10 Tips To Quick-Fix Your Long-Term Goals

Long term goals
You know that, keeping your credit score as high as possible helps you to qualify for the best quick loan options. There are lenders who do not stop at your credit report, but the credit score. FICO credit score lies between 350 and 850, hitting 850 is the best score that you can ever get. But a score below that gives you the room for improvement.
What accounts in the credit score?
The basic guidelines tell that –

• 35% of your score is payment history
• 30% is the amount of credit you use
• 15% considers length of the credit history
• 10% is the new credit received
• 10% refers to the type of credit used

Now as you know what go into credit score, let us know some tips to quick fix your long-term goals.

1. Pay the credit card balances – Credit score model rewards those who have used less than 30% of their credit limit, so if you max out on your credit cards pay down below 30%.
2. Refinance your home equity – This gives you the scope to open up a new credit or installment loan and thus boost your score. Credit score model likes a mix of credit, installment loans and revolving loans.
3. Credit Report – Generate your credit to recognize the errors and mistakes, get a room for improvement, and credit back to shape.
4. Fix mistakes- As soon as you identify the mistakes write to the credit bureaus and list why you need them to correct.
5. Do not close accounts – As you know 15% considers length of the credit history, so your older account have more points, so if you close it, you lose all the credit utilization
6. On-time bill payment – Well, to 35 percent of your score makes up payment history. OS make sure not to let the account go past the due dates of your utility bills.
7. Minimum payments for all bills – Yes, making partial payments count just like late pays, even if you make your payment on time. So avoid it.
8. Set a budget – Take care of your income and expenses and find ways to cut down on your monthly outlays. If you get some extra money, use it to pay existing debts and increase your credit score.
9. Try to open an investment account – Adding new credit helps you to improve score, from both ends payment history and the new credit line you will add.
10. Do careful research while applying new credit – Applying for numerous loans and credit lines is a red flag for lenders, but if you are making queries on mortgage, auto loan, or student loan, multiple inquiries within a 30-day count as single inquiry, so stick to the time.