Paying off high-interest credit cards for FICO improvement
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,000.00 | Status: | Loan created |
| Grade: | D | DTI: | 14% |
| Lender Rate: | 18% | Borrower: | satrn87 |
| Finished | State: | CA | |
| Funded: | 100% | Group: | Bay Area Techies |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-01-02 | EricsCC ROI: | 18% |
| Status History | |
|---|---|
| Dec 30, 2006 | Current |
| Mar 27, 2007 | Payoff in progress |
| Mar 30, 2007 | Paid |
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My GoalI have a 610 FICO and I am working hard to build a mid 700?s credit score. In order for me to reach my goal I will need to pay off the high interest credit cards and put my money to better use than the interest accrued from these accounts.About MeI am Engineer for one of the biggest banks in the country. I made my financial mistakes in college. I did my fair share of using credit cards to go shopping, going out and having a great time without thinking about how it?s going to affect me in the future. I was unemployed for about 5 months after I graduated and that?s when all the bills started pouring in. I didn?t have income to pay for the bills and my credit suffered. I did graduate from one of the best engineering schools in the country (Cal Poly). I accepted an Engineering job in San Francisco in May 2005 and I?ve been working there since. I?ve also been able to control all my debt and have been making payments on-time to all my credit cards, student loans and other bills.I also have met the girl of my dreams 8 months ago and I?ve never been happier. I want to propose to her, buy a house and live the American dream. In order to get approved for any kind of credit to buy a ring and even think about buying a house, I will need to increase my FICO and get rid of the high-interest credit cards. I have learned from my mistakes and I am trying to correct them. I?m here to get a loan so my money doesn?t go to the banks. I want the money I?m paying in interest now to go to me and whoever helps me get this loan. My Current Finances and Budget $500 - part of the mortgage payment (parent?s house?I am building up some equity) $300 - transportation (I commute (public) from San Jose to San Francisco) ($110 per month is taken pre-tax from my pay) $170 - Cingular (I pay for the family?s cell phones) $100 - Dell Preferred Credit Card (29.99% APR - $1100 balance to be paid off with Prosper. outdated laptop I bought in college and I?m still paying for it.) $20 - Orchard Credit Card (29.99% APR - $280 balance to be paid off with Prosper loan) $20 - GE Credit Card (29.99% APR - $140 balance to be paid off with Prosper loan) $160 - B of A Credit Card (9.99% APR ? to use the rest of Prosper loan to reduce balance.) $270 - student loans ______________ $1540 MonthlyMy current Gross Income per month = $4416 My Net Income per month = $3120 3120 (income) ? 1540 (expenses) = $1580 (remaining) |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 78061 | Paying off high interest CC's and increasing my FICO score | D | $3,000 @ 18% | Dec 26, 2006 | Withdrawn |
| 118065 | paid off 1st loan in 3 months! continue 2 improve FICO score | C | $6,500 @ 16% | Apr 02, 2007 | Loan created |
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