Prosperity Connection, St. Louis Community Credit Union
Prosperity Connection (St. Louis Community Credit Union)
St. Louis, MO
Robert Nelson V has been a Prosperity Connection financial coach since 2016. Prior to becoming a coach, he worked as a Member Service Representative at the St. Louis Community Credit Union, Prosperity Connection’s founding partner. Throughout this time, his passion for financial wellness has translated into amazing results for the clients he serves. Whether assisting prospective home buyers navigate financing options, working with a young adult in establishing credit, or helping a married couple make a plan to pay down debt, he has a knack for helping others find a pathway to success.
“I started meeting with Brittany in January of 2020. She informed me that her goals were to increase her credit score, increase her savings, and move out of her mom’s house,” shared Robert. After pulling Brittany’s credit report, he noted that her score was 510 and realized that a combination of student loans, outstanding collection items, and occasional late payments were negatively impacting her credit.
Robert worked with Brittany to create a plan to increase her credit score, starting by sending debt validation letters to creditors. As a result, several erroneous collectors and debts were removed from her credit report, which allowed Brittany to focus on establishing a reasonable repayment plan with her student loan provider and eventually request an adjusted monthly payment based on her income. Up to this point, Brittany’s financial plan was in full motion; then, the COVID-19 crisis hit.
“Because of COVID, we were unable to meet,” stated Robert. Despite the lapse in their direct contact, Brittany stuck to her plan and made huge strides toward getting her finances on track for success. In January of 2021, Robert was able to reconnect with Brittany. Upon pulling her credit report, he found that her score had increased by 133 points—to 643. At Robert’s suggestion and with his assistance, Brittany also refinanced her automobile loan with St. Louis Community Credit Union to reduce her interest rate (25.41% APR) and payment ($468 per month) to 6.48% APR for monthly payments of $360. Over the life of her loan, Brittany’s enhanced credit score and lower automobile financing will save her $6,000.
“Brittany’s story shows that a little guidance and effort can truly help someone achieve their financial goals. We plan to tighten up her budget now that she is living on her own and start her savings journey to prepare her for homeownership. I am extremely proud of Brittany and her hard work. I have no doubt in my mind she will go far in her financial walk. This is just the beginning,” said Robert.