Paying off credit cards & bolstering my credit score
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|Loan Status:||Paid||Origination Date:||2008-05-20||EricsCC ROI:||7%|
|May 24, 2008||Current|
|Dec 05, 2009||Payoff in progress|
|Dec 11, 2009||Paid|
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
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)
Pet Ownership: $50 (I spoil my dog)
Credit Cards: $150
Total Expenses = $1287.50
Remaining Income (less expenses): $611
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.