How to Get Banks to Say Yes Over and Over Again Each Time
You Ask Them for Money
by Ugo Okonkwo
Published on this site: March 7th, 2006 - See
more articles from this month
For God's Sake! Look at them all! Everyone is busy running
around like a headless chicken trying to get-rich-quick. Make
a fast buck from the latest craze and then move on to the
next 'big' thing. Here's a tip from me for free. Find one
thing that works and stick to it.
The simplest and easiest is probably real estate. If you're
serious about making big money and you truly want to retire
sooner rather than later then start here. Save the pennies
and re-invest. In other articles, I gave sure-fire tips on
how to get started the easy way. I will now talk about how
to continue growing. How to continue building your empire
once you've started.
The secret to winning against any financial lending institution
(as is the secret to winning any battle) is to know your enemy.
Know this: banks want to lend you money. In fact, they will
bend over backwards to lend you money. But (important) only
if they think that you are a safe bet.
They will always do a credit check on you. If you fail this
check, you've no hope of getting the best possible deal from
the lender. Expect to be offered extortionate interest rates
and to be treated with no mercy should you even think of defaulting
on half a re-payment. In case you don't know, any money that
you have ever borrowed, e.g., a credit card, store cards,
mortgages, car loans etc are kept securely on record. This
is your credit file and the information is collected and updated
very, very regularly whether you like it or not. If you absconded
four years ago and did not settle that 12.50 parking ticket, it will
be on your credit file. The credit check will reveal all.
So, put the odds in your favour. Get a copy of your credit
report, read it and correct any errors or mistakes by contacting
the CRA (Credit Reference Agency) involved. Be up-to-date
with all bill payments. Lenders do not like to see maxed-out
credit cards on you credit report so leave a third of the
limit available to spend. After you've perfected your credit
report. Fill in those forms and start applying for mortgages
and watch lenders fall over themselves to be of service to
you.
Ugo trained and works as an Orthopaedic Surgeon. His
interests also include entrepreneurship and he has set up
many successful business websites including: http://www.businessomatic.com/
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