How Much Time Will It Take To Improve CIBIL Score?

In order to be approved for a credit card or any other financial product, a person's credit or CIBIL score must be at a minimum level that lenders find acceptable. This score is usually 750 and above.

Efforts to improve your credit score can take some time to materialize as several factors come into play. 

How Long Will It Take To Improve My CIBIL Score?

The process of rebuilding your score does not have a fixed timeframe.  The lower your score, the longer it is going to take to rebuild it. 

Depending on where you stand, the time it takes to reach the acceptable score will vary -

• If your score is between 650 and 700, it may take anywhere between 4 - 12 months to reach 750

• In case your credit score is less than 650, it will take longer, sometimes even more than 1 year.

Remember, your CIBIL score does not magically improve overnight. It takes time, financially conscious choices, discipline, and healthy spending habits. 

What Is The Importance Of Credit Scores?

Your CIBIL score determines your creditworthiness. It helps banks and other lenders to decide whether you are someone who can be trusted to repay a loan. 

CIBIL score is influenced by various factors such as loan repayment history, credit type, credit duration, utilization ratio, credit mix, and more. A person’s financial dreams depend heavily on credit scores. 

A good credit score can easily help you fulfill your financial goals by improving your chances of quickly obtaining a loan.   

How To Improve CIBIL Score Fast?

There are several factors that influence your CIBIL score. Here is how you can improve your credit score fast -

• Avoid Multiple Loans And Credit Cards: Taking multiple loans can lead to bad credit unless you are able to repay them on time. Manage your finances effectively and steer clear from availing multiple loans or credit cards simultaneously.

• No Credit History: Your credit history gives the credit bureau no information about your payment behavior. Without any previous history, you will not have a credit score.

• Delayed Payments: Repayment of dues must be done on time to have a good CIBIL score. Delayed payments can reduce your CIBIL score.

• Inactive Credit Card: No activity on your credit card can lead to the closure of that account and a bad credit score. Make small purchases every month and pay them back to improve your CIBIL score. 

How Much Time Does It Take To Get The CIBIL Report?

It is necessary to check your credit report from time to time. You can check your credit score easily by requesting a CIBIL report.

You can easily download your credit report from the official website of CIBIL for a small fee. This report consists of your score, an overview of your financials, credit history, utilization ratio, payment history, and the status of your financial health.

Some websites and mobile applications also provide credit scores for free. 

CIBIL scores take time and effort to improve. Based on your score, it may take anywhere between a few months to a year before you see the score you want. However, once you reach your desirable score, your financial aspirations will become manageable.