Today’s 550 credit score may very well have been yesterday’s 780 credit report.

When I look at a credit report, I’m surprised that I’m struggling to qualify borrowers who once had very high credit scores. Most once had six-figure incomes with a credit report well above 700. These factors put these borrowers in A-paper categories.

Take, for example, Robert, a real estate investor who has borrowed millions of dollars over the years. With a credit score nearing 800 and a strong history of paying their bills on time, lenders lined up to source borrowers like Robert. I was personally involved with it for over ten years.

What happened? Like many others, Robert was a victim of economic times. No, he didn’t overspend and when he called me last week, I learned that he had never taken equity out of his property. Roberto was conservative. He kept his rents below market to keep tenants for the long term.

He negotiated a lot with me for long-term fixed rates on his mortgages and when faced with an ARM, not uncommon for commercial property, he worried for days before committing.

What do you do when your largest tenant files go bankrupt?

What do you do when they can’t pay but continue to occupy the buildings for months while the courts go through reams of paperwork? Imagine the feeling you would have deep in your stomach… This is what happened to Robert.

With no income, he continued to pay debt service on his properties until his savings were depleted. With the promise of a solution just around the corner, he finally turned to his lines of credit. Credit cards with high interest rates, but also huge limits. After all, Robert needed $25,000 a month just to pay off the mortgages.

When he walked into my office, I noticed that he had lost weight. The kids were still in college, he told her, but they had to take out loans to finish. His wife went back to work and they moved from a custom house on the hill to a house in the city.

He was still playing golf and smiled easily when he talked about his sleepless nights and could almost see a tear when he talked about the kids.

“I should have stopped paying before using my savings, but I felt like I had to make the payments.” he said.

Robert, like many of us, wanted to do the right thing. And that meant paying, regardless of personal misfortune. Robert also tried to pay off his other debts, but he was racking up an avalanche of debt by trying to do the right thing.

Finally, he could take no more of the financial onslaught and after giving in, he let go of his property. One by one, she lost them when the tenants threw in the towel along with her keys. Some major companies, whose names I will not mention, wiped out a family.

I like Robert, always have, and to me he’s still the same man I knew ten years ago. He is honest and a good father. Although we don’t travel in the same circles, I imagine he would make an excellent friend. I know his wife loves him and he made me think about people and their credit report and the debt they rack up.

Do people like Robert pay their bills just because of a credit rating or some deep-seated honor? Then again, how much is a credit score really worth? Why didn’t he stop paying earlier? Perhaps a lot of misery could have been saved.

I deal all the time with people who put their full identity on their credit score. High income people tell me they are honorable. That they pay on time and have little debt. Others, with lower scores, tell me their story, and aside from the circumstances they face, I think anyone could be construed as honorable. A lender may be influenced to lend to someone with a high credit score, but I would lend money to Robert, regardless of his credit score.

If you’ve lost everything, like Robert, remember what you have and try not to put too much emphasis on your credit score, as it qualifies you as a person. Sure, you can clean up credit. You can work to increase your credit score, but try to remember that a number does not define you.