EDIT: Please note, this post is from JANUARY 2007. Scroll down for more recent updates.

So I spend like ten hours a day on Prosper, and I keep thinking there has GOT to be some way to justify this addiction. (Jeez, I can't even bid on loans anymore, 'cause I'm saving up for a trip to Hawaii! :P)

I keep looking on Prosper for loans I *would* bid on if I could (it's an obssession, what can I say) and I hate for all that research to go to waste. I had toyed with the idea of becoming a "Lending Consultant" or offering a tipsheet or something, but the consensus over at Prospers.org seems to be that it's better to let lenders make their own decisions. -sigh- So make up your own mind, but if anybody's looking for a loan to bid on, Here are my current picks, not in any particular order:

1. Credit Card Debt: https://www.prosper.com/public/lend/listing...listingID=83865 Low asking amount, good ratio of current DQs to D7s, good employment history, sensible plan, decent rate, though it may get bid down.

2. Buying My Dream Car: https://www.prosper.com/public/lend/listing...listingID=81869
Seems like a sensible guy, rational plan, reasonable explanation for the negative mark on his credit. Decent rate.

3. Consolidate for Home Refinance: https://www.prosper.com/public/lend/listing...listingID=82739
Sensible plan, GL recommendation. There's a thread on this one:RML thread

4. Pay Off Some Credit Card Debt & Home Improvements: https://www.prosper.com/public/lend/listing...listingID=83220
Reasonable explanation for the negative marks in the credit details, though I wish the GL had checked on that info for us. C grade, decent rate. High DTI, but if the borrower really does use the loan for consolidation, that will resolve itself.

5. Consolidating High Interest Credit Card Debt: https://www.prosper.com/public/lend/listing...listingID=83314
Clean C. I sent a message to the borrower regarding the strange DTI (297%). It looks to me like a "yearly vs. monthly" error. I wouldn't bid on this at less than 15%-- we'll have to see if the rate gets bid down.

If I had $250 to bid with right now, I'd put $50 into each of these loans.

83865
Lates in 2000 will not have much impact, hardly any really, on credit score. That is NOT the reason this is an E.

States in listing $52k in income for 2006 and is 47% DTI. (This is not 'hidden' so I assume its ok to see...) I don't see how $1500 in a loan could make a difference on that income & with the expenses he indicates. Last listing was for $5k just a few days earlier, listing says the same thing with no explanation for why he now needs $3,500 less.

81869
I like except his utilities seem low & he does not eat, pay for gas for his vehicle, etc.

82739
I like.


83220
Story for his current DQ's is full of holes. If your payments are made the day after they are due, you will get hit w/ late fees but it will not impact your credit report. It must go 30 days past de before it gets reported as 'late'.

83314
Only concern is the DTI - though I can't help but wonder if he entered his income wrong... He says it is high because his wife's income is not counted, but her income of $1k would not fix a 297% DTI.

If he entered his monthly income (rather than annual incomee- as he should have) he'd have about a 24.5% DTI. Based on his debt payments listed ($881) and Prosper payment ($142.61) and gross income ($4000) I come up with 25.5% DTI.


This post has been edited by StaciM on Jan-14-2007 12:35 PM

Just a suggestion. If you are going to post these on a regular basis, you should add a date as part of the sub-heading so people will know which posts are the most current.

I probably spend almost that amount on here too, 10 hours. However, I have other windows up during my Prosper time. I do my part time jobs online and keep checking Prosper continuously. I actually sat down with a calculator and figured out how much time I spend here:

24 hours in a day
- 8.5 hours full time job
- 5-6 hours of sleep
_________________
= 9.5 to 10.5 hours left for Prosper and other internet duties.

When do I have time to eat or use the ladie's room? LOL

I should just start wearing diapers and wear one of those hats that hold cans and have tubes leading to my mouth & use Ensure.

:blink: :lol:

Ok - I like the 3rd & 5th one, notes finished above...

Staci, you rock. I didn't think of that. But still, that number of D7s, with no CQs, looks good to me. Shows commitment to paying off debts. Maybe the E is due to high utilization? I think he originally listed at $5K, and when that didn't fund, he lowered his asking amount. You're right though, $1500 probably wouldn't make much of a difference...

I'm pretty sure he's including groceries and gasoline under what he spends his "disposable income" on. If he spends $600/mo. on groceries, gas, & misc., that still leaves him enough cash to make payments. I saw how low his utility bills were, just assumed CA is temperate enough that you don't have to pay much for heating and AC (from what I understand, many houses don't even have AC.)

I do too. 4 days left-- I bet the rate gets bid down.

You're right. I wonder if it's confusion rather than deception though? If he's unfamiliar with how credit works, he might just be guessing.

Yes, I sent him a message about this but have not heard back. Surprised Bmay didn't catch it.

Thanks so much for your insight. You always have intelligent things to say. :)

Average Jane, lol @

:o

On 83220, he may think that is the reason - no way to know of course. My thought is more along the lines that since a day late payment is NOT a current DQ, something else is...

Found a new loan I wish I could bid on: Deb's Loan

Okay, it's been 3 months, and I thought it'd be interesting to revisit these and see how they're doing.

#1: Rate 20%; Current
#2: Loan Cancelled
#3: Rate 17%; Current
#4: Relist Funded, Rate 14%; Current
#5: Rate 13.45%; Current

Deb's Loan: Rate 19.4%; Current.

Wow, look at those rates. Now, 3 months later, rates are noticeably lower. It's definitely a borrower's market.

This is one of those times when you can really see the truth of the saying "it takes money to make money." If I'd had the money to invest in January, I'd be averaging roughly 17% on those loans. (And I know, it's early days yet, but at least none of 'em tanked right off the bat.)

I think the new Referral program is a major step in the right direction, as it represents Prosper's acknowledgement that using Groups as the primary marketing tool wasn't working. So, just as a small vote of support, I'm going to bid on a loan for the first time in several months.

Here's a loan I'm considering-- what do you all think?
A New Beginning

EDIT: Hmm... it looks like the friend who endorsed and bid on her loan is her husband, who also has a Prosper loan. The two of them look like they're pretty overextended.

FURTHER EDIT: So here's another one I'm looking at:
Debt Consolidation

(Oh, and if you're wondering why I'm putting these in this forum, it's because we've been asked not to post/advertise listings in the lender's forum, even if it's for the purpose of discussing the pros & cons of the listings. That's what this forum is for.)

I like both of those listings; but the D listing is going to be bid down to who-knows-how-low, it looks. The C listing looks as if it may not fund. It may be the group that's hurting the C listing. That's unfortunate if true since it looks like a solid listing to me.

Thanks for the vote of confidence on the D listing.

Thanks for the tips, Caladia. I couldn't agree more on the D, but I think I'll pass on the C. As you pointed out, overextended.

Okay, here's another one I'm looking at. (It's an HR.)

Motorcycle

Pros: High rate, no current DQs, only 1 Inq.
Cons: HR, short credit history, Motorcycle...

hmmm....

((((Cyber)))) Hugs and Waves to Cal!

Do you think you can sniff a listing out with ALL Pros and NO Cons? I'll jump on that one...*LOL*

IIIISLAAAND!!! Nice to see ya! Yeah, I'm keepin' my eyes peeled for the mythical "ALL -PRO" listing! :D

Update: Not to tempt fate or anything, but all the loans I recommended on here that became active loans are current. All are paying double-digit interest. If I had had the money to follow my own advice, I'd be doing pretty good now!

Here's another loan that I'd bid on if I had the cash:

Trav's [PII Deleted] Loan

The rate is lower than I normally go for, but it's Trav! :)

How does one audition for Caladia's picks? :)

Oh, you just lost your record of having double digit interest! :lol:

I would love to see more suggestions from you. Keep them coming so the rest of us can do well from your picks.