Eric's Credit Community

   My name is Jonathan [LAST NAME DELETED] and this will be the 4th and hopefully last time I apply for this loan. I am a cross country Truck Driver and I'm very good at my job. Now that I have my own truck and (leased) trailer, I will generate a minimum of $20K per month (before expenses) and have a personal income in excess of $4K per month. In anticipation of corrections to my DTI and Credit score, I have increased the amount I'm asking for and supplied prosper support with 34 pages of supporting documents. Just for comparison, my credit grade/DTI on my previous listing were E/89%.   

   As part of my home refi that completed in Oct 2006, I submitted corrections to the credit bureaus and my credit score will start showing continuing improvement over the next 6 months. I have no payday loans, no credit cards (except Bank Of America Debit card) and no past due accounts. If any delinquencies show on my credit report I can submit proof that they have been corrected or are in error. My truck payment is paid current till Dec 17, 2006. I have only 4 public debts left, Mortgage, Auto loan, Truck (18 wheeler) and student loan. The lease on my trailer will be person to person for 12 months and will not appear on my credit report. The only bills left on my credit report will be medical bills that I'm contesting due to negligence, pain and suffering. It will probably take 2-3 years to resolve those issues. Once I resume driving and get solidly established, I will probably go ahead and pay them (to remove them from my credit history) and recover the cost in court. My credit problems are being left behind quickly!   

   Minimum MONTHLY gross business revenue will be $20K. After expenses (including truck payment and trailer lease payment) I will have approximately $4-6K profit. 25% of the gross revenues (up to no more than $5K) will become personal wages, and the balance of the profits will remain in the business account. Out of up to $5K that will come to me each month I will keep my personal debts current. Excess personal revenue will be used for additional payments on personal debts (including this loan) and/or re-investing until I build a $5-10K business emergency reserve, in addition to the budgeted tax reserve accounts.   

Personal Income- $5,000.00 p/mo

Monthly expenses (rounded up to next $5.00)
Mortgage- $1,355.00
Car payment- $350.00
Student Loan- $70.00
Utilities- $400.00
Food- $200.00 (Wife only- mine covered by business expenses for deduction)
Insurance (car and home)- $200.00
Prosper loan- $220.00
Misc.- $205.00  

Total expenses- $3,000.00 P/mo  

   This leaves up to $2,000.00 excess personal income that I can use to continue bettering my credit rating by reducing my outstanding debts and/or re-invest. I intend to have my mortgage reduced after the 2 year pre payment penalty ends in Oct 2008. I am negotiating to re-finance the $19,000.00 balance due on my truck from 36% down to 18-24% (Purchase price was $32K), and reduce the monthly payment to approximately $700.00. 

I will be able to repay this loan within 12 months !

   I will use this loan to set up a fuel/expense debit card to ensure operations during the first 15-30 days of operation while I set up my billing cycle. I will be able to start Factoring (selling) a percentage (50%) of my invoices as soon as I make my first delivery, to increase cash flow until the 30 day billing cycle stabilizes (should be @ 0% factoring by 3rd month). This fuel card will "auto fund" from my business account at the rate of $1,250