I have worked with a lot of people in the mortgage industry with different credit scores. I have worked to help many people from all different walks of life to get into a new home. Some have been extremely grateful while others complained through every step of the process. While we are all different in nature, we are supposed to treat everyone the same.
So why are some people happy while others seem to always be upset. I have thought about this many times and it’s very easy to think it’s about the money. Whoever has more is happier, right? Not really, I mean it is nice to be able to have a great week at work and finish off the week with a nice dinner out at a fancy restaurant versus hitting a drive through at the burrito outlet.
I have worked with people who earn over $50,000 per month and many who only earn $5,000 per month. No matter who the buyer/borrowers are, I do see everyone’s bank accounts. I see spending habits from sporting events, movie tickets, fast food restaurants to weekend get-a-ways. I have seen people who earn $20,000 per month have poor credit below 600 spend every dollar they have, while others who earn $4,000 per month have excellent credit with scores nearing 800 and who actually have more money saved for their down payment.
I am not a psychologist or an animal behavior specialist, but I can tell you from years of experience, it’s not so much about the monthly income a person or family makes. It is not about demographics or the type of job you have. It’s not about the number of kids you have or how many years of school you had; it’s about your attitude and being disciplined. It is knowing what your means and limits are. It’s about understanding and recognizing who you are.
I have seen people who make $10,000 or $15,000 a month and think they are big-shots yet their credit scores are low, the credit cards are maxed out and their bad breath and attitude arrived before they do. I am not impressed by how much money you earn. I am impressed by how much you saved and how hard you worked to have earned it. I am even more impressed with someone who has the 800-credit score and is humble about it. These people understand the discipline and hard work it takes to get and maintain that credit score. They are the ones that will get the better rates and save more money.
It’s no different than a professional athlete who works hard every day to win a championship. This winner is not measured by the neighborhood he grew up in or how many kids they have or don’t have. The Champion is rewarded for their discipline and consistent hard work with money and other benefits. The person who achieves similar results with their saving and credit receives similar rewards through lower interest rates resulting in huge monetary savings and lower cost items such as insurance rates, store discounts and points rewards.
Your Credit Success
Think about your current position and attitude towards your credit and financing. Are they up to par? Are you ready today or do you need more time? If you are unsure, ask questions about getting your credit reviewed with a licensed professional and about getting prequalified.
Ask questions, get the facts, and I will see you at a happy closing table.