30 Day cash injection challenge
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Day 17 - Build a credit record
Day 17 - Build a credit record
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Another idea is, you know, build a credit record, build a credit record, and I know that we will, this is something will be don't do consciously, and there are many ways to do this. Because the your credit score determines how much and what you're going to get out of the bank. I know people who actually have a plan, who literally have a strategy of actually building a credit record. I know guys that actually go to the bank, when they don't need money and borrow 10 grand, or 20 grand, 100 grand, even a million for no apparent reason, other than the fact that they just want to pay it back to the bank. You know, and you think that's insane? Yes, it is. But it's not if you think about it, because the guy borrows the money, keeps it in his account. He borrows at a particular interest rate to be paid maybe over 12 months, but he pays it so fast - within six months paid up! And of course, he would have incurred less interest. But he would have incurred interest. But what is that price. But what that does, it boosts his credit rating. And then when he comes and then he comes back again, he borrows more. So he's actually building a track record that this guy is reliable, the more money we give him - we know whenever he comes to borrow, he pays back on time. And we've been increasing the amount of money that we've been giving him, he's been qualifying for more and more money, and he hasn't been disappointing us. The whole point of that is that they'll come a day, when there's a deal, you cannot pass or for whatever reason, you desperately need money. And you've built a reputation with the bank. And you go there, they don't know this time that you genuinely need it. We know the story, that the bank doesn't give you money when you need it, you must prove that you don't need it. So go when you don't need it and start borrowing. And please, please, please don't spend that money. If you don't need it, keep it there and use it to repay the bank. Yes pay the interest as well. Because what that will do, that's a small price, because it buys you a big opportunity in the future.