Consolidation for a better future
| Listing Information |
| Amount: | $10,000.00 |
Status: | Cancelled |
| Grade: | E |
DTI: | 27% |
| Lender Rate: | 21% |
Borrower: |
austinites78
|
| Time Left: | Finished |
State: | TX |
| Funded: | 100% |
Group: |
Texas Excellence
|
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I am looking to consolidate and pay off several credit accounts. I understand that this may not neccessarily lower my payment, but it will provide peace of mind. My credit classification has recently fallen to E (although never a missed or late payment in 9 years of credit history). This is a result of no longer being able to pay much more than minimums on our high number of open accounts with high balances. The reason for this is largely contributed by our lifestyle decision to raise our own child and avoid childcare. My wife left her job a few months ago to be a part time nanny and still be with our 8 month old son and contribute extra income. Essentially we are paying bills from a 2-income-budget out of a 1 1/2 person income. My monthly take home is $3600. Our mortgage is just under $1000, utilities totaling $600, 1 car payment of $445 with $1000 leftover for everyday living expenses (grocery, gas, etc.) $540 going out to credit accounts that we would like to consolidate. At a later date we will be considering the possibility of consolidating two major credit cards with balances totaling $8000 ($200 of the $540 going out) but right now we are hoping to include 7 other smaller accounts totalling just under the $10,000 amount we are requesting. Eventually our credit score will improve, but at this time our focus is not merely on a quick fix. Our focus is to allow my wife to be home all the time for better quality of life and to make sound decisions for our future. As a banker by profession, I spend my time advising clients how not to do what we have done in my pre-banker days. The knowledge I have now is part of the inspiration for looking for a program such as Prosper for help. With this $10,000 loan, I will be able to pay off 7 accounts and work toward our goal of more financial freedom, less stress, and important future planning (including a college fund.) These accounts' monthly payments are: Zales $70, Roomstore $80, Discover $40, Care Credit $60, Capital One $20, Chase $50, Household $20 - Thank you for your consideration in viewing this listing. |
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