Listing Profile Bid History Loan History
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Listing Title


Loan Information
Loan Status: Current Origination Date: 2008-06-13 Payments Made: 6 of 36 Total Payments: $1477.28 / $7500.00

Listing Summary

  

Borrower Info
Requested Amount: $7500.00
Lender Rate: 11.00%
Automatic Funding: No
Percent Funded: 100%
Monthly Payment: $245.54
 
Borrower: zamboniii
Location: CO
Group: (NoGroup)
Group Fee: 0.00%

Credit Profile
Credit Grade: AA Homeowner: Yes Account Verified: Yes Debt To Income: 18%

Extended Credit Data
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Listing Description
Purpose of loan:
This loan will be used to purchase a used motorcycle that I will use to commute to work.  My current commute is 35 miles one way (350 miles a week) and this purchase will help me reduce my gasoline usage and will help me reduce the mileage and maintenance I am currently putting on my primary automobile.  Since I live in Colorado, this motorcycle will not be a year round solution, but I should be able to use it roughly 6 months out of the year.  I also feel like a motorcycle is a very "green" mode of transportation, and I feel that's it's important to take care of the environment, so I want to do what I can to help out on that front as well.

My financial situation:
I am a good candidate for this loan because I am a good financial risk, and I have been constantly improving my credit score over the past 2 years.  I went through a divorce a couple of years ago that really hurt my credit, and this is one more step in trying to improve it.  My credit cards are just about completely paid off, but I do need some more lending activity to build my credit score.  I can get a cheaper loan through my credit union, but I am also a current lender on Prosper, and I want to see what the borrower side of this site is like.  If things work out as a lender for me, I will definitely be putting more cash into Prosper in order to fund more loans.  I have 9 loans right now.  I really think this site is a great idea, and I like the fact that I'm able to help others.      

Here is some detailed information on what my credit shows:

Delinquencies in past 7 years - I did have a four 30 day lates on two of my credit cards and my mortgage roughly 2-3 years ago while going through my divorce.  I am not proud of that, but it was a tough time financially and I have worked myself in a much better position since then.

Public Records in past 12m/10 years - these were for 2 tax leins that were placed on a piece of property I used to own, prior to my divorce.  These leins have been paid and cleared, but they will stay on my credit history for roughly 5 more years.  

Inquiries in the past 6 months: Two of these are related to me shopping around to refinance my house.  I started in March and started working with another lender in May.  I believe that is two of these inquiries.  I am planning on refinancing my ARM into a 6% fixed rate loan.  This will reduce my payment from $2800 a month to roughly $2200 a month.  This will improve my cashflow every month, and it will make my payments stable for the life of the loan.  The third inquiry was for a set of tires on my primary vehicle I purchased in April.  The tire dealer had a 12 month same as cash promo so I opened up one of their charge accounts.  I will pay that balance off before the 12 month promo period expires and pay no financing on the set of tires.

Revolving Debt Balance: Approximately $15,800 of that is a HELOC on my house.  It's a great loan at 5.5% and the payment is $158 a month.  I will probably be rolling this payment into my refi (even though it's at a higher rate) because it is an AR HELOC and the rate could go higher.  If I put it into my refi, my revolving debt balance will be extremely low.  I pay off all my credit cards each month, except for the tire account mentioned above.

Monthly Income  8400/month

Liabilites  6500/month

I'm out of characters to list these out individually.

If you have any questions, please let me know.  I do appreciate everyone taking the time to read my listing, and if you decide to place a bid, "Thanks" in advance.  I will not let you down.