For nearly all my working years I have been considered a poor credit risk.
This goes all the way back to when I bought my first pickup truck for a mere $1,500, a used six-cylinder, short box, step side Chevy with very little rust. Despite that now seemingly low amount of cash required I had to have my dad co-sign a loan at the bank for me to make the purchase possible.
In my early farming career I was turned down for several loans. That was during a time when you almost had to prove you didn’t need the money before you were even considered for a loan.
Proving that I didn’t need the money was something I couldn’t do because in fact I did need it desperately. Eventually I built up enough equity that I was able to acquire a large enough loan to purchase some land and equipment.
Over a fairly short period of time it was proven to me that I in fact couldn’t afford to pay 24.5 per cent interest and the bank had been right when first suggesting I was a poor credit risk.