Your Credit Score Will Say “Thank You” – ConneXfactor Update

X-factor logo (3)

ConneXfactor is a competition between four Connex members as they work with Connex Coaches to reach their financial goals. Contestants have even started to see their credit scores increase by paying their bills on time and lowering their credit card balances. Read below to see what our ConneXfactor contestants are doing to reach their goals. Plus, learn more about your credit score and how it’s calculated.

Robert H. – Saving money on interest

Robert is diligently following his budget and on track for his ConneXfactor goals. Robert is paying extra to bring the principal down on his personal loan. This will save him money on interest and pay off his loan faster. –Gezim Stroka, Meriden Branch Manager


Cristina B. – Cutting costs and saving it

All the hard work that Cristina has been putting into ConneXfactor is continuing to pay off. By sticking to her budget, and cutting some of her expenses, Cristina has been able to deposit a larger amount of her paycheck into her savings account. The phone call that Cristina made to her phone and internet provider allowed her to save $65 a month without sacrificing the services she regularly uses. That extra $65 each month has not only made Cristina’s budget even more achievable, but it has also allowed her to contribute more to her savings for the future. Lowering her expenses and increasing her savings are great steps towards two of Cristina’s goals. –Troy Cassidy, Branford Branch Manager


 Susan O.  – Saving on babysitting costs

Recently Susan started working with some of her coworkers on creating a baby-sitting exchange.  Each member of the group would watch each other’s kids so the parents can have date nights without having to incur the cost of a babysitter. This saves the families $30-$50 each time they go out on a date night. –Frank Pomarico, Hamden Branch Manager


 Janet C. – Slashing credit card interest

Janet continues to focus on her goal of paying down her credit card. She has been a loyal credit card holder for over 10 years. Although Janet has a fixed rate on her credit card she was getting frustrated paying interest each month. We called the credit card company to see if they could help. After all, Janet has kept her account in excellent standing all of these years and has maintained a strong credit score. We were both thrilled because Janet’s rate was lowered to almost half of what she was paying before. This is such a great example of how a responsible consumer can negotiate to save money. Every bit of savings helps. It never hurts to ask for what you want in life, you just might get it. I am very proud of Janet for taking another step towards her financial freedom. –Melissa O’Connor, Guilford Branch Manager


You and Your Credit Score

If you break it down, your credit score can be manageable and have an upward direction!

  • Payment History – Pay all your bills on time.
  • Amounts Owed –  Use only 50% or less of your credit card limits.
  • Length of Credit History – Don’t close old credit cards, even if you don’t use them.
  • New Credit – Don’t apply for many different new credit accounts in a short period of time.
  • Types of Credit Used – Have a mix of different types of credit (auto loan, credit cards, mortgage, etc.)

creditscore

How Connex Can Help

Connex Financial Advocates are here to help. We will sit with you one-on-one to help create a plan and a budget to reach your financial goals. Together, we’ll help guide you to where you want to be. Stop by any branch to get started today.

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Posted in Contests and Promotions, Financial Education, Improve your life, Money Saving Tips
One comment on “Your Credit Score Will Say “Thank You” – ConneXfactor Update
  1. orams says:

    Reblogged this on Lil Miss Penny Pincher and commented:
    Create a co-op of babysitting with friends. Your family and wallet will thank you. They won’t feel relied on all the time and you can help out other parents

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