Why the three-fold way is important is because when naming God, one uses anthropomorphic language. One is using language in an analogous way in which there is a type of relation between God and man. While it is correct to engage in the use of analogous language, one can be tempted to take language about finite creatures and then impose that understanding upon God who is infinite as opposed to man who is finite. Take the example "the Son is wise" and compare it to "the man is wise." For the man, he remains a man whether he is wise or not. Wisdom is an accidental property meaning that they are ontologically distinct. This is not the case for God. Wisdom is not ontologically distinct, and therefore not accidental to his nature. For the man, wisdom is distinct from his goodness, whereas for God who is simple, it is not distinct. Wisdom for the man can increase or decrease, but for God, his wisdom is immutable. God is categorically different from man. Therefore, we need a proper way of handling the names of God.
The three-fold way includes the way of eminence, negation, and causation. The way of eminence states that the attribute belonging to God is an all-surpassing perfection. As it relates to wisdom, there is no wisdom more perfect than the wisdom of God. Whatever good is found in a creature is preeminently found in God
Whereas the way of eminence relates to perfections, the way of negation deals with imperfections (How God's Nature is Known). The way of negation informs that God's attribute is not to be understood in a creaturely manner. God is certainly wise, but he is not wise in the same way that a parent is wise compared to a child because that parent is foolish compared to God. Dr. Dennis Bonnette states that "while God is needed to cause the perfection of a nature, its defect or lack need not be attributed to God as the ultimate cause of the thing itself." (How God's Nature is Known). Therefore, wisdom belongs to God, a limited wisdom does not belong to him.
The way of causation helps one to understand how his divine name is the basis for what we experience in creation. For instance, one cannot be wise, unless God is wisdom. His wisdom is thus the cause for our wisdom. This stems from the understanding that God is the ultimate uncaused first cause.