Krista lives in Dallas Texas and she’s an employee for a grocery store not far from her home in the Lower Greenville area and has a husband of five years who is a fire fighter with the Dallas Fire Station #3.
She wanted to consolidate her credit card debt so that she could get a lower interest rate and a single payment each month.
She is a member of the CUTX (Credit Union of Texas) and has been for over 15 years – but before she even bothered making an appointment with them she cut up all her credit cards except for her CUTX Platinum Rewards MasterCard®.
This was a smart move and it showed that Krista was serious about changing her spending habits and finally making a realistic budget for herself and her family. Luckily she was organized enough to never miss any of her minimum payments on her credit cards. This is kind of a big deal. Unfortunately we see way to many examples of people NOT taking precautions to protect their credit ratings.
Krista’s Appointment With The CUTX
Krista and her family does all their banking with the CUTX branch located at 3305 Ross Avenue in Dallas. It’s a handy location for them considering their work, home, and school locations.
She called and made an appointment on one of her days off when her branch was open – Tuesday. She got the kids off to school and went in for appointment at 11:30 AM.
She said she was nervous about the appointment because she felt embarrassed about her credit card balances. She would two hands to count how many people she knows on a first name basis at her branch.
Krista’s Own Words
I was nervous and hesitant when I went for my appointment at my credit union branch. They know me there and I know them so I wasn’t liking the idea of walking in there and admitting that I was irresponsible with my credit cards.
My husband reminded me that people get consolidation loans all the time and that there was no shame in it. I tried to believe what he told me but I was still self conscious going in.
When I was greeted by the branch representative I felt better because she smiled and gave a welcoming feeling. From then on I felt comfortable explaining my credit debt and asking if they could help me with a consolidation loan.
My credit score turned out to be 705 on average which is right on the borderline between a fair rating and a good rating. Thank god I never missed any of my credit card payments.
Within half an hour my meeting was over and I felt much better knowing that I had some help and a plan for changing my spending habits and keeping a closer watch on my budget.
I volunteered my review for the Credit Union of Texas because the people at the Ross Avenue branch have always been good to me an my family. I highly recommend their credit union to anyone looking to for fast and friendly service.
Krista (name changed for privacy reasons)
In Krista’s case she had a pretty fair credit score with and average rating over 700 after you take into account her Experian, TransUnion, Equifax and Vantage scores.
It’s not always the case of course and that makes it very difficult to get any kind of approval on a credit card consolidation.
Before she cut up her other credit cards she had a total of 5 including her CUTX Platinum Rewards MasterCard®. Her card balances varied but in total she owed over $15000 in credit card debt and a one department store card with Target.
When all totalled her consolidation was $20000 and in retrospect she said there was never really a NEED for the debt she had accumulated.
It was just a lack of self control and understanding of financial priorities.
Hopefully Krista has learned to be ultra-disciplined with sticking to her monthly budget and sticking to her one and only credit card with CUTX.
A good tip for controlling your spending is to have a checklist before you spend any money on items that are not essential. Ask yourself if you actually NEED the item you are considering or is it just a WANT. Then decide whether or not the want in question is something that will actually enhance your lifestyle so much that it’s worth taking on more debt.
Then you should ask yourself if you can actually afford to service your new debt. Are your earnings enough each month that you can easily make the payments on all your credit cards, and when I say payments I mean paying your card(s) off at the end of each month. If you don’t have enough left over to completely clear your credit card balances you shouldn’t be exposing yourself to more high interest debt.
Of course it there are occasions when it’s an emergency and you are forced to use your credit cards and in those rare cases you likely have no choice.
In Krista’s case it wasn’t an emergency – she just knew she had to get herself more organized and with help of their family credit union she was able to get approved for a consolidation loan.
CUTX Location and Communication
- 8131 LBJ Freeway, Suite 500
- Dallas, TX 75251-7028
- Phone: 972.263.9497 or 800.314.3828
- Email: email@example.com