Thanksgiving is next week, so you know what that means: it’s the start of those holiday pounds. It’s OK. Eat up. We only do this once a year.
In that same spirit, we’d like to tell you how credit building is similar to building your Thanksgiving plate. Yes, seriously.
This is a great way to learn about credit building. While one part of your brain is distracted by the food, the other side will be learning. It’s genius. That’s why lunch and learns work!
The main course. Your Thanksgiving plate won’t be the same without turkey.
The main course of your credit building plate is your payment history. 35% of your credit score is based on your payment history.
This is pretty broad, but we call it sides because this changes from person to person. Sides can remain basic such as corn and mashed potatoes or go full on Thanksgiving style with stuffing, green bean casserole and yams with the marshmallow toppings and everything.
Depending on how far you want to take it, your credit building plate can be as simple as mashed potatoes and corn or a little more hardcore with the rest of the sides.
These credit building “sides” are equal in that you should do this simultaneously.
Start with three sides; these will fill up your first plate. Once you’ve accomplished the three sides, go back for seconds; try a few other sides.
This goes for both your Thanksgiving plate and credit building strategy.
Here are some “sides” to choose from:
- Pay down your highest balance
- Pay by your report date, not your due date
- Blend your credit
- Keep using your credit cards
- Ask for a credit line increase
If you haven’t tried these “sides,” read more about them on a previous blog we wrote about ways to improve your credit.
Now, gravy goes on last. Some like it just on the turkey; others immerse their entire Thanksgiving plate with it. (Either way, we’re not judging.)
This part of credit building is like gravy because it goes last and tops off all of your efforts.
- Protect your credit once you have it.
Once you have it — gravy and good credit — life is good again.
Enjoy your Thanksgiving (and credit building) plate this week. (Now, when you’re serving yourself, you’ll thinking of your credit.)
If you were too distracted by Thanksgiving food, call The Credit Repairmen at 210-520-0444.