Wednesday, July 11, 2018

The "Raising the Credit Score" Goal

A credit score is a number the bank puts next to your name to determine the level of risk involved when lending you money. The better the score, the greater your chances of getting bigger loans.

Knowing this, I’m baffled when I hear people say “I got this loan because it’ll help with my credit score”. Really? You surrendered future time (this is what a debt is) for the sole purpose to raise a number that will allow you to, potentially, surrender more of your time to the bank?

"Money in the bank gives you a very safe foundation of courage when bargaining for the sale of your services. Without money, you must take what you are offered, and be glad to get it."
-Napoleon Hill

Nobody should have “raising the credit score” as a goal. How about having a goal that would allow you to be in a financial position for you not to require a loan for everything?
Time is more valuable than money. Exercise caution for everything that requires you to surrender future time for something now. You can always make more money but you can’t make more time.

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