It Could Happen To You…

On February 1st, 2013, posted in: Accounting by 0 Comment

Like it happened to Debbie…

While trying to get a mortgage for her first home, Debbie found out that her credit was bad. So bad, in fact, that she couldn’t qualify for a mortgage! How could this be? She was a well-paid nurse who made a good salary and didn’t spend a lot. How could her credit be bad? Her mortgage broker sent her to us for help.

I’ve noticed over the years that people in the caring or creative professions are typically not good with money. As a nurse, Debbie was compassionate, loving, nurturing: a true “people-person.” Paying bills after working three 12 hour shifts in a row just didn’t happen. Often bills were paid late, not only creating late fees and penalties but also impacting her credit rating. Without her noticing, the credit card companies started raising her rates. She was shocked when we told her that she had been paying 27.99% interest on balances that she could easily pay in full! She thought the minimum balance was what you were supposed to pay!!

The great news is that with TAO paying her bills on time and getting the balances paid off in just a few short months her credit rating came up and she qualified for a mortgage. She now has a cute little house in the Phoenix historic district that she just loves.

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