Debt Consolidation- DTI inaccurate- Good loan!!
| Listing Information | |||
|---|---|---|---|
| Amount: | $20,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 47% |
| Lender Rate: | 18% | Borrower: | UNIMBA05 |
| Finished | State: | IA | |
| Funded: | 100% | Group: | Debt Consolidators |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-01-12 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Jan 13, 2007 | Current |
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This is a relisting of a previous $25,000 loan request that was not 100% funded. I also wanted to relist at a higher rate to encourage more bidding and let the market dictate my rate. I am looking to move my current revolving debt into a fixed rate/fixed term loan, in an effort to raise my credit scores. I need higher credit scores so I can qualify for a second mortgage and wrap all my accrued debt into one loan with a lower payment. I have decided to use a interest free, single-pay $10,000.00 loan from a family member to make up the difference between what I owe and this loan request. I accepted a new position with my company, for whom I have been employed for nearly five years. I purchased a home in my new city, and had planned to use a second mortgage to pay off the debt I accrued from my moving expenses, house upgrades, furniture, and finishing the basement. This is a long-term move and I do not ever anticipate selling the house. If I decide I need more room, I will certainly keep this property as an investment. In accruing my revolving debt (I am currently at about 70% utilization), my credit scores have decreased to the point where I cannot qualify for the stated-income second mortgage. I have always borrowed money from a small credit union that only reports my loans to Equifax, so my other two credit scores are being disproportionately affected by my high utilization percentage, because of the lack of installment loan payment history on those bureaus. My payment history has been perfect for 4 years, with only 2 very minor blemishes over the last 7 years, one of which is a mistake that I have disputed. My new position has a commission element to the compensation plan, and I do not have any commission history, so I have trouble documenting my entire annual gross pay. I also receive $1500 per month in rental income that do not claim on my taxes. This is the reason that I require a stated-income loan. Stated-income loans require higher credit scores. Having been a lender in the past, I understand that this is a difficult request to get approved, so I am willing to pay a higher rate for this debt consolidation loan. I am also considering dipping into personal investments to pay down my revolving debt, but I heard about this website and thought it was an innovative idea that was worth checking out. We shall see! My debt-to-income ratio on my application is misleading, because it only considers the salary income which I can document year-to-date (Around $40,000). It does not take into account my rental income ($1500 per month or $18,000 per year) or commission income (variable monthly, $500-1500). Also, the Prosper loan is paying off credit cards and a line of credit on which I currently pay over $500 monthly...however, Prosper has included these in my DTI ratio. I have a steady employment history and a proven track record of success at work. I have 5 years experience in financial services and 10 years experience in sales. I also have both Bachelor?s and Master?s degrees in Finance from accredited business schools in the midwest. I simply underestimated all the costs involved with my move and new home purchase. Thank you for your time! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 70609 | Looking for Short-term Debt Consolidation | B | $25,000 @ 16% | Dec 05, 2006 | Withdrawn |
| 73807 | Looking for short-term debt consolidation loan | B | $25,000 @ 18% | Dec 12, 2006 | Expired |
| 78477 | Debt Consolidation- DTI inaccurate- Good loan! | C | $15,000 @ 18% | Dec 27, 2006 | Withdrawn |
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