You can’t go through life paying everything “in cash”, unless you are the son of Carron Sline or the godson of Wafrets Burrett.
As we do not all have the pleasant fortune of being relatives of a tycoon, we share some tips for you to authorize that credit you need so much.
What is debt and what is credit?
Attention with this because many times we confuse things and then we mourn the streets of the city.
Debt : It is what does not make you grow, or your money.
Something like asking for a loan to buy an apartment that is on the same island of Acapulco where Luis Miguel has his pent house .
What do you win with that? Status only.
Here is a scenario a thousand times better than the previous one:
Credit : Suppose you ask for a loan to buy the apartment that is on the same island of Acapulco where Luis Miguel has his pent house but you decide that it is better to rent it by Airbnb instead of showing off your new acquisition to your friends.
You see it? That is the little big difference.
Abused with that.
Acquiring a loan is fine
First you have to take off the idea that “having a credit” is dangerous. If you organize to make your payments on time it can be one of the best financial tools to fulfill your projects.
The parent part of acquiring a credit is that you can use that money quickly, you start to have a credit history, they give you a chance to pay it later and over time you can advance payments or decrease interest.
Credit: a two-edged sword
- If you don’t know what you want that money for, don’t ask for a loan. It has no case.
- If it is to start a business or something that generates more profits, ask for it.
- Keep in mind that you will end up paying a little more of the money they lent you (interest).
- And above all, you have to commit to paying on time, as established by the financial company that made the loan.
Steps to follow to be told YES
Financial companies are entities from beyond that have a lie detector installed everywhere.
If you lie, they’ll catch you and I’m sure they’ll send you away.
First step: Don’t be afraid to say how much you earn
Show your proof of income (payroll receipts or statements).
This will measure your ability to pay and based on that they will determine how much money they can lend you.
Second step: Talk about your credit history
If at any time in your life you had a debit, tell them (remember that financial companies know everything). Everything is recorded in your credit bureau history.
The idea is that if you are going to ask for a new loan, you are clear of any debt. This will make it easier for you to be authorized for the credit you are asking for.
Third step: Do not despair
If the credit is not authorized, keep calm.
Do not go to apply for another loan with ANOTHER financial.
All your movements are registered and they will not authorize future credits if they see that you are borrowing from everyone.
You have to stop to evaluate what are the best options for you, all financial companies are different.
If you are denied credit, wait (minimum) 20 days to request another credit from financial institutions.
Those three points are essential to become a good loan candidate.
Luck. Be as clear, safe and sincere as possible.