Eric's Credit Community

Purpose of loan:
With this loan, I will pay off multiple high interest rate credit accounts (closing them when paid off).  My wife and I are expecting our second child in September, and getting this loan will help consolidate and eliminate many of our high interest rate credit accounts.  This will help us prepare and save for the expenses that having a second child will bring.

My financial situation:
I have a good credit rating that is based on the fact that I always pay my bills each month. I have a few credit acounts that are near their limit, and plan to eliminate a couple of them with this loan (see below). My credit report also states that I have too many inquiries (which was due to the fact that I shopped for a mortgage re-fi in 2006 for 3 months & allowed way to many people to pull my credit).  Those inquiries will be gone in August 08 - which will up my credit score. Although I've been at my current job for 9 months, I've been in my field of work for over 13 years.  I am working for a very stable company and am working hard to advance my career in the near future.

Monthly net income: $5800 (including wife's income)
(My company also has a year end bonus plan worth up to 10% of my annual salary ? based on personal performance. Although I was only with them for 5 months (at the time), I received my full bonus this year ? as well as a great raise!  I also have a 401k plan, but would prefer to avoid the penalties associated with early withdraw).

Monthly expenses: $
Housing: $ 2800
Insurance: $ 75 (auto)
Car expenses: $ 80
Utilities: $ 150
Phone, cable, internet: $ 120
Food, entertainment: $ 200
Clothing, household expenses $ 75
Credit cards and other loans: $ 900
Other expenses: $ 330 (truck loan)
(even with the few bills my wife has, we typically clear $1000/mo.)

Plan of action:
With this loan, I will pay off my RBS card (which has an APR around 23% right now) and a couple of my wife?s credit cards. Based on the calculations of this new loan, I will be paying roughly the same amount each month BUT I will significantly reduce my pay off duration (my 3 year plan!).   I will also be able to pay off significant chucks of debt when I get my bonus & tax return each year.  Also, my Ford truck loan will be paid off in just over 3 years.  Please help me attain this goal of financial security for my family. I will happily answer any questions you may have.


As for my 1 late Prosper payment, I have the following to offer:
This late payment happed in December last year. My payment date falls on the 25th - which was Christmas, so Prosper delayed the payment til the 26th (and the bank draft occured on the 27th). I did some after Christmas shopping and spent a little more than I should have. The funds weren't available (by only a few dollars) on the 27th (they would have been on the 26th). I found out a few days later and immediately paid the bill. I just wasn't paying close enough attention to my account. That mistake will not happen again.