Paying off credit cards & bolstering my credit score
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 7% |
| Lender Rate: | 8% | Borrower: | skyelarp |
| Finished | State: | MD | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2008-05-20 | EricsCC ROI: | 7% |
| Status History | |
|---|---|
| May 24, 2008 | Current |
| Dec 05, 2009 | Payoff in progress |
| Dec 11, 2009 | Paid |
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Purpose of loan: This loan will be used to? pay off two credit cards that I could pay off without this loan. I managed to get through undergraduate and graduate school on scholarships alone. I did not take out any loans or rack up any credit card debt. I have purchased two used cars in my life and I have paid cash for them. I only started my career a year ago, and my credit history is very good, but I have no term loans to show my credit worthiness for purchasing a home, which I would like to do in the next 1-2 years. My financial situation: I am a good candidate for this loan because?I am a very hard worker and I always pay my bills early. If I am funded for this loan I plan on paying it back within a year and a half or sooner. I have never made a late payment or missed a payment in my life. I am in a very good financial situation because I live with 3 other roommates and it helps me keep my expenses very low. Monthly net income: $1898.50 Monthly expenses: Rent: $487.50 ($1950/4) Utilities, Internet, Cable: $100.00 ($400/4) Car: $0 (I don't need to drive, so I don't have a car anymore) Transportation: $0 (My employer pays for a metro card which is good for the bus or train) Food/Entertainment: $350 Pet Ownership: $50 (I spoil my dog) Clothing: $150 Credit Cards: $150 Total Expenses = $1287.50 Remaining Income (less expenses): $611 Savings/Investments: $400 Remaining Income (less expenses and investments): $211 If funded for this loan I would pay off my credit cards, so the $150 for credit card expense would be additional income available for repayment of this loan. I would have at least $361 available each month to pay back the loan after I make my monthly investment and savings deposits. By paying that amount each month I should payback the loan in a year and a half like I want to. |
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