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Prosper Funds are in the Bank


I am very impressed. I looked at my account online today and I see a pending deposit for my Prosper loan. It only took 2 business days for my funds to hit my bank.

What was the first thing I did? I set up a payment for tomorrow to pay Credit Card #2 πŸ™‚

It won’t be paid off in full yet. My balance transfer from Credit Card #4 hasn’t shown up. I am starting to get concerned, but it still hasn’t been two weeks yet. I have to be patient. After that balance is completed and the Prosper payment posts, there will still be a balance on the card that I will pay from available cash. Then it will be at zero for a little bit until the next statement. Unfortunately, there will be some lingering finance charges to pay.

But after that – Credit Card #4 will be zero for the first time in a VERY long time.

What should I do with the card now?

I definitely shouldn’t close it. That’s $23,500 of credit right there and closing the card will probably negatively impact my credit score. I’ve briefly thought about the fact that I could buy a car outright with my card. But that’d be a silly thing to do considering the rates and considering that we don’t need another car. And quite frankly, I’ve put a lot of work into getting this debt down and I want to keep it that way.

I think the best thing to do would be to lock it away and basically forget about it. I’ve already prepared myself and signed up for emails alerts. I get a weekly update on my balance just to make sure the balance is zero and I guess it is something I can receive weekly and smile about πŸ™‚

Things are coming together quite nicely. Now, I just have to explain my debt-payoff game plan (coming soon).


  • Reply D |

    Maybe after credit card 2 is paid off, you could request a low interest no fee transfer rate. Then move all or part of your student loans (based on the time frame)and make more of your payments pay down the principle.

    Just make sure the interest rate you receive (hopefully 0%) is lower than your current rate less the tax benefits.

    Ok, my motherly advice is kicking in….Don’t you dare buy a car on a credit card or I am going to spank you and ground you to your room. Alright, I am better now.

    Congratulations – Only Good Things to Come!!

  • Reply Tricia |

    LOL – you almost had me rolling on the floor laughing after reading your motherly advice comment.

    Don’t worry – no new car is going on the credit card πŸ˜‰

So, what do you think ?