Listing Profile Bid History Loan History

Listing Title


Loan Information
Loan Status: Paid Origination Date: 2007-03-01 Payments Made: 2 of 36 Total Payments: $1139.71 / $17000.00

Listing Summary

  

Borrower Info
Requested Amount: $17000.00
Lender Rate: 12.45%
Automatic Funding: No
Percent Funded: 100%
Monthly Payment: $568.30
 
Borrower: Roodiculi
Location: WA
Group: (NoGroup)
Group Fee: 0.00%

Credit Profile
Credit Grade: A Homeowner: No Account Verified: Yes Debt To Income: 52%

Extended Credit Data
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Listing Description
Purpose of Loan:
This loan of $17,000 will pay off a Chase credit card with a current balance of $22,000 that was closed in mid 2006 at my request.  I have already secured the additional $5,000 using the equity in my car – effectively increasing my car loan by $129.  The card was originally used to purchase some large ticket items and a cash advance for stock trading that didn’t work out.  However, thanks to the high interest rate of 29.2% it is difficult to pay it down with much progress.  This loan will provide a lower interest rate and a timeframe to have it completely paid off.

Our Debt Reduction Plan:
We have three other credit cards in which we’ve been paying more than minimum amount ($9,400 total balance with a blended rate of 10.25%) to get them paid off.  By paying a combined $325 per month on these cards, they too will be paid off in less than 36 months ($9,400 @ 10.25% paying $325/mo = 34 months). With the prosper loan, all credit card debt will be paid off in 36 months. What a great feeling that will be!  All that will remain is our car loan which will be paid off in an additional 12 months and my student loan.

The second and most important part to this plan is to not add any more debt.  Since graduating from college, I have been in a successful job as an analyst, while my wife is also doing well in her new job of 18 months.  Since earning higher incomes, our credit card debt has not increased, but has actually decreased, just not as fast as we would like.  It is time to get rid of it.

Monthly Income and Expenses:
Our monthly net income after taxes and 401k contributions is approximately $4,200.
Our monthly cash flow will look like this:
Household Net Income:        $4,200
Rent:                                     $1,095
All Utilities:                               $390
Auto Loan (was $296):               $451
Auto Insurance/Gas:                  $226
Student Loan:                            $101
Food/other living expenses:         $600
Other card payments:                 $325
Prosper Loan at 17%:                 $606
    Total Expenses                  $3,794
Cushion for Misc. Expenses:       $406

As you can see, this loan is well within our budget.  We have never missed a payment on any form of credit.  Our household debt to income ratio will be 26% rather than the inflated posted DTI (doesn’t take into account that prosper loan is replacing an existing credit and is not new money.  Credit card can no longer be used as it is closed).    I can assure that you can bid with confidence as my credit is very important to me.  Thank you for your consideration.