My longer term plan is to create a cashflow income from renting out property, but to use this I will need to leverage OPM (other people’s money), ie the bank’s money. But, to do this I have to be able to assure the bank that I am a worthy borrower.

To prove that I am worthy of the bank lending me money are a few factors, one of which is my credit score. About 6 months ago I had the perfect credit score of 999 then I stupidly applied for a credit card online for which I don’t think income-wise I was eligible for! The bugger is that it has affected my credit score and I want my 999 back!

If you are wanting to follow the kind of track that I am trying to proceed on you are going to want to maintain as high a score as possible, which means monitoring it. Tbh, having a good credit score is generally paramount to whatever you do these days.. It’s sort of like your borrowing report card, fortunately it doesn’t read like my school one, ‘Benny is very laid back, he could do better’.

One way of keeping track of your credit status is Experian, you can view your Experian score with Credit Expert (which I do). There are also a few tips on how you can raise your score etc and keep it as healthy as possible.

Good luck!!

Tags: 999, banks, borrowing report card, cashflow income, credit card online, credit expert, credit score, experian, lending me money, leverage, opm, other people's money, raise your score, renting out property, worthy borrower

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Posted in Personal Finance Property Investing by benny No Comments Yet