Ways to speedily improve your credit health

Ways to speedily improve your credit health

Ways to speedily improve your credit health

As you probably already know, there is no quick-fix solution for increasing your credit score overnight. Just like treating a sugar problem takes months of medication, a strict diet and exercise plan, improving your score takes the same amount of discipline and consistency.

Having said that, there are a few things that you can do right away that will result in a noticeable improvement in your score.

1. For a start, get a copy of your Credit Report so you can identify the issues that are bringing down your score. (CreditMantri.com can provide you with a free credit score and also guide you on how to navigate the problem areas in your credit health.)
2. Find out if there are any administrative/reporting errors in your report that are pulling down your score for no fault of yours. File a dispute with the credit bureau immediately.
3. Resolve to make all your payments in time and in full. This is the best way to quickly improve your score. When you have a consistent record of making timely payments, you are viewed as being financially responsible and your score will rise. Conversely, the more you delay your payments (credit card bills, EMI, insurance premiums), the more your score drops.
4. Starting from today, spend less than 30% of the credit limit on each of your credit cards. It might be difficult to cut down on purchases and change your spending pattern, but having a low utilisation rate is a good way of improving your score quickly. You need to exercise the same self-discipline as a diabetic who has to give up eating sweets.
5. Ask your lenders for a hike in your credit limit. However, make sure that your monthly spending does not increase. This way, your credit utilisation rate immediately drops, causing your credit score to improve quickly.

Comments (4)

Commented on 9, April , 2016

It is actually a nice and useful piece of info. I am glad that you shared this useful information with us. Thanks for sharing.

Bhawani


Commented on 13, February , 2016

I have 610 credit score. I have home loans running. Personal loans and credit cards were settled previously. Three or four years ago. Now how to improve score.

Commented on 31, December , 2015

From your question, I presume you do not have any loans or credit cards that are active now. If that is the case, then the best way to improve score is to get a loan or a credit card and make regular payments to the same. Given your credit score, there may be very few lenders who would be willing to lend at this score. You can obtain a secured credit card or a gold loan and make regular payments. On average, it takes 4-12 months to reach a stage where you can become loan-eligible

Commented on 23, December , 2015

my cibil score 620 my current all loan is closed how to improve ?????

Check your Free Credit Score Online

As part of our efforts to make the end consumer services affordable and available at price points which are favourable to the customer, CreditMantri may receive fees / commissions from lenders.

CreditMantri ™ is a registered trademark of CreditMantri Finserve Private Limited. All Rights Reserved. Product name, logo, brands, and other trademarks featured or referred to within Credit Mantri are the property of their respective trademark holders.

CreditMantri was created to help you take charge of your credit health and help you make better borrowing decisions. We support customers with every kind of credit profile - those who are new to credit and have a minimal or nonexistent record; those who have a problematic history; and those who already enjoy a healthy profile. If you are looking for credit, we will make sure you find it, and ensure that it is the best possible match for you. How do we help you? We enable you to obtain your credit score instantly, in real time. We get your Credit Score online and provide a free Credit Health Analysis of your CIBIL or Equifax report. Based on the analysis, we help you discover loans and credit cards best suited for your credit profile. We help you understand your Credit Information Report (CIR) and offer practical and personalized recommendations, tailored to help you improve your score and become loan-eligible. We are a one-stop shop for all your credit needs. We make it easy for you to browse through and compare the various financial products on offer on the market; access our free and user-friendly online tools; and finally, enjoy a stress-free application process with quick approvals. We ensure that you have a high probability of being approved for the loan or credit card you apply for as we only suggest products pre-matched to your profile. We help you avoid loan rejection by carefully determining your eligibility and matching you with the right lender/product. We achieve this with a cutting edge combination of data science, technology and credit management that ensures that both lenders and borrowers have a transparent common platform to make their decisions. We treat your data with the utmost confidentiality and will never share or sell it to anyone. That is our CreditMantri guarantee. Our dedicated and best-in-class customer service will go the extra mile (or two) to support you on every step of your credit journey. Our 4,20,000 happy customers are our best testimonial.

CreditMantri is India’s No. 1 site for Credit Analysis and Free Credit Score Online. Let us help you take control of your credit goals and unlock the door to your financial freedom.