Consolidate Credit Cards & FX Investment
| Listing Information | |||
|---|---|---|---|
| Amount: | $6,500.00 | Status: | Loan created |
| Grade: | E | DTI: | 32% |
| Lender Rate: | 20% | Borrower: | le_future |
| Finished | State: | CA | |
| Funded: | 100% | Group: | FinancialAssistanceNetwork |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2006-12-21 | EricsCC ROI: | 15% |
| Status History | |
|---|---|
| Dec 21, 2006 | Current |
|
Hi, I am trying to consolidate my two high interest credit cards (one at 29.99% and another at 27.99%.) I would like to free these accounts up so that I could negotiate with the credit card companies for a lower rate as well as improve my credit score. I would need about $3,500 to accomplish this. The additional $3,000 will be used for an investment in the foreign exchange market. I have been involved with this type of trading since 2004 and have had my fair share of losses. However, experience is the best teacher, and I have been getting pretty good at knowing when to buy and when to sell (I use technical analysis plus fundamental analysis techniques.) In the past, on good days, I?ve tripled my total investment within a few hours. On bad days, I might lose about 25% of my equity. But it comes and goes, and now, with much experience under my belt, it usually comes my way. My credit score is low because I have many accounts open that are nearly maxed out. However, many of these credit cards that I have are small limit cards such as $500, $700, and $750 total limits. I graduated college last August and found a full-time job this February. So during those months in between, I?ve had to use a lot of the remaining equity on my credit cards. I am able to pay all the minimum balances on my credit cards and have a little left over to contribute towards the high-interest bearing credit cards. It?s taking excruciating longer than expected; hence, the reason for an investment loan so that I can have another income cash flow through my trading. I am currently working as a Quality Assurance Engineer for a medical device company in Tustin, CA. I am paid a salary of $46,800 per year. I live with a co-worker and we share the rent and utilities. I also bought a new 2007 Honda Civic LX last month, financed at 11.75%. I will break down my expenses. Rent: $600 Utilities: $80 Student Loan: $160 Credit Cards: $360 Car: $420 Insurance: $130 Cell Phone: $45 Gas (Car): $100 Total Expenses: $1895 Income: $46,800 / year --> paid bi-weekly 26 times / year After taxes, each paycheck, I receive $1300, so per month, $2600 Income ? Expenses = $705 to save / month But I use this amount that I save to pay back all my debt so that I can be debt-free faster. The income I receive from my work is guaranteed positive cash flow. I?m just trying to create a bit more positive cash flow income by investing in the foreign exchange market. Thanks for considering!!! =) |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 65660 | Consolidating high interest credit cards | E | $10,000 @ 18% | Nov 23, 2006 | Withdrawn |
| 67949 | Consolidating high interest credit card debt! | E | $7,500 @ 18% | Nov 29, 2006 | Withdrawn |
| 68548 | Need a personal loan | E | $10,000 @ 23% | Nov 30, 2006 | Withdrawn |
| 239282 | Credit Card Consolidation + USC B-School Deposit | E | $7,500 @ 23% | Nov 28, 2007 | Withdrawn |
| 239461 | USC Marshall Business School Deposit + Debt Consolidation | E | $7,500 @ 27% | Nov 28, 2007 | Withdrawn |
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