It’s the time of year that many runners commit to fall marathons and begin their 16 to 20 week training period. Any runner knows that a marathon requires long-term planning - you can’t just show up on race day, put your toe on the line and expect to reach the goal without any pain. It’s just not going to happen.
Building credit is similar. Many people find out too late that they need to pay attention to their credit. Here are some marathon tips that can help you build your credit.
- Cross Train. Your credit score and file will improve greatly if you consider the different components that go into a credit score. For example, having different types of credit entries is likely to give you a higher score than multiple items of the same type of credit. So, exercise different credit muscles to get the greatest benefit.
- Endurance Matters. Like a marathon, building credit is a long-term play - there is no real short fix to a bad credit score or a thin credit file. You need to commit yourself to the long haul. The basic credit scoring model has a built-in endurance clock. Many items remain in your credit file for upwards of seven years. And, one of the elements of determining your score is how long you have had accounts.
- Preparation is Key. As noted, you can’t show up for a marathon without doing the hard work and expect to finish or even survive. The same is true for building credit. You need to plan ahead and look to the future.
- Supplement Yourself. Long distance runners consume energy supplements along the way. You can supplement your credit file and score, too. By having your rent payments reported through WilliamPaid, you can supplement your credit file with your largest monthly payment. And, you can even have payments on other recurring bills such as utilities and mobile phones, reported using our bill verification service.
So, as you hit the running path this summer, hit the credit building path as well and get into great financial shape.
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