Page 60 - Winning The Credit Game Bundle (CK Patrick)

48 THE CREDIT GAME

interest. This, in fact, is why your savings account accrues interest over
time; by having money sitting in your bank account, you are effectively
lending your bank money that your bank can now invest in making
profit for itself.
Now, don’t run and take your money out of the bank! Those
interest payments you receive from your bank are a good thing. But
you may wish to consider shopping around for the bank or credit
union in your area that offers you the best interest rate payments on
that money, or the one whose investments are most in line with your
ethics and values.
Either way, now that you know that banks profit off of the money
in your account, you understand why your own bank or credit union
may have more incentive to offer you a better financing deal than a
stranger who doesn’t get to invest the money in your bank account,
but only the money it can extract from your bank account.
And now you know that, in some cases, you can win the credit
game by securing funding from your bank or credit union in advance
instead of applying through multiple companies for financing.

ASKING THE RIGHT QUESTIONS

You can save yourself from a lot of hard inquiries if you ask the right
questions when seeking a loan or a credit line. For example, would you
have known before reading this book to look for lenders that don’t
send hard inquiries to credit bureaus at all, like Credit Builder Card or
Self Lender? Would you have known that there was a way you could
compare deals across multiple car dealerships with just one hard
inquiry on your credit file?
When seeking a new loan or credit card, you can ask questions like:

Will there be a hard inquiry on my account because of this?
Will there be more than one?
How can we minimize the number of hard inquiries on my
account? Lenders and credit card companies just want to get