The CIBIL score, also known as a credit score, is a three-digit numerical value that represents an individual's creditworthiness. It is a summary of their credit history and is used by lenders to evaluate the risk associated with lending money or extending credit to an individual. It is important to have a good credit score, above 650 and be aware of in how many days CIBIL score updated as well. I initially had a poor credit score, but now my score remains above 700. I would be happy to share with you some tips about how to increase your score here.
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After how many days CIBIL score updated?
A credit score gets updated within one and a half months. The credit institutions submit data every 30 to 45 days to CIBIL, and that is when your score gets updated. I hope this clarifies when CIBIL score is updated.
How to increase your CIBIL score?There are several ways by which you can increase your CIBIL score like-
Paying your bills on time:Timely payment of your credit card bills, loan instalments, and other obligations is crucial for a good credit score. Late or missed payments can negatively impact your score.
Reduce credit card balances:Aim to keep your credit card balances low, ideally below 30% of your available credit limit. High credit utilisation suggests a higher credit risk and can lower your score.
Avoid opening multiple new accounts:Opening several new credit accounts within a short period of time may indicate financial instability. It's generally advisable to maintain a stable credit history and limit new credit applications.
Maintain a mix of credit types:Having a healthy mix of credit, such as credit cards, loans, and mortgages, can positively impact your score. It demonstrates your ability to manage different types of credit responsibly.
Regularly review your credit report:Check your credit report for errors or inaccuracies that could be dragging down your score. Dispute any discrepancies and ensure that your report reflects accurate information.
Lengthen your credit history:Building a longer credit history can enhance your score. Avoid closing old credit accounts, as they contribute to your credit history and demonstrate your long-term creditworthiness.
So this is what I learned from the bank officials about CIBIL score meaning, in how many days CIBIL score updated, and how to improve it.
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In How Many Days CIBIL Score Updated?
Sashikant
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2023-06-21T11:16:06+00:00 2023-06-27T15:21:34+00:00Comment
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