The Pros Know

They really do! Remember how a few weeks ago I mentioned I was going to go see a financial professional to see if he could help me out? Well, he helped, he really did! I am now the proud owner of a 5-year open loan at prime + 1% (this is where working for a bank is paying off). Originally the bank would only give me the loan if I closed all of my credit cards and lines of credit, which I was intending to do, although I did want to keep one card for those situations where you do need one (like getting a Blockbuster membership). And that’s what my FA (financial adviser) thought of too, so he was able to do that for me. I get to keep my one credit card with a $1,000 limit, which is fine by me. In fact, this was a variation on the plan I was trying to work on! All in all it worked out nicely for me, if I do say so myself.

Now I’ve got a $340 bi-weekly loan payment ($680 total) for the next 5 years that comes out of my bank account on payday. It’s an open loan, which means I can make extra payments whenever I want. My FA also got me enough money to cover the rest of my car lease, which gives me enough time to save up money to buy out the car next year when the lease is due. I’m so excited about this, it’s not even funny! Instead of having to pay 5 different things, I only pay one. As my FA kept saying “your credit score will go up because we’ve moved all your debt to one bank, which looks better.”

Yee haw!