Pilot License
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,500.00 | Status: | Loan created |
| Grade: | B | DTI: | 11% |
| Lender Rate: | 11% | Borrower: | StockWatcher21 |
| Finished | State: | OH | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-22 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| Jul 20, 2008 | Current |
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Purpose of loan: This loan will be used to pay part of the cost of my private pilot's license and help rebuild my credit. The total cost will be around $6,700 and I will pay the other half out of pocket. My financial situation: I am a good candidate for this loan because I have income to cover the loan without a problem. I currently have 3 credit cards with limits of $500, $2,000, and $2,200. The card with a $2,200 limit gives 2% cash back, so I run everything that I can through it (which includes rent and utilities). I almost always pay the cards off every month. I have a 401(k)/IRA with about a $10k balance that I contribute to, a personal brokerage account with about $6,000, and a personal savings account of about $3,000 (this is what I will use for the other half of the training costs). I do have about $200 of loans on prosper just so I could see how the lending side works. I also get a bonus in November of a little more than one months pay. I filed for chapter 7 in February of 2004 when I had about $20,000 of credit card debt that I had built up while in college. My senior year of college it felt like there was no way out with $20,000 of debt above my head. Looking back, I greatly regret my decision to go forward with the bankruptcy as I quickly learned after graduation that $20,000 would not have taken me that long to pay off given my salary (I was used to my paycheck from my $7/hr job). I don't really want to use the funds in my brokerage account since the markets are down right now and if I did that, I wouldn't be able to build my credit like I will be able to do on a prosper loan. I hope to buy a house in the next 5 years, so I am trying to get my credit rating as high as possible. If you have any questions, feel free to ask and I will answer... Monthly net income: $ 3,195.85 Monthly expenses: $ Housing: $ 375 (roommate pays other half for 2 bedroom apt) Insurance: $ 74 ($441.30 for 6mos. paid once every 6mos.) Car expenses: $ 363 (car payment) Utilities: $ 35 (roommate pays other half) Phone, cable, internet: $ 100 (My half: cell $45/cable&internet $55) Food, entertainment: $ 500 (single, so I eat out a lot) Clothing, household expenses $ 100 Credit cards and other loans: $ 0 (all credit cards paid in full, but I use them a lot to get 2% cash back) Other expenses: $ 56 (student loan) $ 100 (Savings to HSA) $ 125 (Gas) |
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