Wisconsin man raises credit score
Taking Charge of His Financial Life
That change started with an Internet search for credit counseling services in the Rhinelander, Wisconsin area that led him to Northwoods Saves. Impressed with what he read about the nonprofit organization, he met with wealth coach Phil Schlachtenhaufen. “I told him my situation, and he gave me hope,” he said.
Fishler’s first goal when he signed up as a Saver was to clear up his credit record. “I didn’t know the first thing about credit,” he said. Schlachtenhaufen walked him through the process of requesting and analyzing his credit report and disputing information. “I can’t believe how easy it is for someone to get bad credit on their record, and how tough it is to get it off,” he said.
As a result of his efforts, however, he estimates he increased his credit score by about 200 points. Now he’s buying a house, and with his improved credit, he was able to get “a decent interest rate,” he said.
Fishler, who is a scientist with Frito-Lay, also enlisted Schlachtenhaufen to present a workshop to Frito-Lay employees on retirement saving. “No one wants to own up to being illiterate about things like that,” he said. “But many of us, you know, you aren’t taught that in school.” Although he had participated in the company’s retirement plan in the past, he did so “blindly, kind of.” After hearing the Northwood Saves presentation, he upped his contribution to earn the full company match and made changes in his fund allocation to a more aggressive approach consistent with his age.
He’s also contributing to an emergency fund. “It’s not nearly close to where I want it to be, but I’m building that up right now,” he said. His goal is to have three months worth of expenses saved in an emergency fund. “Having that emergency fund will give me a lot of peace of mind,” he said,” because something always crops up.”
In the meantime, he’s changed his approach to major purchases. “If there’s something I really want, I don’t buy it right away. I let it go for about a month,” he said. That helps him distinguish between “wants and needs,” he explained. “I think by taking that time it’s easier to take that big picture look.”
“Before, I didn’t really take charge of our finances like I should have,” Fishler said. Now he’s promised himself that, “I’m not going to let my finances be in charge of me. “I’m going to be in charge of my finances. It just gives you a completely different outlook on life.”
“I’m not going to let my finances be in charge of me.” --Troy Fishler