Eat, Pray, Love - Credit Score Wisdom

Eating right, praying regularly and loving what you do are key ingredients to living a happy and fulfilling life. As also is exercising daily.

Let’s see how this analogy applies in the credit market.

Eat Right

One thing that any trainer will tell you is to eat in small amounts at varying times during the day. They will tell you that stuffing yourself at one time is not in your best interests.

Credit score parallel: Don’t take out too many credit cards at once. It will harm your credit score.

Credit score parallel: Use your cards well within the limit. Ideally no card should be used more than 30% or at least the combined credit on all your cards should not be more than 30% of the maximum allowed.

Avoid junk food.

Credit score parallel: Avoid taking too many cards and cards with large annual fees and large interest fee structure

See that you have a balanced diet. See that your meals contain the right proportion of carbohydrates, proteins and fats.

Credit score parallel:  See that you have a balance of different types of credit usage. See that you have a good mix of installment loans, mortgages, and revolving credit like credit cards. The greater the variety of the mix the better your score, as lenders want to see your ability to handle different types of financial credit with finesse.

Exercise

Exercise regularly

Credit score parallel: It is important to use your credit card. See that there is activity taking place regularly on your card and don’t just hold it without using it, as a sign of poor or reduced activity does not augur well for your credit score.

Praying

Believing in a higher power and praying regularly reduces your stress levels and improves your quality of life and increases longevity.

Credit parallel: If you overstep your credit, or default your loans or veer towards bankruptcy… er… prayer might be a good idea.

Credit parallel: Keeping a check on your balance payments and credit owed daily, and paying your dues back on time on a regular basis reduces your stress levels and improves your quality of life and increases longevity.

Love

Love opens up doors, frees you from all the chains that bind you.

Credit score parallel: High credit scores open doors to lower interest rates, faster loans, and greater credit limits.

Commitment and love go hand in hand. Giving in to the seven year itch is unfair to your partner and breaks the trust you share.

Credit score parallel:  You have to be responsible when entrusted with credit. You need to pay back your dues in time. Remember any blemish on your credit report could tarnish your image for seven years.

When poverty comes through the door – love goes flying out of the window. Let’s face it – we do live in practical times.

Credit Score parallel: If you face hard times, having good credit limits can tide you through the period of crisis so that you do not cause undue stress and unhappiness to your loved ones.

And yes you are right – I am a Julia Roberts fan.

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