Anne Used a Possible Loan to Protect Her Credit
When Anne’s child was sick and her spouse was looking for a job, she needed a reliable financial cushion that wasn’t just adding debt to her credit card. A Possible Loan allowed Anne to protect her credit score so that her long-term dream of buying a home and opening a childcare business were still realities.
Transcript
We were living paycheck-to-paycheck. It was hard to not put too much money on our credit card. Some of the financial challenges we had were: we were a young family, my husband had just moved here, and it took a little bit to get a job, we had two young children, and then my youngest child got pretty sick. So it was a challenging time, and we also had big plans in the future. We were really cognizant about not ruining our credit score because we wanted to do things in the future. Well, we wanted to buy our own home so we could open our own preschool with childcare, which we were able to do just last year! Possible really helped us keep our credit score good and it kept us from putting too much on our credit cards, and so it really enabled us to first get our home, which enabled us to get our business, so it’s been really helpful. The relationship with our credit score, keeping an eye on it, was that we were constantly checking and constantly trying to keep our credit utilization low, but we also were living paycheck-to-paycheck. So, it was hard to not put too much money on our credit cards. So, it was just nice having an emergency fund when we needed it, and that wouldn’t hurt our credit score in the future. We have some big financial goals: we’re hoping to expand our childcare a little more, and then once we do that, we want to start helping my husband’s family with his home country, which is in the Carribbean. I would describe Possible to my family and friends as, sometimes it’s hard these days to have an emergency fund available, and when things just happen that you can’t control, it’s just nice to have that flexibility, to have something that doesn’t hurt your credit that can get you through. Financial security means you’re not living paycheck-to-paycheck, you have a little bit of a cushion, and if you don’t, at least you know that there’s ways to move forward without wrecking your future.
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