Paying off High Interest Credit Cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 28% |
| Lender Rate: | 17% | Borrower: | irrision |
| Finished | State: | MN | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-05-13 | EricsCC ROI: | 15% |
| Status History | |
|---|---|
| May 12, 2008 | Current |
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Purpose of loan: This loan will be used to consolidate open credit card balances I accumulated during college into a lower interest rate loan. My financial situation: I am a good candidate for this loan because I reliably pay my bills as evidenced by my record. I have received two merit-based raises since starting my current job (and three at my prior employer as well) so my financial situation has only improved over time. I work at a hospital supporting the core server infrastructure which is constantly growing and adding additional staff. The hospital is financially sound and has actually posted record profits so far this year despite the down economy. I works as a systems analyst at a level 1 trauma center (a major metro area hospital with 5000+ employees). I support/design/implement the core server infrastructure for the hospital along with only 4 other individuals so needless to say we have a never ending job (and good job security). The hospital just posted its highest earnings ever for first quarter of this year so the down economy has had no noticeable affect on my employers bottom line. People always need medical care. My net income is $3370 a month plus bonus and on-call pay every 4 weeks. After paying all my bills I have roughly $1850 a month to live on and am putting away $500 a month into savings as well so I have a financial cushion. I don't own a house at the moment and am waiting to see where the market goes before taking on a mortgage, which I believe is probably more of a plus these days considering how much house values have dropped. Here is a quick breakdown of my current expenses: Yearly income $63,000 + $2000 for oncall pay + bonus (varies) Monthly net income after taxes and all deductions $3200 $250 - Rent $65 - Cable $55 - Phone $125 - Utilities $261 - Car Payment $120 - Student loans (These are already consolidated at 3.75%) $490 - Credit Card Payments (These vary from 19-28% APR so you can see why I'd like to reduce the interest a bit) $100 - Auto insurance $550 - Into savings ($275 a check) $1184 - Left over for food, gas, and the general expenses of life, I almost always end up with cash left over which I also put into savings. I should also mention that my car is a year old and under warranty for 4 more years so there is no possibility of additional unexpected expense on that at the moment for repairs other than a set of tires in another 1.5years or so at my current rate. The payment for this loan will come out at or below my current credit card payments so it will not be a burden. I plan to close out all of the credit card accounts except for one with a $2500 limit which I will maintain empty for emergencies only. I am aware that closing out empty accounts can have a negative affect on credit score, however so can having two many open lines of credit.I believe that for all of the above reasons I am an excellent credit risk and investment. Please ask any questions you have and I'll do my best to answer them. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 324850 | Paying off High Interest Credit Cards | A | $15,000 @ 20% | May 03, 2008 | Withdrawn |
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