Zoom Call 12.05.23 William Piotrowski Current Credit Overview

Real Estate Agent with Mapleridge Realty, CT 203-206-0754 REB.0759001

Zoom Call 12.05.23  William Piotrowski   Current Credit Overview

Zoom Call 12.05.23  William Piotrowski   Current Credit Overview

The Zoom call was an informational call moderated by William Piotrowski and assisted with support by Jim Paulson, George Souto and John Meussner.  

It was evident from the start that there had been much offline conversation among the presenters so as to be most efficient and informative with the presentation.


William Piotrowski   Current Credit Overview

The presentation was a return to basics and as all on the call have had experience with clients and their credit issues over the years, an understanding of fundamentals thru to current trends was the focus.

Initially, the concept of evaluating credit was created by Bill Fair, and Earl Isacc, a mathematician and engineer in 1958. They developed tools that would allow financial institutions to make better decisions when taking financial risk.

In 1989 the FICO score was established, and it forms the basic foundation for credit globally today.

Zoom Call 12.05.23  William Piotrowski   Current Credit OverviewThe foundation of a FICO score is based on how a person manages money, with payment history the largest portion of the score.

Getting children familiar with credit early is not the worse that they can do, but also, it needs to be stressed as how to properly manage that credit.

Starting a credit account with a responsible child is not unacceptable base it allows for their understanding of use and repayment.

Getting credit is important as it allows for getting more advantageous rates down the road as well as understanding how it should be used.

Credit is made in 2 ways, installment credit and revolving credit.
Installment credit is best associated with a car payment which is made in fixed values over a stated period.
Revolving credit would be credit cards as the amount paid monthly varies with the balance on the account.


The trend to quality scores is age related with the highest scores found with the silent generation best associated with people that grew up in an age where all paid cash and credit was not common.

The scores get lower as the generation ages get younger. 

The necessity to run credit is fundamental but can only be done with permission of the person seeking same, or even prospective employers.

The perfect method of generating good credit is by starting with the mindset of only charging within the limits of what can be paid within 30 days, which is only slightly better than paying cash.

Multiple cards showing consistently good payment history establishes the foundation for raising the credit rating we seek.

If the scores are not moving as quickly as one might want, raising the limits of the cards will also improve the scores.

Missing or late payments stay on the cards longer and will hurt the credit scores greatly.

Caution should be tendered if a person is considering closing a charge account as it can be a negative to their credit history.  If a new mortgage is desired talking with a qualified loan officer should be first to determine what works best for the potential borrower.

Any person is entitled to a free credit report once a year through myfico.com. and it would be a tri-merge report with the 3 agencies reporting:  TransUnion, Experion and Equifax.

Anything beyond the 1 free report will have a cost and for the new year that charge is going to be close to $50 per request per person which will be pass along charges.

There was some discussion on freezing credit, if there had been some suspicious fraudulent activity on a person's credit cards. Freezing credit protects the consumer but to be considered for any new lending, the accounts need to be opened to allow the data to be reviewed and collected.

The consensus was that people currently carry large amounts of debt and that will lead to lower credit scores, even though they are making good money.

It is a matter of people carrying large debt, and paying off the debt on time monthly but the debt is too high to allow for a higher score.

Zoom Call 12.05.23  William Piotrowski   Current Credit OverviewThe call was informative with a lot of work done by the professionals making the presentation.

Credit scores are essential to good rates and working with a lender that knows how to best utilize a person's credit is imperative to getting good rates and saving money.


Zoom Call 12.05.23  William Piotrowski   Current Credit Overview


Posted by


Edward (Ed) Silva
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Comments (13)

Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good evening Ed,

Thank you for a great recap of the Zoom meeting. I thought it was a very informative presentation with a lot of work done by the professionals making the presentation.

Dec 07, 2023 03:02 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Thanks, Ed, for the great recap. I was unable to attend on Tuesday. My husband and I are very careful about our own credit and it never drops below 800.

Dec 08, 2023 03:45 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

It sounds like another informative session!  I had planned to attend, but alas, lunch with a friend came up instead, haha.  Maybe next week.

Dec 08, 2023 04:03 AM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

That was another informative call and I took a few notes!

Thank you for the recap!

Dec 08, 2023 05:06 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Ed. As my grandson has Tuesday's and others reserved for him, appreciate the overview of what I missed. Thanks! Enjoy your day.

Dec 08, 2023 05:18 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Dorie Dillard Austin TX    The loan officers plus did their thing to  inform us.

Nina Hollander, Broker   Ours is similar and as we don't expect to be buying anything large any time soon.

Dec 08, 2023 08:26 AM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much, Ed, for your report on this Zoom session.

Dec 08, 2023 08:31 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Brian England    Eating is always important maybe eat a little later next week.

Kat Palmiotti   I can fill in the notes for you if you want.

Wayne Martin   You didn't relocate back to Ill to watch a zoom call?


Dec 08, 2023 08:43 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ed we will be adding to the information presented last Tuesday at this coming Tuesday's.  Part #2 should be a good meeting as well.

Dec 08, 2023 12:01 PM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Ed,  Great review. I'm so sorry I missed this, and I look forward to next week.  Sounds like a very productive session 

Dec 08, 2023 01:48 PM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Hi Ed,
Thanks for the recap. I am sorry that I wasn't able to attend.  I am going to make every effort to attend this coming Tuesday, even though that's the day I check into my winter rental.

Dec 09, 2023 02:34 PM
Eileen Burns 954.483.3912
Trans State Commercial Realty Inc. - Fort Lauderdale, FL
FLorida Real Estate Connector

As always @Ed (Edward) Silva a wonderful recapp for another informative zooming session here in the Rain

Dec 10, 2023 08:43 AM
John Juarez
The Medford Real Estate Team - Fremont, CA

Thanks for the recap, Ed. I knew that the presentation would be an interesting one but I had a time conflict and could not join.

I grew up with the guidance from my parents that responsible people paid their bills on time. I have always strived to follow that guidance.

Dec 12, 2023 04:18 PM