A Monthly Struggle of Bills
Worn-out and tired of the monthly struggle to afford all of his bills, Leonard proactively sought the help of a financial coach. His income was primarily from SSD, accompanied by a small pension, and his rent was staggering –over 80% of his income. He had no choice but to run a deficit every month. He found a roommate to share in the expenses, but when his roommate moved away, he was again left juggling the bills alone.
Out of Financial Options
Since his career had been in the film business, he was able to tap into some helpful resources, such as the Actors’Fund for grants, but it wasn’t enough. He was running out of options, and his income was too high to qualify for most public benefits.
Leonard’s goal was to find more affordable housing, but he knew it would be difficult to be approved since he didn’t have a credit score. Following his coach’s advice, he applied for a secured credit card and started using it every month to pay one bill. He also worked with his coach to clear up errors on his credit report, which included an erroneous judgment.
An Excellent Credit Score
Within a year, he went from no score at all to having a credit score in the excellent range, an increase of over 600 points! He is now approved under the NYC Affordable Housing program and is in the final application stages –his rent will decrease by half with the new apartment.