Mayoral candidates score 'excellent' on credit reports

Tom Troy

Oct. 31, 2009 (McClatchy-Tribune Regional News delivered by Newstex) -- Concerns about runaway credit-card borrowing helped sink the mayoral ambitions of a contender eight years ago, but this year's candidates for mayor don't have that problem.

According to credit reports reviewed by The Blade, Keith Wilkowski, the endorsed Democrat, and Mike Bell, an independent, have "excellent" credit scores.

Mr. Wilkowski and his wife, Barb, have credit card debt that is average for Americans, while Mr. Bell owes less than $1,000, other than the mortgage on his Old Orchard home.

The two are winding up a spirited race for mayor that ends Tuesday. Both have emphasized reining in city spending if they win, and Mr. Bell has often compared Toledo's budgeting to a family trying to spend $75,000 on a $50,000 salary.

Mr. Wilkowski's report shows $6,669 on a credit card from Fifth Third Bank (NASDAQ:FITB) , and $398 and $358 on credit cards for Elder Beerman and Macy's department stores, respectively, for a total of $7,375. Counting the balance on a credit card that Mr. Wilkowski said is cosigned for a child -- $3,040, the Wilkowskis have a total credit card debt of $10,415.

Robert McKinley, with CardTrak.com credit reporting service, said the average credit-card balance per household was $10,691 in 2008. He said 2009 is running about 6 percent lower, or about $10,049.

In addition, the Wilkowskis owe $5,933 on a student loan and are paying off Mrs. Wilkowski's car to GMAC credit corporation. Their total debt is $239,417; $53,404 is a first mortgage on their Old Orchard home.

Debts include a $124,837 home equity loan through First Merit and a law office business loan of $38,428.

Mr. Wilkowski said he and his wife have had children in college for the last 12 years.

"We made a $75,000 improvement and [paid for] four college educations, so I'm very proud of how we've been able to manage our finances," Mr. Wilkowski said. They recently renovated the garage into a family room and expanded the kitchen.

Mr. Wilkowski's report shows a credit score of 775, on a scale of 330-830, which is considered "excellent."

Mr. Bell said he was not able to print out his credit score but said it was 811, which also falls into the "excellent" category.

With those scores, neither will have trouble getting credit, Mr. McKinley said.

"At that level the differences between the two scores is not significant, as they are both considered "super-prime" and would get the same rate on any loan," Mr. McKinley said.

Mr. Bell's report shows a mortgage of $66,110 and a credit card at Toledo Firefighters Federal Credit Union with a balance of $742. His report shows five credit cards with zero balances, including retailers Elder-Beerman, Kohl's (NYSE:KSS) , and JC Penney. (NYSE:JCP)

Mr. Bell said he likes to live within his means.

"That is management. You've got to know where your money is," he said.

In their 2008 tax returns, Mr. Bell, who is single, reported $81,658 in wages last year as the state fire marshal and public pension income of $62,319. After taking itemized deductions of $22,785, he had taxable income of $117,862 and paid taxes of $26,980. He made $5,187 in charitable donations.

Mr. Wilkowski and his wife reported $22,349 in wages and $174,056 in business income, for a total income of $197,402. Mr. Wilkowski is a lawyer in private practice while Mrs. Wilkowski is a nurse. They claimed $29,690 in itemized deductions, leaving taxable income of $130,378, and paid $42,591 in taxes. The Wilkowskis reported $6,570 in charitable contributions.

Eight years ago, Ray Kest's disclosure of a credit report showing he had more than $80,000 of credit-card debt helped torpedo his candidacy for mayor. He lost to fellow Democrat Jack Ford.

Contact Tom Troy at:

tomtroy@theblade.com

or 419-724-6058.

Newstex ID: KRTB-0203-39338453