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 :)
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 :)
Things are coming together quite nicely. Now, I just have to explain my debt-payoff game plan (coming soon).
Index of My Borrowing Experience with Prosper