Out of a pile of guano comes some sunshine

I have no idea how long the issues at work will be going. I know it affected last month's salary and will again at the end of June. I know that my carefully (and painfully) saved $2000 EF will not go far in the big picture and I know that I need to have a 'just in case' that isn't credit cards at 19.5% or higher.


So I made an appointment at my  Credit Union yesterday to discuss a line of credit. I really dont' want to use it but if something drastic happens at work then it would be significantly harder to get the LOC then, than it would be now.


I have a few friends who have them; some are contingency accounts they do not use and some, use their LOC a lot. When I went in, the bank lady described  a few different options but they did not sound like what my friends have. I did not want it attached to my mortgage. I would have needed to go to my main bank for that and they were unable to give me an appointment outside of work hours for...........3 or so weeks. Not timely enough. I did not want it attached as an 'overdraft'. I ended up with an interest only LOC, which this Credit Union calls a 'quick loan'.


So as I am giving her my information, she is asking things such as mortgage balance and loan balances. I can't tell you enough how empowering it was to be able to quote those balances off the top of my head, including the interest rates. It was interesting to watch her face as I did that. It was even more empowering to be able to say, yes I have two CCs. Both have zero owing and zero balance.


As she put through my information, she processed it via Equifax. Now it's been on my list for a couple of years to explore the new territory of getting my credit score/report. I just never got around to it.  I was beyond surprised when I got to see a printed out copy of it. I have had vehicle loans before and the mortgage and I know that they had to do the same credit check but I NEVER got to see the results before. This was an unexpected bonus.


As she brought out the copies from Equifax, she had a quizzical smile on her face. She said she's been in loans/LOC etc for 10 years at this bank and had never seen a score so high before.  My credit score was 817. Very, very good, she tells me.


I told her this all was new territory for me and she went through the report, line by line with me, so I would understand what it all meant. I sure appreciated that.  I learned that apparently my Sears card was closed by 'client request' last month, though I did not  close it. I haven't used that card in a long time. I will have to phone to find out more about that. We are a  small town so the Sears store is mostly a small area with fridges, stoves, washers and dryers. Anything we order comes via catalogue, so the card is fairly necessary for that.


anyhooooo she asked what my secret was to such a short and glowing  Credit Score. I asked her if she had heard of Gail Vaz-Oxlade and she had NOT!! So I told her a bit about who she was and the premise of her books/show/website. I told her how 'finding Gail' on Slice three summers ago really changed my life.

For interest rate, I was able to get prime plus 2.5, which is 0.5 less than BMO had quoted me over the phone.


So I have an LOC now. I am really hoping not to use it. I am watching every penny going out right now, particulary in groceries and household, which is a big part of my variable expenses. Ideally I'd like to close the LOC once the work troubles are over.