Consolidating high interest cards (high DTI explained)
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 10,000% |
| Lender Rate: | 15% | Borrower: | erinfloyd101 |
| Finished | State: | CO | |
| Funded: | 100% | Group: | Lend2's Group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-02-08 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Feb 08, 2007 | Current |
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Hello! I am a 28-year-old college graduate trying out Prosper for the first time. I would like to pay off some high interest credit cards since it seems all I am doing now is paying the interest on them and the balance is barely going down! Here is our money in/money out info: My husband?s monthly income: 4525 My monthly income: ~1079 Total 5604 The following is based on the December bill for each: CC Name / Total Owed / Monthly Payment / Interest Rate Mortgage / 212125 / 1442 / 5.875 Toyota Financial / 20675 / 440 / 8 Chrysler Financial / 20898 / 495 / 0 for 5 years Target Visa / 9830 / 257 / 19 Chase 1 / 2670 / 67 / 30 Chase 2 (closed) / 4452 / 89 / 13.5 Chase 3 / 2933 / 101 / 30 Sears 1 / 9746 / 209 / 22 (but 3600 was a balance transfer?5.9 for life of loan) Sears 2 / 627 / 19 / 28 Kohls / 947 / 47 / 22 Retail Services (furniture) / 4325 / 118 / 0 for 5 years Bank of America 1 (closed) / 4645 / 55 / 9.9 Bank of America 2 / 2095 / 56 / 20 Capital One / 3810 / 114 / 14 Lowe?s / 711 / 15 / 21 (but 411 of this is 0 interest until April) Sam?s Club / 1377 / 46 / 23 Student loan / 23000 / 167 / 3.125 Other non-interest accruing bills: Qwest (phone) / 34 Comcast (internet and cable) / 106 Cingular / 69Utilities / 180 Car and life insurance / 157 HOA dues / 13Trash / 7 Groceries (includes paper towels, shampoo, etc) / 400 Gas / 100 Gym / 9 Netflix / 18 Charity / 30 Eating out/entertainment / 150 Clothing/birthday gifts/petcare/other household ?stuff? / 150 I get a total of 5060. So theoretically we have $544 left per month (assuming I didn?t forget anything!) My prosper payment would be 260. With the 7000, I would pay off Lowe?s (before the 12 months of no interest catches up in April), Chase 1, Chase 3, and Sears 2. I do understand that those bills add up to 202, while my prosper payment would be around 260. But with my current payments of 202, it is going to take me 20 years to pay those bills where with this method they (by way of prosper) will be paid in 3 years. We do have that 544 left per month with which I can pay the difference between the 202 and 260. 20% is the interest cap for my state (Colorado) If you look at my 'old' loans you can see that my 'actual' DTI is approximately 188%. I changed it because when I got my w-2's, I found that I actually made about $60 for the year less than I had claimed and I didn't want to fail verification. My checks are also 'uneven' because I work hourly at both jobs, so I changed my income to $1 to be safe. Even though I have a high DTI, I have a fairly good credit score and 0/0/0 for defaults because I ALWAYS pay my bills on time. I also took a second job in October to try to pay these off. My husband also pays most of the bills. I would just like to pay off some loans so I can end this cycle of only paying the interest! I hope that you will give me a chance here so I can stop making the credit card companies rich from interest. Please feel free to email me if you have any questions. Thanks! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 87337 | Paying off high rate credit cards | C | $10,000 @ 15% | Jan 21, 2007 | Withdrawn |
| 87649 | Want to pay off high interest loans (high DTI explained) | C | $7,000 @ 19% | Jan 22, 2007 | Withdrawn |
| 87664 | Want to pay off high interest loans (high DTI explained) | C | $7,000 @ 19% | Jan 22, 2007 | Expired |
| 235237 | Consolidating high interest cards (high DTI & HR explained) | HR | $18,000 @ 19% | Nov 20, 2007 | Expired |
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