A new loan funded this afternoon (Debt Consolidation – Pay off cards to raise credit score (Loan #6205) — $24,000 at 19.10%). I participated via my standing order: High DTI — AF. Which is this loan was funded as a high debt to income ratio and was an auto-funding loan. The borrow had C credit and 37% DTI. As a reminder my standing orders only find loans with 0 current delinquencies, 10 or less delinquencies in the last 7 years, and 2 or less public records in the last 10.
With this loan I have $3,000 across 48 loans with an weighted average interest rate of 15.91%.
Here is the listing:
For the readers that believe in reading the actual description without modification:
I am requesting this loan to pay off my credit cards and raise my credit score. My credit score is not as good as it could be solely because of high balances on my credit cards, which in this case is not a good indicator of credit worthiness (in my opinion). I have no deliquencys [sic], and have NEVER been even 30 days late on any of my accounts. This loan will allow me to pay off my credit cards in full, quickly raising my credit score. With the better credit score, I plan to refinance my home loan within the next 3 years, securing a better rate on my mortgage. I have been working with the same company for over 6 years, have a stable, salaried income. In Summary-Never even 30 days late on any account.
Credit Score not as good as it could be solely because of high balances on credit cards
Plan to pay off all credit cards with procedes [sic] of this loan to raise score, and with higher score refinance my mortgage at a better rate.
Stable professional salaried income, with same company for over 6 years, and in same line of work for 8 years.
Assets include available equity in home, fully paid off 2006 car, and 401k account.Thanks. I look forward to working with you.
I think this is another fine example of a quality standing order borrower and interest rate. What do you think?
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