Pay Off High Interest Cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $9,675.00 | Status: | Loan created |
| Grade: | D | DTI: | 44% |
| Lender Rate: | 19% | Borrower: | kmik |
| Finished | State: | IL | |
| Funded: | 100% | Group: | Pr*mise Keepers - Guaranteed funding for low-risk borrowers |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-02-20 | EricsCC ROI: | 17% |
| Status History | |
|---|---|
| Feb 20, 2008 | Current |
|
Purpose of loan: This loan will be used to pay off high interest credit cards. Discover at $5000 and Chase at $4400, both charging 29% interest, plus Prosper fees. About Me: I am a wife and mother of five, as well as an entrepreneur. My ultimate goal is to clean up my credit to make it easier to realize my dream of opening a fitness center. My previous business from 2000 - 2007 was a hemp cloth diaper manufacturing/wholesale/retail business where I started designing and sewing cloth diapers on my sewing machine in my living room. Within a year, I had a large retail following, so I contracted the work out to a sewing contractor, and shifted my business to mainly wholesale. After seven years I had over 100 retailers carrying my products worldwide. I love to run and have completed two marathons and one ultra-marathon (30 miles), and have passed that passion, as well as my determination and persistence on to my 16 year old daughter, who was one of the few runners to actually finish the 2007 Chicago Marathon... and do so with a great time of 4:26! My group leader and I discussed how reducing my credit card loans would be a good first step in achieving my dream of opening a fitness center. My financial situation: I am a good candidate for this loan because we are eager to rebuild our credit. We've always had good credit until a situation that happened two years ago. We are back on solid ground, and are eager to get our credit scores back into the upper 700's where they were before. My credit is less than perfect since two years ago my husband was laid off of work. We were supporting our family of 7 off of my small home based business and credit cards. After a while, we were over our heads in debt. I sold off my business and used the proceeds to settle whatever debt we could and have been paying down what remained. My husband is now securely employed in a union position with several people under him in seniority. We have not had any late payments in the past year. Monthly net income: $ 7,450 ($4000 - husband, $3,450 - me) Monthly expenses: $ 6345 Housing: $ 2800 Insurance: $ 150 Car expenses: $ 540 Utilities: $ 300 Phone, cable, internet: $ 500 Food, entertainment: $ 1000 Clothing, household expenses $ 200 Credit cards and other loans: $ 505 Other expenses: $ 350 Credit cards: Discover - $5000 @ 29% to be paid off with this loan, never to be used again Chase - $4400 @ 29% to be paid off with this loan, then stashed in the bottom of a drawer for "extreme emergency use only" Shell - $5000 @ 15% - chipping away at it, this is my "everyday" card, most frequently used. Cap1 - $2500 @ 19% - will work on getting rid of this one next and closing account. Best Buy - $1000 - currently at a promotional 0% apr until 8/2008. Will be paid off by then. My Future: My expectation is to have my credit situation greatly improved within a year and to open the fitness center by then. I plan to have this loan, as well as the remaining credit card debt resolved within two years at the most. I'm looking forward to being in a position to use Prosper to help others as a lender! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 272615 | Startup Funding for Fitness Center Franchise | D | $25,000 @ 25% | Jan 28, 2008 | Withdrawn |
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