Listing Profile Bid History Loan History
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Listing Title


Loan Information
Loan Status: Current Origination Date: 2008-07-01 Payments Made: 5 of 36 Total Payments: $1400.89 / $7499.00

Listing Summary

  

Borrower Info
Requested Amount: $7499.00
Lender Rate: 19.95%
Automatic Funding: No
Percent Funded: 100%
Monthly Payment: $278.50
 
Borrower: chelliebelly
Location: FL
Group: loans2u
Group Fee: 0.00%

Credit Profile
Credit Grade: D Homeowner: Yes Account Verified: Yes Debt To Income: 34%

Extended Credit Data
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Listing Description
The purpose of this loan:To pay down my high interest rate FIA (Suntrust) CC that I used while on Maternity leave. At the time my CC was at a 0% interest rate, however the introductory rate has since expired and the finance charges alone are $225 a month!

My credit cards totals:
Discover $3700 @ 13.99%, min mo payment $74
Capital One $8500 @ 5.4%, min mo payment $262
Home Equity Line (55k) @ 6.5%, min mo payment $325 (650/2 split with husband)

FIA (Suntrust) card (co-borrower with husband) $8,000 (reduced $2,000 from last listing) @24.98%, min mo payment $325 ($162.50 split with husband) Authorized user on my husband’s Discover account $8000 (have requested to be taken off as authorized user, still pending)

Revolving credit of $83,520.
This includes a Home Equity Line of 55k (used for Pool/Spa/Deck), my Discover and my Capital One card. The remainder results from being a co-borrower on one my husband’s cards and an authorized user on another.

My goal is to become debt free in 3 years, and this Prosper loan will help me achieve that by consolidating my debt and reducing the amount I am paying toward interest on my debt. In the past two months I’ve made payments to reduce my revolving debt from $85,908 to $83,520, (Paid $2388 toward high interest CC’s). I have also substantially reduced my spending habits and have eliminated some unnecessary monthly expenses. I have put my family on a tight but reasonable budget and am aggressively working to pay off all my CC debt.

I have 0 delin/0 delin in 7 years/ 0 Public Records. I pay my bills responsibly and take my credit scores seriously. I have spent the last few months researching credit/finances/debt reduction strategies and obtaining financial management advice. This is how I came across Prosper.

I am a professional in a Management position. I make over 90k per year. I have a stable income, and have had only two jobs since college. I have worked very hard to get where I am. I am an honest person and I am absolutely focused on improving my credit score and eliminating my credit cards for good.

Changes since last listing are on my profile page due to size limitations http://www.prosper.com/groups/member_home.aspx?screen_name=chelliebelly

Monthly net income: $7500 (my income) not included is my husbands income of ($5000)
Monthly expenses $ 3355.50
Housing $ 1100 ($2200/2)
Insurance $ 150
Car expenses $ 400
Gas $400
Utilities $ 100
Phone, cable, Internet $ 32
Food, entertainment $ 150
Clothing, household expenses $ 100
Equity Line $325
Pool Maintenance $100
Credit Cards NOW $498.50

AFTER PROSPER LOAN
Credit Cards: 179.50 (assuming 35.57% interest rate)
Prosper Loan 331.42 (at 35.57% interest)
Monthly expenses before prosper loan  3355.50
Monthly expenses after prosper loan 3367.92
Difference of $12.42 but actually paid in 3 Years