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||Credit card refinancing
||3 years (36 payments)
||$244.94 / month
||$7,500 (100.00% funded)
||97 people funded this loan
|Note issued on
|| 10/20/08 1:50 AM
|Loan Submitted on
||10/14/08 1:55 AM
||This loan was relisted
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trying to refinance a store credit card at a better rate. Bought wedding ring at 22%! ouch! this is my second try - love lending club, however i missed out on my chance to accept funding. I was almost fully funded and missed the deadline to accept the funding. Now I know more about how this works and will try again. . .
Questions & Answers
Q: Please explain the $120k revolving credit balance. Also, what kind of mortgage do you have?
A: (10/15/2008-08:00) - Good question - 100,000 of the revolving balance is a Home equity line of credit that was used to purchase my home via an 80/20 mortgage. the remainder is credit cards, hence the purpose of the loan. My mortgage is a 30 yr fixed on the 80% and a adjustable rate on the HELOC.
Q: Go Spartans! I'm worried you may be overextending yourself. Are you sure you can cover the HELOC, Mortgage and this loan? What percentage of your stated income will the sum of those 3 payments be?
A: (10/16/2008-09:27) - I take home 5300 per month, so the mtg, Heloc and this loan represent about 50% of my take home pay. In addition I am married with a working spouse (bank mgr.) whose income is not listed for the purpose of this loan.
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