I was working with a member who was pre-approved for a Visa Credit Card – when I told him about it, he said he already had enough cards so I made sure he knew about our 1% Balance Transfer Rebate. He became very interested and agreed to proceed with the application. During our conversation, I found out he had an auto loan, so I told him we could also look into refinancing it at a lower rate and maybe even a lower payment – he was thrilled with all of that.
While Falana was working on the application, she realized the member indeed had plenty of enough credit cards, and because of that it would be more advantageous for him to do debt consolidation loan instead. He qualified for a personal loan, but needed more than the maximum allowed to payoff all of his creditors. So Falana kept looking for a way to help this member out, and I told her about him wanting to refinance his auto loan as well. She contacted the member to find out the value of the vehicle, and as luck would have it he had enough equity to refinance that auto loan and payoff the remaining card balances! In the end, our member was able to pay off all of his creditors and his monthly payments dropped significantly, saving him a total of $355 per month in monthly payments!