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Mayoral Candidates Have Did Well on Credit Report

By Faye Mergel
Published: Sunday, November 1st, 2009

Eight years ago, a mayoral contender for Toledo, OH was forced to step out of the competition due to concerns about his runaway card borrowing. But candidates for the mayoralty this year do not have that problem, as their credit reports have shown that both have been excellent consumers and borrowers.

Mayoral Candidates Have Did Well on Credit Report An independent news group in Toledo reviewed the credit report of Democrat aspirant Keith Wilkowski and independent contender Mike Bell this week and found out that both have excellent ratings.

Mr. Wilkowski and wife Barb had average credit card debt. The review revealed that the couple borrowed as much as typical American consumers. On the other hand, Mr. Bell’s total debt is less than $1,000, other than the amount his owes for the mortgage on his Old Orchard residence. With his current debt standing, Mr. Bell can well claim that he has lived up to his platform.
Early in the campaign period, both candidates emphasized cutting on Toledo’s spending, with Mr. Bell cited several times comparing the city’s budgeting to a family whose income is only $50,000 but is trying to spend $75,000. But Mr. Wilkowski’s credit report shows that he can also manage the city funds well.

The candidate, who was earlier endorsed by President Barack Obama, has card debts totaling to $6,669 for Fifth Third Bank while he has $398 and $358 on card debts for Elder Beerman and Macy’s department stores, respectively. His debts on plastic total at $7,375. A good number, finance experts say, considering that an average American carries $8,000 in card debt.

If the balance on a card which he signed for a child is included, the Wilkowski’s total credit card debt will be at $10,415. The average card balance per household in 2008 was $10,691, according to a credit reporting company headquartered in Florida. After the recession, when most households have cut back on their debts, the average is expected to go down by 6 percent to $10,049.

Mr. Wilkowski’s consumer report shows that he has a credit score of 775, an “excellent” mark for a FICO score ranging from 330 to 830. Mr. Bell’s records also show that he knows how to manage his finances well, with his credit score reaching 811.

The credit report of Mr. Bell reveals that he has a mortgage debt worth $66,110 while his credit card at Toledo Firefighters Federal Credit Union carries a balance of $742. His records further reveal that he has five cards with no balance, including accounts for retailers JC Penny, Elder Beerman, and Kohl’s.

Experts say with their ratings, both candidates are considered super prime consumers and would get similar rates on any loan.

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