What’s the difference between revolving & installment loans?

What’s the difference between revolving & installment loans?

Now that you’re building your credit profile let’s break down the difference & need in having both installment & revolving credit lines.

What’s the difference between a credit score & credit history?

You need both a credit score & credit history. Your credit score determines IF the lender will loan to you & credit history determines how much.

Don’t co-sign!

A friend or a loved one may ask you to co-sign for a loan. A co-signer is needed when the one applying for the loan can’t get approved on their own. Based on a scoring model, the bank doesn’t think they can pay the loan back and when they don’t, they need someone else to go after. That person is you! Don’t co-sign because you bear all of the risk and none of the reward.

Put the “Y” in Luck.

Who’s lucky to you? The one who has the million dollar homes & businesses? The one who has nice things & travel on a private jet? How? Is it luck? Yes...but they put the “Y” in luck. Luck isn’t found m, it’s created. 🔥 For more, subscribe to over 500 episodes of The Sales Life & if you’re interested in the sales profession subscribe The Sales Life on Sales.