Blind Lending

Recently I created a portfolio plan of my own. I set the limit at $500 and $50 per loan. So I set the specs on credit history that were important to me and felt gavce me a edge. To my surprise its been over a month and I still have to find one more loan that meets the criteria. Now keep in mind Prosper.com actually does the looking for me. Once a loan that meets my criteria is posted on the website prosper on my behalf places a bid at the rate I have predetermined for that credit grade the loan falls in. So far I have been happy with the loans it has chosen but its been a slow process since there arent many that meet the criteria that I have set. I have targetted mostly the C and D credit grades becuase the life long default rate on prosper.com seems to be about the same as AA and A credit crades but offer more percentage points in return. When this plan is complete I am placing another $500 on AA and A only just to keep a more stable portfolio just in case the numbers are off. I currently have 1 four month past due loan and 3 one month past due loans in my portfolio. They are all in the hands of Amsher who is the collection agency that took penncos spot. They inherited penncos' loans so their histoy doesnt look great just yet but the other agencys collection rate is horrible. Two of my late loans are AA and homeowners. How hard could it be to collect here... Theres alot of new lenders and more arrive everyday with dreams of 20%+ returns only to get burned. I am currently in the top 7000 lenders and one of only a few htat migrated from the original forums. The forums have been so moderated lately that its hard to keep up, posts get buried before they are read because every post is now moderated. Great stuff if its not the weekend apparently Prosper.com doesnt think we will use the forums on Sundays...lol

Elite Capital