Listing Profile Bid History Loan History

Listing Title


Loan Information
Loan Status: Paid Origination Date: 2006-06-14 Payments Made: 7 of 36 Total Payments: $2834.72 / $10000.00

Listing Summary

  

Borrower Info
Requested Amount: $10000.00
Lender Rate: 26.00%
Automatic Funding: Yes
Percent Funded: 100%
Monthly Payment: $402.91
 
Borrower: Deb_
Location: TX
Group: ourtopia
Group Fee: 0.00%

Credit Profile
Credit Grade: E Homeowner: No Account Verified: Yes Debt To Income: 27%

Extended Credit Data
Extended Credit Data is viewable by registered users only. Please login or register now.

Listing Description
I’ve been vetted by my old Group Leader, professor. My current GL reverified my salary and total household income through copies of my and my husband’s W-2s and tax returns. My GL will verify this – contact him at: https://www.prosper.com/secure/account/common/message_compose.aspx?to_name=cellardoor&to_email=cellardoor

Background
I’ve reached a point in my life where I’m trying to save for my future. As a former single mother in debt, I creatively maneuvered the payment of bills each month (eating spaghetti for days if needed). In order to overcome my financial obstacles, I had to do change my life rather than just barely stay ahead. So, I went back to school to get my MBA. This helped me get a higher paying position with a government agency. Please note that government jobs are very stable/the cost of living in Irving is modest. I now plan to become a CPA.

Income & Ability to Repay
From 2004 to 2006, my income increased 58% to $67K. This is personal, not household income. I’m serious and committed to paying my debt myself, but if I ran into a financial emergency, my spouse would support me, which makes my loan even safer (this is why I showed our W-2’s and tax forms to my GL, but didn’t add his income to my Prosper income for this listing).

Credit Report Information
The 1 late item is from a phone company. I took out a second line last year, and thought that I closed and settled the account. Sadly, I didn’t realize that I hadn’t fully paid them, and only discovered the problem when I started my action plan. I’m in the process of paying the $168 debt. Please note that I sent a copy of this derogatory account from my GL, who can verify my claim. My report also shows 45 accounts--12 open and 33 closed. The 33 is based on history that began during college and refinancing accounts throughout the years. Most of these items are repetitive. With this loan, I will have 6 or 7 accounts remaining active.

My low score is based on:
-some balances being close to my limit
-two late payments from years ago
-one late payment recently that I’m fixing and
-credit inquiries to seek a consolidation loan

Action Plan/Budget
I recently assessed my situation and came up with a plan of how to make things right. This Prosper loan would help me in that regard. I plan to consolidate most of my bills and pay down my high interest rate credit cards (my GL can verify that more than $5000 is at an interest rate above Prosper’s maximumrate, as I faxed him various loan statements.) My monthly budget (minimum payments) includes the following:

Car loan 624
High Interest Credit Cards 300
High Interest Loans 949
Mortgage/Water/Electric/Gas/Phone/Internet/Food $1776
Cell Phone/Car Insurance/Babysitting 515
Total 4,064

I plan to use the loan to pay off the following finance companies/banks w/even higher interest rates:

AGF 1,896
Wachovia 2,000 (to pay down)
World Finance 1,253
Sam’s Club 400
B of America 500

I also have 2 personal loans to pay back totaling 1,031

I plan to pay down my credit cards as follows:
Citibank 1,500
Chase 1,321

Steps Already Taken
1)Renegotiated lower interest rate on one loan
2)Paid off some cards and closed accounts
3)Increased income
4)Got guidance from credit union’s credit counselor

Goals
After consolidating, monthly bills will go down $311. I plan to use that to pay down more debt and ultimately saving for retirement.

I’ve improved one credit grade since my last listing, and my Equifax FICO score summary, which I sent to my group leader, is 633. Please help me turn the tables on my hi-rate debts!