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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
Are you wondering, how many days to improve CIBIL™ score? A credit score takes a long while to come up to an accepted range and this requires time and patience. There is no short cut to improve a credit score. Hence, instead of being worried about how fast you can boost a low credit score, you must focus on adopting the correct approach to increase it.
A low credit scorecould mean difficulty in getting a loan sanctioned or availing of a new credit card. All financial institutions check your credit report in detail before offering you any form of credit. A poor credit score can affect your creditworthiness and increase the chances of financial distress. Your credit score is impacted by several factors, such as current outstanding debt, repayment history, new credit applications, etc.
Individuals who have no credit history can also get a credit report with a reasonable credit score in a few months. However, individuals with outstanding loans or missed EMIs (Equated Monthly Instalments) can improve their score in a relatively lesser time.
The purpose of a credit score or credit report is to help banks in deciding whether a person is creditworthy and can be granted a loan or credit card. A person’s various financial needs can be dependent on his/her credit score. The higher the score, the better chances of easily securing a credit card or getting approval for a loan.
There is no fixed time for rebuilding your score. Naturally, the lower your score, the longer it will take. A credit score of 750 is seen as the minimum required in order to have a good chance of qualifying for loans and avoiding rejection.
On average, it takes 4-12 months to reach a stage where you can become loan-eligible. If your score is between 650 and 700, it will take a few months to reach 750. If your score is less than 650, it will take more time.
There is no overnight quick fix for improving your score. Just like your health report, it takes some patience, changes in habits, and self-discipline to see results. Once you achieve a good score, the rewards are life-long.
If you are wondering, how much time it takes to improve the CIBIL™ score, you may also want to know how to improve it easily. For improving your credit score, you first need to understand what a credit score comprises. Here is a brief explanation of credit score and some of how you can work towards improving your credit score:
Credit Score is a 3-digit numeric that can range anywhere between 300-900. It reflects your creditworthiness and provides a summary of your financial capability. A credit score close to 900 is considered excellent. A score above 750 is generally marked as good and is eligible for various financial products. Credit scores below 750 need to be worked upon and also take time to increase.
Additional Reading: How to improve your credit score?
Here are some additional points to note while trying to improve your credit score:
Credit scores are issued by four main credit bureaus in India. These are CIBIL™, Equifax, CRIF High Mark and Experian. If you want to apply for a loan, make sure to check your credit score in advance. This way, you will know if it is low and needs improvement before making a loan application. The time taken to improve the CIBIL™ score can normally be around 4-12 months, depending on your consistency in reflecting good credit behaviour.
A credit score close to 750 is considered good and it will take lesser time to further improve such a credit score. If your score is lower than 600, it may take longer to achieve a good score.
1. How can I raise my credit score in 30 days?
You can earn a good credit score by reflecting good and consistent credit behaviour. For this, you will need to have a credit history and excellent repayment track record. Other factors such as credit utilisation and frequency of credit applications will also affect your credit score. Sometimes, it may take longer than 30 days if you have had a historically poor credit score or zero credit history.
2. What does a low CIBIL™ score mean?
A low CIBIL™ score is an indication of the following things:
3. Will my credit score decrease if I apply for a credit card?
Unless you have an outstanding on your existing credit cards, new credit card applications will not hurt your credit score. It can even help in building your credit history in case you have never used a credit card.
4. What do I do if there is an error on my credit report?
In case you notice an error on your credit report, you must report it to the credit agency or bureau immediately. This will allow the banks and lenders to reconsider your applications before rejecting them and also avert any frauds or identity thefts.
5. Is 760 a good credit score?
Yes, any credit score above 750 is considered excellent by lenders. Such a score will allow easy access to credit in the future and can also help you land the best interest rates on loans.
6. What is a good credit score as per my age?
Credit scores are not dependent on your age. Irrespective of your age, having a score of 750+ is always beneficial. Aim to get your score above 750 for the best deals on loans and credit cards.
7. How many months does it take to improve your credit score?
It may take approximately 4-12 months to improve your credit score depending on your credit situation and overall credit report status.
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