Archives for 2007

I used to always be terrified of going to the bank to ask for a loan. Why? Well I needed my very first loan when I was just 20 years old. I was starting my own business and the machine that I needed to buy was going for $13,500 at this used equipment auction I was about to attend. I needed to secure my loan and hope that bidding didn’t go over the estimated price for the diamond cutting machine I needed to start my business.

So not only was I about to get my first loan, but I was also about to attend my first auction in order to bid on something that would change my life. I had to win the auction. I wouldn’t have won it either if I hadn’t brought along some very experienced jeweler friends who talked my competition out of bidding higher when the machines price got up to the top amount I could afford.

Getting that first loan was difficult. I had to present a business plan to the loan officer at the bank and convince them that I would succeed. I didn’t even have an established credit basis at the time either being so young. I think I’d only received my first credit card less than a year before starting my business.

The first year running my business was rough. I had to establish a customer base. It wasn’t that hard because I had already built a name in the jewelry trade, and my sister had an established business as an engraver and she plugged my business whenever she could. Still, I had to prove myself.

I wasn’t earning enough money in that first year either. I ended up running my business 4 days a week, working at another jewelers store the other three days of the week, and working security at the convention center several evenings most weeks. I was also doing extra work in the movies and commercials around that time as well. I was a busy bee!

Still it seemed that I never had enough money and soon I was buying groceries and even toilet paper with my credit card. I’ll tell you right now – when you have to purchase your basic necessities with a credit card, and don’t have enough money to at least pay the minimum each month you’re headed for trouble.

It didn’t take long before I’d run up my credit card and ended up losing it. Of course by then my business was doing fairly well and I wasn’t working the extra jobs anymore. Well, I still did some extra work from time to time, but my business kept me working 12 hour days most of the year, and 18 hour days around the Christmas season.

I was able to pay off my debts by working hard but my credit was ruined. It took me a long time to re-establish my credit rating again.

I’m telling you my story so that perhaps you don’t get into the same kinds of trouble. Learn more about maintaining your credit rating or fixing your bad credit rating at Creditloan.com. You’ll find pages and pages of information on that site about credit and loans. Articles about Bad Credit Auto Loans and free debt consolidation will help you understand what you can do to secure a loan and begin to improve your credit rating.