Paying off debt to improve credit
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,500.00 | Status: | Loan created |
| Grade: | D | DTI: | 14% |
| Lender Rate: | 18% | Borrower: | Unit107 |
| Finished | State: | IN | |
| Funded: | 100% | Group: | PsychDoc's Group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2006-08-25 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Aug 28, 2006 | Current |
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I am requesting this loan to pay off a couple of items that will continue to improve my credit standing. I will have no problem satisfying the terms of this loan as I currently make $100k per year with just over $6500 take home per month. My current expenses run about $5100 per month. The debt this loan would eliminate would include about $500 per month in payments to creditors and only add back $278 from the amount of this loan. My goal is to accelerate payback of this loan in the next 4 to 6 months, and have this loan paid back ahead of schedule. I have been consistantly paying off my debt accumulated over 4 years ago (I have paid back over $60K in the last 3 years). However, I still believe that I can make great strides in improving my credit by completing the obligations to the creditors that are adversely affecting my credit score, even if it means obtaining a smaller loan that requires me to tackle these items on a smaller scale. With my current stable employment situation, I believe I am a very good repayment risk, and it is extremely important for my family that we improve our credit and financial situation. As to the items listed on my CreditX profile?The one now delinquent is a collections account I currently have had a monthly payment agreement for the last three years, but is still listed as delinquent from the original creditor, however, I have been making the payments monthly, on time(because it is an auto-debit agreement) for the last three years. This is also probably the reason my credit rating is a ?D?, and not higher. This account is also, listed as one of my four delinquent accounts in the last 7 years. Of the other three, two were paid off in May of 2005 and the other in June of this year. Of the 34 credit lines, almost half are student loans paid off back in 1999 (one for each semester of undergrad and a grad school loan, all listed individually) the rest are 3 former mortgages, 3 former car loans, and various financing items in the last 9 years all paid satisfactorily. My only open accounts are my current auto loan, a zero balance store credit card(low limit, opened to start rebuilding my credit about 9 months ago and only used once for $150 to establish a credit record on it), and the last of my grad school loans from 1995 (10 year repayment with only 3 months remaining). I have honestly described my financial and credit situation, and hope that reposting as a member of a group indicates my commitment to Prosper.com and desire to eventually become a lender myself. Thank you for your interest. Mark |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 25896 | Get back on path | D | $25,000 @ 17% | Jul 21, 2006 | Withdrawn |
| 26441 | Consolidate Debt | D | $15,000 @ 20% | Jul 24, 2006 | Withdrawn |
| 27399 | Consolidate to improve family's future | D | $25,000 @ 20% | Jul 28, 2006 | Expired |
| 29171 | Consolidate to improve my family's future | D | $13,000 @ 20% | Aug 04, 2006 | Withdrawn |
| 30431 | Improving family's future | D | $9,500 @ 20% | Aug 10, 2006 | Withdrawn |
| 347610 | Moving to Texas | C | $4,000 @ 16% | Jun 09, 2008 | Expired |
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