| The Henry family, I think, is typical of families in | | | | time low, gardener's were no longer required. |
| my community. Twenty years of marriage | | | | Commercial properties, now vacant no longer |
| produced two children who now attend | | | | needed maintenance and the small engine repair |
| community college. Mr. Henry opened his own | | | | business shut it's doors. Mr. Henry was devastated |
| small engine repair shop years ago and after | | | | and nearly cried as he told me of the |
| saving some money, decided to purchase his own | | | | circumstances that brought them to my office. |
| building. With good credit and a twenty percent | | | | I still had no loan for him, although I would have |
| down payment, Mr. Henry could have easily | | | | done anything in order to locate one. I know he is |
| qualified for a larger, even a newer building to | | | | a victim of the times and the fact that he has |
| house his business, but he was afraid of | | | | ruined his credit doesn't mean he is a ruined man. |
| overextending himself. To me, he was the | | | | We spent nearly an hour discussing this as his |
| perfect customer. | | | | wife swiped tissues from my desk. |
| When the economic downturn started, it took a | | | | I'm in the commercial loan business. I'm also |
| while for the Henry's to feel the pinch. After all, | | | | invested in helping people to raise credit score |
| he was a small engine mechanic, a business in | | | | with sophisticated computer tools. This have |
| need instead of want. Business' could recycle old | | | | served me well for several years, but lately I'm in |
| file folders. Some could even do away with the | | | | the counseling business, explaining to people that |
| perks of free coffee and employee uniforms | | | | they are not their credit report. Just because their |
| when their budget's shrank, but engine repairs | | | | scores have dropped doesn't mean they are bad |
| couldn't be ignored. Without lawn mowers and | | | | people. I believe it is wrong to attach such |
| other tools, work wouldn't get done, which means | | | | importance to credit report scores and have told |
| no money. | | | | many of my clients about this. |
| This was the situation last year when I ran into | | | | The Henry's aren't failures. They are hard working |
| Mr. Henry at the hardware store. He confirmed to | | | | couple who have been besieged by forces out of |
| me that though they were struggling, he was | | | | their control. They asked my advise, even |
| getting by. Both kids worked and attended college. | | | | brought a Profit and Loss for me to study. They |
| His wife was cleaning houses and he only had one | | | | obviously didn't overspend. No great credit card |
| employee so his overhead was low. Though I | | | | purchases and certainly no exotic vacations from |
| would have liked to have been able to have | | | | my perspective. Money earned was used to pay |
| offered him a refi on his building, my industry was | | | | debt and had the economy continued, they would |
| likewise hurting. Money was frozen by banks and | | | | have been cited as a business success. Instead |
| investors alike. The only product I had to offer | | | | Mr. Henry hung his head low in shame. |
| was Hard Money--twelve percent money due in | | | | I'll help them to raise credit score and I'll continue |
| two years, and this is regardless of credit. | | | | to tell Mr. Henry that a credit report does not |
| Mr. Henry and his wife recently came into my | | | | define a man. It's what's inside. |
| office with an update of their financial situation. It | | | | Names have been changed to protect |
| appears that the business in need had finally fallen | | | | confidentiality. |
| prey to the economy. With housing sales at an all | | | | |