growing income, and paying off credit cards

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Listing Information
Amount: $4,000.00 Status: Loan created
Grade: D DTI: 33%
Lender Rate: 14% Borrower: PJMAC
Time Left: Finished State: TX
Funded: 100% Group: P2P Financial
Loan Information
Loan Status: Current Origination Date: 2006-12-18 EricsCC ROI: 10%
Status History
Dec 16, 2006 Current
Introduction:
Hello, my name is Phil. I have recently completed an MBA and I work in the energy industry.

Loan Purpose:
I want to pay off my credit cards, which I ran up during graduate school, to improve my credit score. This loan will allow me to consolidate my credit payments and reduce finance charges.

Credit Issues:
My credit score is low because I have too many lines of credit open. I opened credit cards as well as retail charge cards during grad school in order to finance my education. I have no delinquencies.

Repayment Ability:
I make $51,000 per year in my first year out of grad school as an analyst in the energy industry. With this experience, I anticipate my salary to increase to at least $65,000 per year in 2007. I expect to pay off this loan early.

Monthly Income $3900-$4200
Debt PaymentRent $855
Student loans: $600
Credit Cards: $400
Utilities: $100
Insurance: $85
Car :No Car Payment
TV: $60
Online: $40
Cell Phone: $60
Gas (car): $150
Food: $500
misc: $100
gym membership: $20
Total Expenses & Debt = $2970
*Total Cash Flow = $930

This loan will increase by cash flow by $100 per month. The loan will reduce part of my credit card payments from $250 per month to a $150 payment to Prosper.I am a good credit risk because I am beginning a career after running up debt during grad school, and I am determined to pay off my miscellaneous debts as soon as possible so that I have only student loans to pay each month.
Borrower's Other Listings
54450 refinancing credit cards D $2,500 @ 12% Oct 28, 2006 Withdrawn
262910 consolidating credit cards D $7,500 @ 9% Oct 08, 2008 Expired

 

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