of factoring companies recently bought those old charged off debts and listed them on my reports as new items, as well as greatly inflating the amount showing as due. The debts were charged off, so there is not actual debt owed.  All the negative information will fall off by July 2009.

My DTI increased due to the fact I had to replace my old car. After many years, it was simply wearing out. I wanted to avoid car payments, but my savings were being set aside for the ring.

My financial situation:
I am a civil servant employee of the State of California, which is as close to guaranteed job for life as you can get. I have almost 10 years in various positions (appointed and civil service). I got a promotion to management recently, so my income has gone up since my first Prosper loan. I have lived in the same place for over 8 years, so I am in a very stable position. I am also an Army veteran.

Monthly net income: $ 3900

Monthly expenses: $ 2700
Housing: $ 650
Insurance: $ 100
Car expenses: $ 400
Utilities: $ 120
Phone, cable, internet: $ 140
Food, entertainment: $ 500
Clothing, household expenses $ 100
Credit cards and other loans: $ 600
First Prosper loan: $73 (Current - Never late)

I have not been late on anything since my troubles 6 years ago. There will be no late payments in regard to this loan.

Thank you for your consideration.