Improve my credit score by paying down school & credit debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Withdrawn |
| Grade: | B | DTI: | 23% |
| Lender Rate: | 13% | Borrower: | myCYT |
| Finished | State: | CA | |
| Funded: | 0% | Group: | (No Group) |
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Purpose of loan: I previously withdrew a request for a loan for my wedding. When I shared with my parents what I was trying to do they generously gave me a 0% interest loan for the wedding costs. They encouraged me to ask the Prosper community to support my efforts to pay off my existing credit card debt with a single, lower interest loan than the combined six rates that I currently have. So, this loan will be used to consolidate and subsequently eliminate my credit card debt. This loan will mean my paying a higher amount each month to prosper than I am currently paying to the credit card companies in just-above-minimum payments, but the nature of the prosper payment as always including a significant amount of principal with the interest payment will ensure that I am debt free at the end of the three-year loan period (unlike now where I just end up making smaller payments for many, many years). My financial situation: I am a good candidate for this loan because I am (1) gainfully employed with increased earning potential in the near future, (2) have an excellent education (1 Bachelors and 2 Masters degrees from top schools) which means great job security, and (3) a very good credit repayment history with all debts paid on-time. Also, I have not used any of my credit cards to make purchases in the past 15 months (I put them in a drawer at home instead of in my wallet), and I will never, ever go back down that road again. Thank you for your help in getting my credit score and finances up to the next level. I dream of being rated A very soon :) Monthly net income: $4300 Monthly expenses: $ Housing: $1325 (I own my home) Insurance: $115 Car expenses: $60 (for gas...car loan is paid off) Utilities: $65 Phone, cable, internet: $90 Food, entertainment: $200 Clothing, household expenses $185 Credit cards and other loans: $250 Other expenses: $0 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 370978 | My Wedding... | B | $18,500 @ 22% | Jul 21, 2008 | Withdrawn |
| 373221 | Paying down credit card debt | B | $8,500 @ 13% | Jul 25, 2008 | Loan created |
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