Member Saving Stories

Ivonne turns a phone call into almost $6000 in savings per year!

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When I called this member to make sure her account is working for her, I noticed she had opened a Gateway Line of Credit more than a year ago. I thought it would be a great idea to see if we could get her into a Qualstar Visa instead. As we were chatting, I noticed she already had a Visa, but it was on another account. That got us talking about what other kinds of debt she had. She explained she had two credit cards, each “with very high interest” and balances totaling almost $11,000! I told her I would love to see what we could do to help get rid of those high rates. We did an application and her credit was excellent— there was no need for her to be paying high interest on anything, so I offered to do a loan review for her. Her monthly payments were over $500 and that was making the minimum so her balances weren’t really going down.

There was an auto loan with a small balance, so I told her we could take the equity from her vehicle and transfer her credit card debt into it to take advantage of a lower rate. Then, we could request a Visa limit increase and apply for a personal line of credit. After everything was finished, we ended up consolidating all of her debt, with much lower rates and a total monthly payment of just over $200 – with that lower monthly payment and lower rates, she is now saving almost $6000 a year! To add to her joy, I also told her we would be giving her 1% CASH back for the balances she transferred to her Qualstar Visa. She is a very happy member, and thanked us for taking the time to call and look out for her best interest! #ThisIsWhatWeDo