Taking out a prosper loan to buy stocks

[ImsaKidd]

Is this whole post a level or srs biz?

[DesertCat]

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I can't even tell if you're joking. I am on the verge of banning you in an effort to protect the forum readers who might believe things you say.

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Well if you want to ban me for what i posted in this thread, then you pretty much need to ban every poster (except for DC and Sniper) who has posted in this forum. As 90+% of the crap in this forum should not be trusted.

I guess difference of opinion = ban

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And then there was one.

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The pressure to avoid putting my foot in my mouth has just become immense. Perhaps someone can do a search and repost one of my dumbest comments and we can all return to being equally FOS.

[kimchi]

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The main lesson here is this. I should have trusted myself and my mad stock picking skills over a freaking poker message board.

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Wow man, really? I mean, damn, really? That's the main lesson you came away with here? REALLY?!?!

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Yes. Which basically means this entire forum is worthless. Mods, please remove it now.

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Wait. Let me see if I follow:

1) you have brilliant idea
2) people tell you your idea sucks
3) you act like an idiot only by listening to others in this thread
4) something totally huge happens
5) forum should be removed? yes

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Corrections in bold

Edit to add: Sniper has the most accurate posts in this thread. Borrowing money at a low interest rate, and then making money on that money is how you get rich. Being afraid to borrow the low-risk money in the first place is what keeps most of you in the rat race.

Funny how it went from most of you wanting me to fall flat on my face, to me still being an idiot for being right. I think most of you need to open your horizons a bit.

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Trading and investing is primarily a psychological game, of which yours has proven to be somewhat lacking. This has been evident by you kicking yourself for not following the rules of your own 'strategy' and to have your opinions and beliefs swayed by posters on a poker message board.

Investing and trading allows the person to put his money where his mouth is and take bets on the market followed by risk and trade management.

The outcome of that bet and the decision to wager it will then be your responsibility, and only yours.

I actually would advise against listening to advice from anyone from a financial "guru" to a poker board poster on whether or not to take a particular trade and how to manage it.

If you want to put stock purchases on your Mastercard or margin or whatever, then do it. The outcome (good or bad) is then your responsibility.

If you do, please post a trip report.

[Shoe]

Sorry guys, I was a bit out of line the other night. I guess more than anything I am just frustrated with how little i have invested in the market while watching my stocks go up each day and wondering "what if" if I could have only gotten more funds into the market sooner. I just need to realize that there are always going to be great stocks out there and I need to be patient and not worry too much about missing this one. I wrongfully took out some of my frustrations on you guys and this forum and for that I apoligize. I am by no means a market expert, and many of you here are much better traders than I may ever be, however I have made several successful trades over the last 5 years or so, they have just been on an extremely small scale (dollar-wise). It's just that when you turn $500 into $1000 over 2 years, or $200 into $260 over 6 months, it's not that big of deal. Sure it is a great rate of return but the dollar amount I gained is basically nothing.

I've got about $15k in 0% credit card loans for the next year that I am in the process of moving to my bank account and then the market. I've applied for a few more cards as well that I'm waiting to hear back on so hoping to get another 15-30k invest over the next couple months as well. I'll be happy to post a trip report in 6-12 months for anyone interested.

[emon87]

wow I never thought I would see this much drama in BF&I!!

[brendanb438]

Please post trip report when you make a bad choice, lose half your investment, then start to get raped on those credit card interest rates.

Hey at least you can one day file for bankruptcy.

Actually Evan you should just lock or delete this thread.

-Brendan

[vassk1]

A serious question here: How much do you think his credit score dropped because of this i.e. applying for a ton of credit cards and basically maxing them out.

[Shoe]

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A serious question here: How much do you think his credit score dropped because of this i.e. applying for a ton of credit cards and basically maxing them out.

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Each credit card you apply for drops your score about 5 points, as it is considered a recent inquiry. After about 6 months you get the 5 points back.

The other part that effects your score is the amount of available credit you are using (as a percentage). For example, if I have a $20,000 credit limit and am using $18,000 of it, then my credit usage ratio would be very high (90%) which would lower my score. If/When you pay off your balance, your credit score will go back up within a couple months as it gets reflected on your credit report.

If your planning to buy a house or something you should hold off, but any credit hit you take from credit whoring is only temporary. The risk is spending/wasting/losing the money and then being unable to pay the loans back when they start charging interest, which is why most people keep the funds in an online savings account paying around 5%.

[prohornblower]

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Keep us posted. But I can tell you what will happen ...either you lose a bunch of money and everyone laughs at you and reminds you that they tried to HELP you, or you make money and everyone points out that you got lucky and are being results-oriented . Then you'll argue about it and bring up the Nintendo stock again ,

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lol. I knew it.

[ocdscale]

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I ended up cancelling my prosper loan request because I was unhappy at how it was funding. I'm sure it would have ended up funding at 13%, but it does not appear the interest rate was going to get bid down much, if it all. All of the other AA loans i have seen on that site usually end up around 8% interest. I knew my loan was bigger so it probably wouldn't get that low but I was surprised that it was not already dropping in rate.

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I withdrew my loan request at prosper, which means i profited $0.00.

If i had gone threw with my request, I would be up $2,197.80 right now (minus around $250 interest).

The only bright side to this is that I am in the process of transferring around $15k 0% credit card loans to my stock account, so I will be able to reap some more rewards soon. I am also in the process of applying for more 0% credit card loans, but won't have the funds from those for a couple more weeks.

The main lesson here is this. I should have trusted myself and my mad stock picking skills over a freaking poker message board. Don't take this too personally, there was a lot of good advice in this thread, but I am really kicking myhself right now.

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So did you cancel it because you weren't happy about the rate, or did you cancel it because of the advice here? Make a decision.
I have a feeling you will be filing for bankruptcy in 5 years.