The other day, my son asked me to send some airtime to his phone and I queried this request as I had recently sent some to him.
He told me that he had borrowed some credit, earlier, from the network provider and then grumpily told me that when he loaded the airtime I sent him, they took back what he borrowed.
He was obviously not happy about that.
I found his attitude laughable, and it also gave me opportunity to discuss with him on the importance of credit worthiness.
You are considered credit worthy if ,over time, you are able to consistently keep to the terms of agreement between you and another party(creditor) who had given you something of value with clear expectations on period of return with or without interest.
You might ask, like my son did, why does my creditworthiness matter?
You are considered credit worthy if ,over time, you are able to consistently keep to the terms of agreement between you and another party(creditor) who had given you something of value with clear expectations on period of return with or without interest.
A lot of people have always wondered why nobody seems to want to help them, nobody gives them business or even want to go into business with them.
Nobody wants to employ them or even wants to lend money to them.
Nobody takes their words seriously even if they are willing to swear with their life!
This maybe as a result of your past actions or behaviors towards repayment of favors that has led to the perception of your ‘lack of credibility”.
Also, do you even consider your ability to pay back when you are entering into a transaction with another person?
I advised my son that to be credit worthy involves two important aspects of the equation.
- To work on both his credit history side of the creditworthiness equation and
- The ability-to-pay side.
I told him that starting early in life to build and establish credentials that signify creditworthiness can help him gain access to future funding or any other help when he needs them.
Just like financial institutions do not lend money to people who are not credit worthy, your habits of not paying back loans, late payment of bills and generally not keeping to your words are causing you not to get all the help you may require.
It’s not the fault of the creditor or your village people.
It’s your lack of credit worthiness.
I see you!
