Credit Like Gold
What Is Credit?
Archimedes, the Greek mathematician and physicist, once calculated the value of credit in relationship to leverage. It is said that he once boasted that if he had a lever long enough and a place to stand, he alone could lift the world.
Credit is much like that lever. When I purchased my first rental home at the age of 18, back in 1972, I was amazed at what I had accomplished with a mere $1,500 down payment. Credit may grant you the ability and privileges to leverage your financial strength using Other People’s Money, or strip you of the ability to become wealthy when used unwisely. In fact, poor credit can rob you of your monthly income and contribute to devastating problems you never imagined possible.
Credit could be defined as your reputation for paying bills on time, which makes it possible for you to attain money, goods, services or property with the understanding that you will pay for them later, under prescribed conditions. Credit isn’t a mystery. Now, more than ever, you need good credit if you are ever going to become totally “Debt Free”, amass a fortune, save hard-earned money, or just enjoy some of life’s many available comforts, without having massive payments heaped on top.
When you apply for credit, the lender will undoubtedly check your credit history. The information in your credit file helps lenders determine the credit amount and interest rate for which you are eligible. The better your credit history, the more likely you are to qualify for the best credit deals. Creditors always look for signs that show the potential risk of the prospective borrower. A person who consistently pays his or her bills on time gets preferred treatment. That doesn’t mean that the rest of the population is unable to get credit; they just don’t get favorable terms
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