Eric's Credit Community

My name is Stephen [LAST NAME DELETED] and my partner's name is Marcos. We have been together for over 14 years. We live in a beautiful community in Sugar Land, TX (a bustling suburb of Houston). We work in healthcare for a large group of Neonatologists.  I am the Practice Administrator and have been there for 5 years. We have a combined income of approximately $145,000/yr (my personal income is 75% of this total). We are currently purchasing our home and have a rental property in the Gulf Coast area of Texas.  After Hurricane Rita, our rental property suffered some significant damage. Although it is insured, we learned that it was underinsured. Nevertheless, after a few unscrupulous contractors and a great deal of our own sweat equity, we have now been able to complete the repairs. Unfortunately, we have extended ourselves with credit card debt that we would like to alleviate.

Over the 14 years of our relationship, we have experienced challenges in dealing with financial institutions since our domestic partnership is not always recognized as a joint financial force. However, there are many accounts that are in both our names (mortgage, cars, and several credit cards) so this has affected my credit score and DTI as they hold us both financially responsible for these accts. So at first glance, it appears that I am over extended and my FICO score and DTI are reflective of that. This is the primary reason we have chosen to pursue a peer to peer lending network such as this. Experian also shows two delinquent accounts although they are over six years old and are currently under dispute.
If you take our accounts and assign 50% of the value to each of us you would have a financial statement that looked a bit like this: (Company-My monthly payment-Balance):
Aegis-312.00-(42,802.00) Rental property mortgage (rents for 650.00)
Capital One-15.00-(269.00)
Conns-133.00-(4,406.00)
Country Wide-$880-(155,199.00) Primary Residence
Credit One-30.00-(730.00)
Exxon-19.00-(186.00)
Haynes Furniture-26.00-(550.00)
HSBC-24.00-(554.00)
HSBC-23.00-(598.00)
Merrick -52.00-(1,579.00)
Nissan-678.00-(32,293.00) My vehicle

I would like to use the loan to pay off seven accts. This would reduce my DTI, increase my FICO and free up $303 in monthly payments to go toward paying pack the Prosper loan coupled with some of the additional rental income. The stated monthly payments are minimums only and with the Prosper loan I can rid myself of the high interest credit cards and retail accounts that will take years to pay off by only making the minimum payments. This will help improve my credit score and my overall DTI. My actual Experian score is 642 (as of 9/24/06 ? picture attached), which is actually a C according to Prosper rating scale.

In my previous listing I requested additional money to help offset the costs of leasing a new office suite and advertising costs as we have been asked to partner with an already successful business to open a new branch. However, we have already generated enough client revenue to cover these expenses. We secured these clients through word of mouth only and we anticipate a great response from our advertising which launches in the Lifestyles and Homes Magazine on November 1 (the main company?s website is www.professionalmaidservice.com ).

I thank you for taking the time to consider my listing. I hope you will consider it a good investment. My intention is to pay my loan off within 24 months and hopefully become a lender for Prosper as I see great value in this type of investment.