Eric's Credit Community

I am 27 years old, and currently employed full-time through a contract with the Texas Department of Transportation, processing vehicle titles. My supervisors would like to hire me on permanently (with a pay raise and tuition reimbursement), but are waiting on departmental approval. I am also a skilled web programmer/designer/developer.

I have poor credit. However, I have never had a credit card or bank loan, and I do not have any very large outstanding debts. I do have one outstanding collection account at $83. I have made some mistakes, but I have been working on turning over a new leaf for the past 2 years.

My collection accounts are all quite old. The first is a cable bill from 2001, when I lost a lucrative IT job to being unemployed and quickly ran out of savings. This has been paid in full. The second is for a phone bill for a line that I shared with several roommates in a rented house in 2002; they charged up several hundred dollars in long-distance and never paid me. This account has been paid in full. The third is for a storage unit I moved out of at the beginning of a new month in late 2004; I paid my last month's rent and the manager assured me that I would not owe more. They ultimately charged me for a full month for the 2 days I was using the unit during that month, and I never received a bill. I only learned about the collection when I checked my credit report. My college debt was amassed over 8 years ago, and, when I left, I had no way to pay it. I have already paid it down substantially from its previous balance.

Still, these are my mistakes, and I'm working to learn from them and avoid making similar ones again. I have experienced significant pay raises in the last year, and I'm much more aware of my financial situation at any given time. I've also established much better bill-paying and spending habits.

Going forward, I'll also be leveraging some of my unused skills in web development by going back to the freelance programming I have done in the past. I have done this in the past as a 1099 contractor, but I found being tied down to my home computer was hampering my time management. To this end, I'd like to borrow enough to purchase a notebook computer for client presentations and on-site collaboration.

I will also be going back to school in the spring. I have always been a strong student, but I ran into funding problems when I was attending in 1998 in the Liberal Arts Honors program. Paying off my remaining debt will allow me to get a certified copy of my transcript and go back to community college in the evenings. After 3 semesters, I plan to transfer back to the university and get a degree in MIS or business. The notebook will be a huge aid in keeping detailed notes and commuting between work, school, and home.

I will do everything in my power to ensure that this loan is paid on-time and consistently. I have a great deal of motivation, since I am trying to rehabilitate my credit and purchase a home with my wife-to-be in the next 3 years. I work hard and have a strong commitment to my ethics.

This loan will be used to pay for:
1. Orchard Bank secured credit card deposit $200
2. University of Texas debt from 8 years ago $510
3. Laptop for school and freelance work $500
4. Collection account $83

My budget (rent and utilities are shared):
Income: $1400 net at full-time job
Rent: $350
Utilities (water, electric) : 90
Cable & internet & digital phone: 70
Mobile phone: 55
Insurance, vehicle maintenance, and gas: 200
Groceries & eating out: 300

$335 available income

I will be saving additional money in my savings account to cover 2 months of loan payments before they are due. In addition, my girlfriend and I help each other out financially, so there is an additional source of funds should I come up short. The $55 monthly payment will no