Anyone have any info on Propser.com???? I am looking to get a loan to cover all of my cc bills, and have just one bill, I feel I have exhausted my local bank/credit unions in the past, and don't think they will loan me $10k. I have a $5k Discover Car bill with a 19.99% interest rate, need to get rid of it soon!!! If I do find one loan, and end up with one monthly bill, will this increase/affect my credit score? In a good or bad way?
What's your goal? To hide your debt by having it paid by a loan that's not reported on a credit report? From what I've seen of Prosper.com, you don't get rates that are any better than a bank. I mean, if a bank won't take the risk at a certain rate, why would Joe Average-Guy? I suppose, the "average" people who lend money in Prosper might be more pursuaded by some heart-wrenching sob-story than a bank (some of those people have some serious drama in their lives) so who knows. Having paid off credit-cards will help your score, but when it comes to debt-income ratios (e.g. for a mortgage), refinancing won't do much unless you can get a much better interest rate. I mean, you still have to make the payments on the money you owe.
