New loans always cost you points because they start with an inquiry, don’t have credit history repair services and are usually 100% debt to credit ratio. Be cautious in getting a new loan as it does hit your credit score in 7 different ways as we mentioned in previous secrets.  Know what you need the credit for and don’t just get any credit you can as it will hurt your credit scores. It’s a puzzle that needs a plan and requires careful consideration before plunging ahead. What will it be used for, when will you get it paid off, what will it cost you to get, what is the interest rate and will it help to improve your lifestyle or will it put you deeper in debt?

I have noticed that people are not patient anymore and it costs them in money, in time, in heartache, and in stress and strain on relationships.  Plan ahead, be patient, save, invest, gain knowledge from those who are successful and then be patient again.  My father always taught me, “When in doubt, don’t.”  In other words, wait and see so you aren’t jumping on board a boat that has already left the dock.  You get wet and it upsets the fish.

A rule of thumb to getting new credit is this… get a National Bank Credit Card, get a high credit limit, and keep it for the rest of your life, with a low balance, paid on time, every month… this will create an excellent credit score for years and years to come.

Now go be curageous…

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