Building Community and Credit Scores (Hour 2)

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Coming to Northeast Wisconsin live from the Civic Media Studios, this is Mino and the Mayor.

And here are your hosts, John Minow and Jim Schmidt.

Hey, welcome back.

Mine on

the mayor here on a good-looking Monday morning.

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Yeah, we look good.

Yeah, the boss will be happy with that.

And that's Todd.

Exactly.

All

right.

Hey, I'll tell you what's fun this summer, going to the YMCA throughout Northeast Wisconsin.

We've got Eric Gorder, Group Vice President, Greater Green Bay YMCA, and Emily Smith, Executive Director of Financial Development.

Good morning, Eric and Emily.

Good morning.

How are

you guys?

Great.

How are

you?

Good.

You guys look like white people, don't

they?

They just walked

in.

Is that part of the deal?

I know.

Before they hire somebody, they go under the table.

I know, right?

They give you a t-shirt when you start.

How you guys doing?

How's it going so far this summer?

Good.

We've got a busy summer going on.

You've got a lot of stuff going on, don't you?

Yeah.

OK, when you say the why, let's be honest.

How many whys are we talking about?

It used to be there was the why and it was downtown Green Bay.

right

and

that was like the why and now it's like you guys are branched out so but and it just keeps growing and growing doesn't it

it does we have six wise in the green bay area and then 18 wise in northeast wisconsin if we go as far south as vandalek and north tamir net and door county that's fantastic that

is that's great and i think one of the reasons they're so successful is because of the programming

And I know we're going to talk about the summer.

You have stuff going on all the time, all year.

But something new this summer?

Great.

Well, we have our summer block parties coming up.

Eric, you want to talk a little bit about that?

Yeah.

So each summer, each center holds a black party.

It's a community event.

It's free for anyone in the community, members or non-members.

We do bounce houses, food, games, water, all that kind of stuff.

And it's really meant just as a thank you to the community for...

coming to our Ys and being our members.

Nice.

We have one in June at our east side location.

We have one in July at our broad view location and one at our west side Y in August.

So we spread it out throughout the summer and we usually get somewhere between six and 800 people that come to those.

Wow.

To give us your website now, people can look at it.

We'll get through it again later on, but if we just want to find out what's going on.

Yeah, if you go to our website, it's www.greenbayymca.org.

Okay, pretty simple.

Do you still are you guys affiliated with the father daughter camp and all those things

we did when we okay?

We still have we also have a lot of really great summer programming so camps a lot of camps Camping aliyah, which is up near Surin, Wisconsin.

That's our residential camp kids get to sleep overnight We got trips that run up there and then camp with bungee, which is in the on indoor county in Brussels, which is right on the bay and that's our day camp

And we still have a lot of opportunities for people to schedule programming.

I know a lot of parents out there that are still trying to figure out what to do with their kids this summer.

So that's a great way to do that.

And family programming.

So popular.

And

a summer's got to include.

sleep over in a cabin.

Do you know what I mean?

A hundred percent.

You

guys do it right.

There's just a lot of things that you do that are camping.

That's my favorite part of the summer is going up to camp.

I'm sending my kid next week up there.

What's been the secret for you guys for the why?

I mean, there's so many health clubs or this or that, whatever.

And you guys just keep thriving and some of the others kind of fall by the wayside.

What is the secret of your success, truly?

If I had to pick two things that would be why we've been so successful.

One is we meet the community where they're at.

So every

what, three, five, seven years, the community changes, things arise.

And we are there for them for that reason.

But I think we also have opportunities from kids from zero to 85 or

100.

Like

we

have programs for everybody.

I think our team engages them really well.

We're very intentional in what we do for those age groups.

And kind of like Jim had said, you know, we do it right.

We do it right at all levels.

But you know what else you do, and you guys do come up with new things, you know, you stay with the times or whatever, but

You also have such great traditional things where like yourself being a parent now.

Yeah,

whatever or it's like

I went through Unilaya.

I went through that swim program.

I went through whatever.

And you keep those things where the parents are like, it's so awesome.

My kids or even grandkids at this point have gone through those programs.

True?

Yeah, there's a lot of tradition at the Y. You know, we have all of our swim programs, youth sports programs.

I mean, I learned to swim at the Broadview Y. Everybody did, right?

Back when they called it minnow and shark classes.

My daughter just finally swam across the pool.

at the Broadview Y, and so there's a lot of tradition in that, and I think also just accessibility with the number of programs that we offer, but also the price point for parents and the financial assistance we're able to offer too.

Right.

Well, it's a good touch on that.

I

mean,

the swimming programs are great,

and that

Eastside and schools, kids go there.

My kids too, you know, lifeguards, because of you guys, not because of me.

The kids that can't maybe afford it, you know, we...

We're always concerned about that.

You talk about, Eric, that demographics changing.

I mean, I think we have people in need here that we always did, but I think some years there's more than others.

And you give them some opportunities, right?

Yeah, so our mission of the Y is to make sure that we have access for all to our programming.

So we run fundraising throughout the year.

Our annual campaign to raise the resources we need so that anyone who wants to participate in our programming can, regardless of whether they can pay a dollar or pay nothing.

And we really make sure that that's available.

We partner with a lot of community groups as well so that we can expand our reach.

I got a text there from my buddies who's

you know probably in his fifties and just just let them know I failed sailfish twice.

We

do offer adult swim classes as you

know.

I know we've talked about that.

I heard about

that.

Dad's gonna come in and get some adult swim classes with us downtown.

Yes I

am.

So people that are a little bit... Shut up Todd.

I just

wanna say that I would have to do that if I was gonna do the triathlon thing because they're

You can swim across, you know, I'm not gonna drown, but that's serious swimming.

I mean, people kicking you in the head and you really gotta.

There's people that do that.

I know that people have gone to the Y, they've told me that, and they're like, what are

the Ys?

That's why I don't do it anymore.

Yeah, so you can learn how to swim, but there's also classes that would specifically focus on those strokes too, so maybe a little bit more advanced for someone looking to hone their skills on something more than just being able to tread water.

So we have opportunities for those beginner triathlon classes.

We work, like Emily said, with a lot of organizations in town, like Green Bay Multisport, they come in, they'll do lessons, they'll work with people looking to just pick a healthy path.

And I was appreciated what you did for lifeguards.

I mean, we need lifeguards.

You saw that one of the pools was an opening because we don't have enough lifeguards.

But when you become one, that's a good job.

And it's a good job when you go to college, too, because they need lifeguards there.

So you taught all the kids that.

for the city, our lifeguards.

It goes so much further than just being a lifeguard.

A lot of them, it's their first job.

So they have to learn responsibility, working with other people and different people in an organization.

Again, we talked about engagement.

They've become some of the best friends of our members.

They really enjoy being out there and getting to know the lifeguard.

So it's a full scope spectrum for the lifeguards, especially at the YMCA and obviously the impact it has on the whole city of Green Bay.

Right, right.

Well, how is it growth-wise?

I mean, you guys are never stagnant.

You guys are always moving forward.

What are the big projects this?

summer.

Yeah, we're very busy.

Our our our branches are packed full of people.

Our West Side YMC is actually the busiest Y in the state of Wisconsin.

I believe

there

are people that are scanning in every single day.

Oh, yeah.

So we beat up Milwaukee.

We

beat up

Madison.

It's a it's a busy place.

So, um, you know, I think Eric, you want to speak to some of the kind of the programming that we're doing this summer beyond what we

What we talked about?

Yeah, and I think to add to that, we, I mean, in the last 18 months, two years, we've opened two new YMCA's.

You know, we call them more of an express location where they focus mainly on specific programming or fitness, but the four branches we had were too busy.

We needed to expand to meet the community where they're at.

So that, to answer your question on growth, it's been rather significant over the last 36 months.

You

know, I think the only one that closed was my favorite one.

And it was at the Lady of Charity Church.

right across from Southwest High School.

Do you remember

that?

Oh, that was our old West at YMCA.

Yeah.

And

on Saturday mornings, we would go to rent the gym.

We'd have to knock on the nun's door and she'd give us the basket balls.

Other retiree nuns live there.

It was like, and then you guys, you boys make sure to lock up when you leave.

Well, in this summer, we're celebrating the 100 year anniversary of our downtown YMCA too.

So it's been 100 years that that building has been built up.

Okay, you failed me in one thing though.

What did I ask you the last time you were here?

To take you first with my son

besides that other than that if I could rent out that top

room

party but

we have so many things we'd love to do with that space you know it just seems but

such a great old you talk about just architecture in downtown Green Bay I mean just the facade of that is something to kind of really respect and pay homage to isn't it

but that if you did make that into housing that's where it started at too you know what I mean it's kind of a

be full circle, but I've read

about Packer players when they came to play for the

Packers.

That's where they live.

Well, that was

a lot of people in the community that have used that space to stay there for a night or for a extended period of time.

You did

archery up there for a little while.

But

yeah, what

are you going to?

Do you have any plans for that?

I mean, that is a beautiful space.

Well, I think it's, you know, dependent on both, you know, if somebody were to suggest something to us on it and also capacity and and fundraising.

I mean, it all goes

down to fundraising and needs.

I mean, you know, we have some other

critical couple needs that we need to address first like our west side you know is busting at the seams with folks and then our broad view YMCA that pool you know is quite a few years old and so I heard a story from a donor that they

that they were a kid swimming in that swimming pool at Broadview, and their dad came and picked them up to bring them home to watch Man Land on the moon.

So that's

how old

that pool is.

July of 1969.

Yes, we have some other things we need to address first, but that definitely is an untapped potential.

It's been talked

about a lot,

but

you've got so much to do, and I said 18 Ys to manage.

I mean, that's a lot of work.

Do all your Ys have pools?

No.

Okay,

well financially

whatever some of

your projects coming up you guys are gonna be delving into because let's be honest in these kind of days and times fundraising is always there you never

shut the door on that.

If you want

to keep expanding.

Yeah, so our annual campaign, we're still raising money for that.

That is the campaign that helps support things like youth scholarships, financial assistance for all of our programming, our full circle program, sending kids to camp for un-financial assistance.

Great.

And then also, and I will say on that, we also have our golf outing coming up on June 23rd.

That supports sending kids to camp.

We have our summer block parties, as I mentioned, we are looking for sponsors for those to help make sure we have a really great party for people in the community.

What would that

entail?

Because we can pub that as much as you want.

What would you like for sponsorship?

Yeah, so we have different sponsorship levels ranging from $500 to $2,000.

We're also, you know, looking for people who can help support so we can have food at our events and arts and crafts and just, you know, balloons and all the things like when kids and families come out, they can have a great time.

Okay.

And how would they, if somebody wanted to donate, if somebody listening out there in their company or just personally, if they wanted to donate, how could they go about that?

Yep.

So they can go to Green Bay YMCA.org and there is a page that has all the, all the information, how they can support on there.

It directly links to my email.

So you can email me.

Perfect.

Yep.

Or you can walk into the downtown Y and ask for Emily.

Drop off and

check.

Your website is easy to navigate.

Like you said, there's programs in there, there's hours.

And when you have all the different Y's, you kind of want to know, is this one,

And I just want to compliment you on just the programs you have there.

You know, for us, for adults, but for kids, too, there's just so many different things they can do.

And we can address pickleball.

Did you ever hear that?

We'll keep you guys

around, OK?

OK.

Let's break.

All

right.

Sounds

good.

We'll get

center quick break.

We'll be back with more talking.

Why MCA in Northeast Wisconsin?

Back right after this.

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Good luck in Monday morning, 97.9 FMWGBW, 98.3, 96.5 FMWIS.

This is, of course, the Civic Media

app.

I did not turn the camera on soon enough to get Emily dancing to the song.

I'm sorry, I missed it.

Did we hear this, Emily?

I

missed it.

I will tell you, if you ever put this on at the Y, people just go crazy.

Well, they put it

in a

pack?

They go crazy everywhere.

Everyone, that's it.

If you're feeling a lull,

Put this on.

Yeah,

right?

That's going

to pick the group, Bob, baseball.

Oh, is that going to work?

Because I'll use it more on the show

every 10 minutes.

I

always get that confused.

They're trying to do the thing.

I always get the letters wrong.

Yeah.

Why am I really not that hard?

Why do the Y or do the Y?

Then what's the C?

The C is

that.

Oh, OK.

Right.

And then

do the A for me.

You need more caffeine.

I don't know.

Is that OK?

That's it.

Wow.

That is a

lot to remember.

It is.

We're with Eric Garner.

Group Vice President Greater Green Bay YMCA and Emily Smith Executive Director of Financial Development of the YMCA.

And you were talking about meeting people where they're at and you look at the community where it's at but we left when I just mentioned pickleball.

That's just been crazy, and then you talked about log rolling too.

Tell me a little bit about both

of us.

I'm gonna let Eric talk about it.

I've done that.

I've

done that.

I was actually pretty good at that because I got a low center of gravity.

I was pretty good at that.

True

story.

Yeah.

I want photo evidence of this.

I

got a video of it.

I got it from an old TV story I did one time.

I'll show you guys.

All right.

You guys would be so impressed.

How deep was the water?

It could have been, what?

Well, up to

my knees

maybe.

Oh, yeah.

Yeah, I can talk to both of those.

First, I'll talk to Pickleball, a much larger program than the log rolling offerings we have.

But to Pickleball, our larger centers, our east side location and our west side location have it every morning and every afternoon of the week and then on the weekends.

We do have a small offering at our Ferguson downtown location as well.

But definitely a booming sport.

We've seen that going on for the last two or three years and dedicated space for those individuals.

We do see in the summertime, if the weather is good and the winds are low, they typically will do the outdoor course.

And you've seen many of those pop up around the community.

So they would prefer to play outside when they can.

But anytime that wind is up or inclement weather or winter, of course, the gyms

are.

And I don't know if this is what the life cycle is about.

If it's here to stay, but do you still have racquetball?

We do.

We

have a few racquetball courts

throughout

the

association.

Because that was,

oh my god, was that the thing?

Yeah, two at, or one at Broadview, and we have a couple at Westside and

one downtown.

One downtown.

Two at

Eastside.

My father keeps the racquetball courts alive.

Yeah, they still

have a good following.

It's just not like pickleball.

Yeah, right.

Tell me about the log rolling.

That sounds interesting.

Yeah, that's more of a specialty program.

We do have one log that we...

Transport between centers, so they'll run special programming for usually it's engagement just something fun in the pool for adults kids We do have our lifeguards to go through a special certification to teach people how to log role And I guess John can probably show us how to do it.

It's challenging Are there

people on there you kind of fighting each other or is it just one?

We've done one we do one at a time

you can do two.

I think you both should get on the log I'm

up for that challenge

I am 100% up for that challenge.

Jim and I in a log rolling contest.

He's gonna knock me off because he said he's got a lower center.

I think I don't think I'd last a long with you.

I think we'll do the singles.

So we'll see who lasts longer.

There you go.

That'll

do.

And then you can chase it with pickleball.

Exactly.

That I

would do.

So do you guys actually work out at the Y or is it one of those things where it's like, I gotta get out of here.

I'm gonna go home and get on my treadmill or something?

Or do you guys actually use it?

I do.

I actually don't.

I told this to one of my colleagues.

I don't own a single piece of workout equipment at my house.

so she was shocked because I do, I like to work out.

I am at Broadview Y every single morning.

Working

out?

Yes,

yes.

Well, it's half workout and half talking to members at this point, but yes, I'm a tried and true Broadview Y MCA girl.

I just want to pick up on that a little bit.

It's a social place too

a little bit,

I mean.

Yeah, oh yeah.

I went

downtown and it's like, well, I fixed this parking ticket.

What do you do with Walmart?

It's like too much socialization, but still there It is a great place people are so friendly

and it's

it's locals.

I mean,

that's

yeah Yeah, so and

I think that's part of that success you talked earlier once we can create that engagement and a safe social environment for them They're coming for that mental piece of it versus the physical piece and I think we would you know one of the things

we're attacked a little bit earlier though And I don't know if if we even stress

swimming is so important for young kids.

You gotta do it when you're really young.

And the number of people that you guys have taught to swim in Northeast Wisconsin is astronomical, isn't it?

It is.

I've heard this before that we're the largest owner of water in Green Bay.

like pool water.

So, yeah, and I will say like this is the time, you know, get those kids into swim lessons and safety around water.

You know, there's so much water in Northeastern Wisconsin and, you know, it's a lot more fun to get out in our lakes and streams if you feel confident that your kiddos and yourself can be safe.

And you don't have to wait until

you talk about,

you

know, 9, 10, 11, 12, whatever you're talking about, but you can start when they're...

They're a year old.

Yeah, we do preschool parent-child.

So as soon as they can get in that water with mom and dad to get comfortable and use it.

That's the key to the comfortable part.

That's what I think.

I

told you about swimming lessons were like for us in Nagani, right?

We were like seven years old.

You get on the school bus on a Saturday morning at the church, okay?

They take you to Champion Beach, it was called, okay?

The instructor would bring a lawn chair, shoot, sit there with a stack of magazines, read magazines

and

smoke cigarettes all day.

The

older kids threw the young kids off the dock.

True story.

100% true story.

Yes.

And we have private swim lessons too.

If you, if you, maybe your kiddo needs a little bit more support in the pool.

I know my, my youngest, she needed that.

And so we do that, the private swim too as well.

And that's, that's really helpful for a little extra pool time.

Oh, just

thanks for bringing all

this.

Absolutely.

talk, we didn't even touch on the nutrition and some other things that you do for, you know, a healthy community.

And I just think it's great that we talked about that a

bunch last time and we'll

pump that whenever you

guys want.

Yeah,

a

lot of programs, constant programs going on.

Always,

always.

Well, give

yourself one last quick picture.

You got one minute.

Go ahead.

Floor is yours.

I think the one thing I wanted to mention, we talked about meeting the community where they're growing and we've really expanded our adaptive programming.

So we talk about those youth and adults with mental and cognitive disabilities.

We have what we call

full circle camps we have full circle swimming lessons and quite honestly one of our largest growing program areas and we have that we've been able to build the staff to meet the community where that's at but you see that quite a bit that that population demographic is in need of programs to support there's just none out there and the Y's kind of taking lead on that in the last few years.

That's terrific.

Phenomenal.

That's fantastic.

Thanks for having us.

Congratulations guys.

One more time.

Greater Green Bay YMCA.org.

One more time.

Greater Green Bay YMCA.org.

Or call Emily if

they want to drop

off a

check.

Or just hop on in downtown.

Come talk to us.

Thanks

very

much.

Eric Gorder, Emily Smith, and you have put a nominal job with the YMCA.

Back after this.

Oh yeah, it's a shot at $100 this morning and also a Wisconsin Dells Area Vacation or Dork County Vacation.

It's the Scotty Summer Text to Win contest and here's John and Jim with all the details.

Hey absolutely, it's our Scotty Summer Text to Win statewide contest.

Your daily chance when a pair of Milwaukee Brewers club level tickets or $100 cash plus every entry puts you into one of our grand prize drawings of Wisconsin Dells Area Vacation or a Dork County Vacation.

All right, this

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Keyword is Lawn, L-A-W-N, Lawn.

So just download the Civic Media app in the Apple or Google Play stores, choose W-I-S-S or WGBW, and use the text button to send the keyword Lawn for your chance to win in the statewide contest.

And this hour you're playing for $100 cash and the keyword again is Lawn, L-A-W-N.

You've got till eight o'clock, so good luck with Jim and John, Mino and the Mayor.

All right.

Thank you very

much.

Hey, welcome back.

Kristen Ambrose, Point Mortgage Corporation into house.

Good

morning.

Okay.

So I'm, you're going to be proud of me.

Show me what you got.

Will she be?

Did someone?

Yeah.

I did some homework.

Oh yes.

Yes.

This is good.

And you, uh, yeah, who finances it?

The source is Freddie Mac.

So all solid information.

Okay.

So what

I did, we were talking about that, like, yeah, when I was talking about when I was getting out of college, interest rates were 14% to try

to

buy

a

house.

So I

went, I found this thing on Freddie Mac.

Okay.

you get to read, that's too small writing, but show what some of the interest rates have.

So, you know, people nowadays, oh my God, the interest rates are so high.

It's crazy.

So go

ahead and go

through that if you don't mind, Kristen.

I actually, from like, when I was getting out of college till now, what the interest rates have been?

Yeah.

Well, I'll start, I was born in 80, so I'll start there.

So

was I.

Oh, yes.

I was

reborn.

I was reborn in 80.

16.83% was the highest interest rate.

16.80%.

And the lowest was in 21 down to 2.96.

Right now, we're sitting right around 6.9 for the national average.

So I would say that if you're looking at this graph, we're closer to the bottom than we are to the top.

Absolutely.

But it just shows that, you know, so many years, you know, it's almost like an anomaly when it was so

low.

And this graph is perfect, honestly, because it really, from

if you go to 2005, between 2005 and 2020, so 15 years, there's really only been maybe five to 10 on average in there that's been lower than where we're at now.

Otherwise, every other year in the last 45 years.

I think in 2006 when we built, it was six, I think our interest

rates were six.

So I mean, people are scary, because oh my God, I can't buy a house, the interest rates are too

high.

Right, and in my, so I'm going into my, this is my 24th year writing loans.

rates when I first started rates were about seven and a half.

and then they came down and no one ever thought they'd come down to where they did.

And then now they're back up, but we're still, like I said, we're still, first home buyer rates are still in the low to mid sixes.

Remember that national average is not every single loan, every single product, but it's the average of what's going on.

So you can still grab some loans that are lower than that too.

There are some options.

And it's just funny when you get a kicker that says, remember we're talking one day about gas wars?

And Todd doesn't remember the gas wars, he was too young.

Yeah, he had it.

one thing I got to find the article where talk 1974 I believe it was 73 or 74 and the guy said so I went to get gas okay and I could not believe it it was 99 cents a gallon for the love of God I can only afford a couple of gallons to get it and drive home why in the world isn't gas 79 cents a gallon

anymore amazing yeah amazing yeah I remember gas the cheapest gas I ever remember as a kid growing up

$0.39 a gallon.

Really?

Yeah.

$0.39.

That's low.

I do remember the $0.99 gas days.

Oh, I do.

I

do.

We hit those not that long ago.

$0.99.

Well, for a little while.

$0.99.

Five years ago, four years ago.

Well, yeah, but during crazy times or whatever, but I mean.

It wasn't standard.

You're right.

Back up to three.

Yes.

Yeah, I

think those days are gone.

What is, I think, in interest rates, we talk to you and you have such a variety of rates for veterans, for first-time home buyers, for refinancing, and interest is very important.

But

we still need to deliver more properties in this community.

That's what's really driving

the prices up.

Oh gosh, 100%.

And the other thing is, yes, interest rate is low.

I was texting with an agent and a client this morning, and they got an accepted offer over the weekend, and this one is particularly a jumble loan, which is anything over.

800 and I think $5,000 right now So which which is great, but that loan program is so specific And if you think about the state of Wisconsin how few jumbo loans there probably are You need a really specific loan officer who understands that product in order to get it done And you go shop 20 of them somebody's gonna give you a low rate But if they probably can't even take you to the closing table on time because they have no idea how to do that particular loan program program so it's

crucial to have the right person, as well as it is to have the best interest rate you can offer.

If you're working in a competitive space, you're good.

Oh, go ahead, Jim.

Okay.

And you understand the jumbo loan?

Yes.

And I think this community's... I don't, okay.

But I think this community's got to get more comfortable with the $800,000 mortgage because we've passed these million-dollar homes, and it's really been in the last two, three years.

And I don't think we're building them.

They're there.

They just assess so much,

right?

Yeah.

And they're not

going anywhere.

No, they're

not.

So

what I'm saying is that we...

I can't believe you live in a million dollar house.

You know what I mean?

Like it's not a

mansion.

Yeah.

So anyway, that's good that you

know that because I think there's gonna be more and more of those on the market.

Right.

Yeah.

So there's so much that goes into a jumble loan.

For example, it's not just what's the, here's my, here's my credit score and put 25% down.

What's my rate?

I need to know how many reserves you

have.

which is the money that you have after you put your down payment because now you're taking, now the lender's taking a huge risk on you.

They're borrowing you a lot of money.

They want to really make sure that risk is minimized.

So the more money you have, the more reserves you have, the better the interest rate.

So it's not just about credit score and down payment.

You have to go into another factor of that.

And

you can't blame the bank.

That's a lot of money, right?

Yeah, right.

For one person.

For one person, that's a lot of risk.

Yeah, you want to make sure that they have some backup on that.

We've talked about this with young people, about little things with your credit score that could hurt you.

I'm always not late with my spectrum bill or whatever, but something like that, if somebody lets that lapse, can that actually affect you

if you're a younger person?

Here's the deal with that, and we just had this conversation, so it's a great point because so many times I'll run into younger people in the B in college and they'll be like, well,

My cell phone company made me mad so I didn't pay the bill.

Time Warner Cable is always a huge one.

My cable company, whatever.

And it's like they're not going to report you good, but they're going to turn you into collections when it's bad.

So you're going to get hit with the bad right away.

You're not going to catch any of the good on those.

because they're not reported.

So those types of things, if you don't pay them, you're only hurting yourself.

So pay them and work it out after the fact.

And with that too, credit score is so big because, and we're running into it a lot, and it's kind of newer to our market.

And that's nationally, but you used to have a 680 credit score.

That was

a

really good credit score.

The max credit score is now 850.

680 isn't cutting it anymore.

720 is hardly cutting it, which means if you have

Really now can you get a loan with 10 20% down under 720?

Yeah, if you have if you have closer that 20 plus percent down But if you're trying to do if you have a 680 score and you're trying to do 3 to 5 percent down on a convention alone Fannie Mae and Freddie Mac are pushing back and they're not accepting them which means FHA is gonna come back in loop

VA is really coming back around.

Sellers are not able to just say, hey, I don't want your government loan financing, just figure out conventionally, we're not taking it.

Things are changing in that.

And that's like in the last four to six weeks, us as funders are really coming around on that.

That's interesting.

That's with Kristen Ambos from Point Mortgage Corporation and your podcast again?

Always on Point.

I knew that,

always on

Point.

You don't have to make a lot of money to have a good credit score.

No, you don't.

I think it's important that people know that money.

Yeah.

So I'll give you a perfect example.

My daughter, she's 19.

She's just getting started.

You know what I mean?

She doesn't make great money.

She's saving every little bit she can.

And we started with a secured credit card at her bank and you put three, you know, we had to put $300 on it.

And it's $300.

So what they did is they transferred it from our savings to the secured credit card.

So she's only borrowing her own money.

She can't get in trouble.

And then what she did was she paid it back every, like she'd put a tank of gas on and then pay it back.

One of the little tricks of the trade that's kind of an unwritten rule is 30% of the balance.

So you just use 30% of, I'm sorry, not of the balance, but of the limit.

So use 30% of the limit.

Don't go over that.

But while you're building credit, don't pay it off in full either because the credit bureau has to see

that revolving movement.

It's gotta know that you have it out there.

If you pay it off, it just reads it as nothing.

But if you leave a little bit on there, it'll read it as, okay, she's managing her credit really well.

So in this case, you know, she wouldn't put more than like 30 or 40 bucks on it just to be safe.

She'd pay it down, she'd only leave $10 on it.

So the interest she was paying was super minimal.

And she's got over a 720 score right now as a 19 year old.

That we did not.

We did not put her on any of our cards.

Like I was super particular about that.

I'm like, you have to as like an authorized user.

It's your credit.

You have to earn it.

And when you earn it, you are not going to let anyone hurt it.

So you're like shaping your own

score.

Yeah, you absolutely can shape your own score.

I've worked with clients over that so often the last 20 years.

She's not making 100 grand.

She's a young kid that's

that.

I think that's a really good point.

I think people think well, credit scores are some.

People might think it doesn't matter when you're 19, but it's gonna matter to her

pretty quick because

she's gonna want to buy a car or a house or something some days.

And as much as I love and respect Dave Ramsey on so many levels, the cash is king in mortgage world does not work because when you, like you just said, when you pay cash for everything, I don't know as a lender.

If you paid Time Warner on time, if you paid Verizon on time, maybe you paid six months late, but it didn't go to collections yet, so it's not showing up.

I don't know.

So I automatically assume you don't pay your bills because that's the risk I have to take.

How do they get access to all of your records like that?

That's a little scary.

What do you mean just as far as like if you're paying your bills or like how does you know how do people know if you paid your Spectrum bill or whatever whatever when you go for a loan how

do they access all that?

It'll show up.

So your spectrum I mean you would think that'd be more private wouldn't it?

They're the ones that are reporting it negative.

So that's how we know Otherwise we would never know if it's a month or two late They're never gonna report you negative, but if you call and dispute Right a dispute is a negative on your credit.

So if you call and say I'm not paying this bill and they're like

John Mayn, are you disputing this?

Yes, I am.

Okay, click a button, credit hit.

I would never dispute anything in the world.

Never, ever, ever.

Never have.

Where are you?

I'm coming over.

I'm coming over.

That's right.

But yeah, the point that needs to be really understood is that you don't have to make a lot of money to have a good credit score.

You don't.

That's

a really great point, but I love what you're doing with your daughter.

What a great

idea that is.

Yeah.

And

she calls me now, and she's so excited, because she's earning it herself.

She's so excited.

She's like, nobody.

She's lying at like a hawk.

It's awesome to see.

And I just want to pick up on that.

As long

as, and you kind of managed it a little bit, but because kids' credit cards are, wow, free money.

Yeah.

You've taught her well.

I hope that's a podcast of yours, because I think that's terrific.

Yeah, we've talked about it a little bit and get her on season.

Yeah.

Season two is coming up here.

We're going to start, we're going to start recording those soon.

And that is definitely what we're doing.

She's happy and excited and eager to talk about it because she wants to share it with a lot of people.

Kristen

Ambo's Point Mortgage Corporation.