Pay off Payday Loan and Establish Credit
| Listing Information | |||
|---|---|---|---|
| Amount: | $1,500.00 | Status: | Loan created |
| Grade: | NC | DTI: | 0% |
| Lender Rate: | 22% | Borrower: | cnhobbes2000 |
| Finished | State: | TX | |
| Funded: | 100% | Group: | Texas Excellence |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2006-08-28 | EricsCC ROI: | -63% |
| Status History | |
|---|---|
| Aug 28, 2006 | Current |
| Jun 13, 2007 | Late |
| Jun 29, 2007 | 1 month late |
| Jul 29, 2007 | 2 months late |
| Aug 29, 2007 | 3 months late |
| Sep 29, 2007 | 4+ months late |
| Dec 27, 2007 | Default |
|
Hi! I'm 36 year old guy married to a wonderful woman for 11 years. I recently lost my job due to lay-offs. I've been working some side mechanic jobs to help make ends meet, while looking for a new job. We have gotten behind in a few bills, including a payday loan. I really don't have any credit history. I currently have 2 delinquencies per the Experian Credit. The first one is for a payday loan that I got which went on my credit report because we got behind on it after losing my job. The other delinquency on my credit report is for a medical bill. However, we are currently validating with Experian if the account is actually mine. I have no credit cards as I've always paid for everything with cash. Here is our normal monthly expenses. The Monthly net is my wife's income, which she works full-time. Rent - $995 Electric - $250 - working to cut this down Water - $40 Phone - $75 DSL - $50 Dish Network - $100 - looking to cut back on the current package we have Car Insurance - $90 (for both cars) Groceries - $200 Gas - $100 Monthly net = $2652 after taxes Total of Monthly Expenses = $1900 We have had both of our cars break down and the expense of fixing them has hurt what little cushion we did have. I did the majority of the work to help keep the cost down. But since our cushion has gotten smaller from the car expense. We have gotten behind on a few of our normal expenses. So I wanted to see about getting a small loan to help catch us up on our normal expenses, the payday loan and the medical bill should it be mine, as well to establish some credit for myself. I'm willing to put up a high interest rate to attract lenders at the minimum we need which would be $1500. I know even just on my wife's income, we could make the loan payment and continue paying our normal bills with no problems. Out of the $1500 we would pay the payday loan ($301). Catch up on our electric ($250), Rent, ($500), We had to pay just half the rent. The landlord has been working with us. But would like to get this caught up. The only reason we got behind in these two bills is because of the expense of getting both of our cars working. We felt we needed both cars running so she can get to work and mine so I continue my job search and be available to go on interviews. At the time our cars quit working is when our Rent and Electric payment were due. That's why those got behind versus any of the other bills. That would leave us just under $500 to put back in our cushion. This would also be used to start repaying the loan back and ensure it's made on time each and every month. I don't want to jepordaize my credit when trying to establish it! Thank you for taking the time to review my listing. |
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