Eric's Credit Community

Welcome,  

I believe I am a good candidate for a Prosper loan because I have a proven history of timely payments with zero lates on a credit history dating back to 1994.  I have many trades with limits in the thousands, and a number of large paid off loans.  Also, I've already paid one Prosper loan in full a year ago for $12,500.  

Credit and Finances:
I have a middle credit score (Equifax) of 632 as of Aug 4th.  I have a Masters of Engineering in Electrical Engineering and I work at an IT company making $53k+/yr, not including bonuses and my coming raise.  I also own a real estate management and sales company.  I?ve used my credit as capitol for the business (that?s why my credit score is low and utilization high), and I own a 3Br/1.5Ba investment property to be sold as a lease purchase for $1000/mo for 12 months and $125,000 at closing.  I already have a number of interested parties for this home once it?s finished. 

Please note that most of my revolving credit is from my Home Equity Lines of Credit (HELOC) used to buy the investment property and that these loans will be paid off once it's sold.

Purpose of Loan:
My intent using Prosper is to complete the final improvements (carpeting and tiling) for the investment property and to cover any incidentals.  The lease purchase is for 12 months, so I will keep the loan for 1-2 years like I did with the last prosper loan.  

Below is my balance sheet info using Experian. 

Assets:
Real Estate - 4BR/2BA 155,000; 3BR/1.5BA 125,000
Savings, Investments, Collateral, etc ? 19,000
Total: 299,000  

Liabilities:
Unsecured debt ? 45,454
Secured debt ? 216,083
Student Loans - 57,353
Total: 318,890
Total Payments Non-housing: 699/mo  

Monthly Income:
Engineering job: 4,492
Rental Income (proposed): 1,000
Total: 4,492  (5,492 proposed)  

DTI Non-housing (current) = 16%
DTI Non-housing (proposed) = 13%  

Prosper's and my DTI calculations above differ due to Prosper not considering a HELOC a housing payment.
Using Prosper's method, my current DTI is 26% and proposed DTI is 21%.

Thank you for your time and consideration.