0/0/0 State Max Apr to Consolidate Debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 62% |
| Lender Rate: | 14% | Borrower: | Magic642 |
| Finished | State: | FL | |
| Funded: | 100% | Group: | Everyday People |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2006-12-18 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Dec 16, 2006 | Current |
| Apr 02, 2007 | Payoff in progress |
| Apr 06, 2007 | Paid |
|
About Me/Us My husband and I bought our first home just under a year ago. We are both employed ? I have worked in retail for 9 years, 7 of that in management. My husband was in retail management for 8 years, and has recently taken a job in route sales. In the past year we maxed out our credit cards to repair and upgrade our home. While we do not have bad credit, we did not realize the damage this would do to our credit scores. We bought our house for $115,000. Based on recent sales in our area & Zillow.com, we expect it to appraise for $170,000. My short term goal is to pay down our high balance, high interest credit cards. This will increase our credit scores and allow us to refinance our home at a better rate. At that point, we would be able to pay off our car note and the remainder of our credit cards. Financial Specifics Monthly net income $3000 Total amount of all our expenses for a household of 2 adults, 0 children: Recurring monthly payment; (credit cards, car notes, other loans, etc.) = $800 Recurring monthly bills (mortgage, cable, phone, electric, groceries, etc.) = $1600 This leaves us with net monthly expenses of $2400, leaving $600. The rates on our credit cards is between 17-25%, we expect to re-fi in the area 6.5-7.5% This Prosper payment of $357 would replace part of our current debt load. While our monthly cash flow will not change, our credit score will. Ultimately, the refinance will increase our current mortgage by $200, but will reduce our net monthly output by an additional $450, giving us more than $1000 of net expendable income. FYI: My DTI is high mainly because most of our accounts are joint between my husband and myself. His income is not taken into consideration. Also, this loan payment will replace some of our current payments, rather than adding to them. Repayment Plan We plan to repay the loan after closing on our re-finance. Please take note that I have had no delinquencies. I realize the importance of good credit. I would like to thank you all in advance. I wish you all a happy holiday season |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 66352 | Credit Rebuild/Credit Card Consolidation | C | $10,000 @ 17% | Nov 26, 2006 | Withdrawn |
| 69080 | Consolidating High Balance Credit Cards to Refinance Home | C | $10,000 @ 16% | Dec 02, 2006 | Withdrawn |
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