Since yesterday I have obtained 5 new clients. I work very hard to help each and every one on their scores to help them become a homeowner. Out of the 5 I had 2 that were immediately approved. Through my conversation with the other three, we can work a few months and increase their scores enough to get an approval. The problem I have is none of these clients have any idea how to stay on top of their credit and keep it. Yeah they know to pay their bills but there is more to it than that. One client has an 18 year old graduating soon and he brought home an application from school for a credit card. Hey did they teach him anything about credit before he received the application. Well I think not. I think one thing a Loan Officer and lets go a little further and add a Real Estate Agent and lets get some training out there to reach the younger ones too. No they don't always have big money, so what, referrals is where my business comes from. I have a newletter I put out twice a year to my clients through my tax office and one thing I focus on is how to start credit at a young age and then later down the road when they get ready for that dream home they are ready for that approval. I think it would be an excellent idea to have training in the schools on credit and how to handle it. What are your thoughts?
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Katz Mortgage Team, a branch of VanDyk Mortgage Corporation - Atlanta, GA
Branch Manager, CMPS
I have always wondered why they don't teach basic finances in school - how to write a check and balance a checkbook (you wouldn't believe how many high schoolers don't know how checking accounts work!), the basics about the stock market and investments, the importance of maintaining good credit, basic real estate terms and concepts (after all, many of them will at least be renting soon, and don't even know how to read a renters contract), insurance, etc. It's very disheartening the number of adults in their 40's and beyond who have never grasped the concept of sound financial planning.
Jul 17, 2007 02:45 PM
NATIONSTAR MORTGAGE - Memphis, TN
You are so right Stephen. I am really going to think seriously about approaching the schools in my area and start with the young to help them. This would have helped keep us further from foreclosures and bankruptcy situations.
Jul 17, 2007 02:48 PM
Waterstone Mortgage NMLS#186434 - Cambridge, MN
Top Rated Mortgage Professional
Very good idea but it will never happen. The schools are run by the State and local Government and they love it when people spend money because it but more tax dollars in their pocket.
Jul 18, 2007 01:51 AM
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