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  • How Long It takes To Improve Credit Score

    People with a poor credit or CIBIL score may only get an approval for a credit card or any other financial products that require good credit score when the credit score improves to a satisfactory level for banks. In such a case, enhancing the credit score becomes vital and yet it cannot be done in haste. It takes a minimum of 12 to 18 months to enhance one’s credit score and get to a number that gives confidence to the financial institution you are about to apply for a loan or a new credit card. Also, it is important to note that the quantum of damage on your credit score also acts as a factor for how long it will take to improve your credit score. Often banks and financial companies have a different CIBIL score bracket for various products.

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    Tips to efficiently Enhance Credit Score

    Here are some things an individual can do for damage control on credit score:

    1. It goes without saying that one needs to pay their due bills before the due date. But this also means that you need to pay your credit card and other payments before time and not just a day before. This is of course if you want to enhance your credit score.
    2. If you have loans standing with high interest rates then clear them early or to reduce your interest rate, else high interest rates will further affect your CIBIL score. It is always a good idea to opt for secured and unsecured loans hence.
    3. Use the plastic card but a different one, the debit kind. It is essential to start knowing how much money you can actually spend and debit cards help you to enhance your CIBIL score and avoid credit debt at the same time. Use our debit cards at least for a few years, unless absolutely necessary to use your credit card.
    4. When you enquire about other credit cards, it affects your credit score for the worse. Hence, avoid it as much as possible. If you really want to research about a credit card, it is best to do it online where you can surf all about a particular credit card as much as you want without actually communicating directly with the credit card company.
    5. Balance and prioritizing things that you need to purchase and want to purchase. Keep to the list that you need to purchase and reduce the number things in it as much a possible.
    6. Make sure that your never reach your credit limit and instead keep a buffer limit. It is best if you are able to save some money in your account to show higher savings over time, for improving your credit score.
    7. Do not borrow more to pay for loans and bills unless absolutely necessary.

    Nobody can hence accurately predict the time required to enhance an individual’s credit score. Credit improvement is however not too difficult if the effort is consistent over a long period of time. The main deal with improving credit score is taking care of the factors that affect your credit score.

    What is a Good Credit Score Range?

    Generally, a credit score of 750 and above is considered as ideal by the majority of banks and non- banking finance companies. A healthy credit score indicates that you can be trusted with credit. However, different credit bureaus have different ranges. Let’s take a look at different credit ranges.

    • NA/NH:

      If you have no credit history or you do not have enough credit history to be scored. This indicates that you are a new to the credit rating system.

    • 300-500:

      If you have a credit score in this range, it suggests that you have not been responsible with your repayments and have several debt. It also means you have not maintained a high credit utilization ratio for a long time. Such customers with indicate a high risk of default and lenders will be wary of extending credit.

    • 500-650:

      If you have a credit score in this range, it indicates that you have defaulted payment for a good number of times. Therefore, you will fall in the risk bracket to turn a defaulter as well.

    • 650-750:

      A credit score in this range indicates that you have a record of consistent repayment history and a better understanding of handling credit. This also suggests that you have a sound financial health and are less likely to default credit.

    • 750-850:

      With this credit score this high, lenders will know that you are at a very low risk of turning a defaulter. It also suggests that you have consistently displayed an excellent repayment behaviour and maintained a low credit utilisation ratio.

    • 850:

      With a credit score of 850 and above, it suggests you have been on top of your game in terms of handling the credit and having mixed type of credit. A high credit score of 850 will put you in a position to receive the best deals related to credit cards and loans.

    How to Improve Your Credit Score?
    1. Low credit utilisation ratio: Maintain a discipline when it comes to credit card usage. Make sure you are not exhausting your whole credit limit. Ideally, you should spend only 20%-30% of your credit limit. Until your credit score reaches above 750, it is advised to not spend over 50% of your credit card limit.
    2. Check and monitor your credit score: It is better to check your credit score regularly. This will help you rectify if there are any incorrect or false records about your credit account.
    3. Make payments on time: In order to prove that you can manage your debt efficiently, make sure make credit payments on time. Avoid delays in paying your bills to maintain a good credit.
    4. Review your credit report: In addition to the credit score, you should check your credit report from time-to-time as it might have errors.
    5. Increase your credit limit: Request your credit card issuer to increase your credit limit. A credit limit is the total amount you can borrow through the card.

    CIBIL Related Articles

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    Credit Report Reviews

    • Experian Credit Report
      "Credit Report"
      0.5 4.5/5 "Excellent!"
      Credit Report is providing a ease way to understand my cibil score and it is providing me an opportunity to apply for n number of banks. It is super good and i find it very cool and comfortable. Having perfect design, user friendly and accurate with more information..
      Was this review helpful? 22
      ,
      Reviewed on May 08, 2019
    • Experian Credit Report
      "Review of Credit Report"
      0.5 5.0/5 "Blown Away!"
      The credit report gives an excellent indication of my credit situation. The reports are updated with a lag. So, the exact credit situation is only reflected after a couple of months. Nevertheless, experience is good. The graphical representations are also good.
      Was this review helpful? 24
      ,
      Reviewed on May 04, 2019
    • Experian Credit Report
      "Ease of use, quick access and detailed report"
      0.5 3.5/5 "Pretty good"
      Recently I was about to apply for a loan and found bankbazaar through a search engine. Wanted to check my eligibility and credit score before i wanted to proceed further, Bankbazaar made it easy as they have all solutions in one platform. Im extremely satisfied with the services.
      Was this review helpful? 28
      ,
      Reviewed on Apr 30, 2019
    • Experian Credit Report
      "Credit Report"
      0.5 5.0/5 "Blown Away!"
      Awesome Service on credit report which is updated all the time. Very accurate and perfect. I could check and apply for various financial products. Keep it Up Bank Bazaar Team........................................................
      Was this review helpful? 26
      ,
      Reviewed on Apr 30, 2019
    • Experian Credit Report
      "Credit Report"
      0.5 4.5/5 "Excellent!"
      It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
      Was this review helpful? 21
      ,
      Reviewed on Apr 30, 2019
    • Experian Credit Report
      " My credit card is not show my security is very good"
      0.5 5.0/5 "Blown Away!"
      Credit card is not show my credit card is very good please help my credit card I have interest credit card please give me credit card I have happy it card miss you me please credit card me I have not credit card please give me credit card thanks give me card
      Was this review helpful? 20
      ,
      Reviewed on Apr 29, 2019
    • Experian Credit Report
      "credit report"
      0.5 5.0/5 "Blown Away!"
      It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
      Was this review helpful? 28
      ,
      Reviewed on Apr 25, 2019
    • Experian Credit Report
      "Excellent Service by Bank Bazaar"
      0.5 5.0/5 "Blown Away!"
      I could find bank bazaar to be very convenient in checking my credit score for applying any loan or an application for credit cards. Also after keying all the details the bank bazaar people wont disturb. Whenever there is an offer you will get a text regarding the information. Thanks for getting my accurate Credit score
      Was this review helpful? 23
      ,
      Reviewed on Apr 23, 2019
    • Experian Credit Report
      "Experian credit report"
      0.5 5.0/5 "Blown Away!"
      I checked my credit score in bankbazaar web site ,it has given score with in span of seconds. I wondered ,it is free of cost for checking. It is really a wonder. Congrats to bankbazaar team members . Thanks a lot once again to all bankbazaar team members
      Was this review helpful? 53
      ,
      Reviewed on Apr 05, 2019
    • Experian Credit Report
      "Realiable credit score"
      0.5 4.5/5 "Excellent!"
      I checked my credit score in bank bazar website. It gave instantly with all my banking past history. It was very much useful. It helped me know my credit status report at no cost . It only required few hassle free clicks and that over.Really appreciable!
      Was this review helpful? 62
      ,
      Reviewed on Mar 24, 2019
    • Experian Credit Report
      "Credit Score Tracking"
      0.5 4.5/5 "Excellent!"
      I am using bank bazaar features from last few years. Service provided by bankbazaar is good when compared to others in the market . Customer service is good and their response is good. One step solution for all you banking needs . A periodic tracking of your credit score is maintained well and kept updated in email as and when new scores arrive .
      Was this review helpful? 68
      ,
      Reviewed on Mar 08, 2019
    • Experian Credit Report
      "Very nice"
      0.5 5.0/5 "Blown Away!"
      Thanks I visited a number of sites on regards in the above matter, but what ever the response I got through bank bazar was marvellous and extra ordinary.... Thanq for providing such easy platform for getting in touch to obtain the debit cards so easily.
      Was this review helpful? 65
      ,
      Reviewed on Mar 02, 2019
    • Experian Credit Report
      "Good service"
      0.5 3.5/5 "Pretty good"
      I am using the services of bankbazaar from last 1 year. I checked my credit score using the mobile app which was user friendly and easy to use. Customer service was good and their response was on time. I found all the information at one place on the mobile app.
      Was this review helpful? 79
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have been using the services of bankbazaar from last 5 months. Customer service is fine with bankbazaar and their response was prompt. The website of bankbazaar was easy to use and was user friendly. It was easy to fill the details and check the credit score.
      Was this review helpful? 85
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good service"
      0.5 4.0/5 "Great!"
      I had received a mail communication from bankbazaar advising me to check the credit score. Though this was my first experience it was simply superb. As far as the level of service is concerned it was good also the response was on time.
      Was this review helpful? 77
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good service"
      0.5 4.0/5 "Great!"
      I was checking on google for personal loans and then i came to know about bankbazaar. The services provided by bankbazaar was good and their response was prompt. The website of bankbazaar is easy to use and also user friendly.
      Was this review helpful? 72
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good experience"
      0.5 4.5/5 "Excellent!"
      I was looking out for a personal loan and I ended up reaching this site for checking my credit score. The report was very much accurate and informative too. It hardly took 5 minutes for me to fetch the report. Coming to the website even that was very much user friendly.
      Was this review helpful? 71
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good experience"
      0.5 4.0/5 "Great!"
      Nothing new nor there was no specific reason for checking the credit score infact this is my first experience. It hardly took few minutes for me to fetch the credit report. The report was very much accurate and informative too. Even the response was equally good.
      Was this review helpful? 66
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good experience"
      0.5 4.0/5 "Great!"
      I did not encounter any issues at the time of fetching the credit report. I have checked my credit score previously too and I would certainly say it was a good experience. It hardly took 2 to 3 minutes for me to fetch the score. According to me the report was accurate,informative and perfect.
      Was this review helpful? 71
      ,
      Reviewed on Feb 26, 2019
    • Experian Credit Report
      "Good experience"
      0.5 4.5/5 "Excellent!"
      To start off, it was a good experience at the time of fetching the credit score. This is the first time i have checked the credit score because i wanted to get the credit card. Report was accurate and was informative. It was easy to fill the details and get the report. In all it was a smooth process.
      Was this review helpful? 75
      ,
      Reviewed on Feb 26, 2019
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