For six months, Connex Credit Union will be working closely with four participants to see who can become the most fiscally fit to win a $3,000 grand prize. Each participant has been paired with a Connex Financial Advocate who will offer real-world, practical advice on how to reduce debt, build savings, and many other helpful financial tips and advice. Connex received over 100 applications for the sixth annual ConneXfactor competition! Below is the next update on Justine J.
Justine J.: Justine’s Financial Surprise
Coach: Gezim Stroka, Branford Branch Manager
Sometimes when we hear “financial surprise,” we probably think of something negative that happened unexpectedly. Justine had a VERY pleasant surprise though when she checked her credit score recently – her credit score had increased by 30 points! She was ecstatic, to say the least. Since starting the competition, she was approved for a Connex credit card that offered no interest for 20 months. Justine has been making small purchases on it, and paying the balance off each month to help improve her credit score.
Justine did run into a snag with her budget not that long ago. She exceeded the funds she had set aside for her vacation, and then other unexpected expenses cropped up. The good thing is she had her emergency fund to help offset these costs. Before, she would have just charged it to her credit card and racked up more debt. The emergency fund account definitely served its purpose, and Justine is now focused on replenishing those funds. She is also saving extra money to this account, so that she can reach the goal we set in the beginning of the competition. In addition, she is still saving for her school expenses that will kick in once she starts continuing education classes in the fall.
Lastly, Justine is looking forward to paying off her last two student loan payments. This will free up more cash that she can save towards school.
Do you need help improving your credit score? Join our ConneXfactor contestants and let our Financial Advocates work with you to create a financial plan to help you stay on track! Stop by any branch or get started online today.