Can you improve your CIBIL score in a month? MintGenie answers

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CIBIL score in just one month. It can be quite challenging as it usually takes time and financial behaviour to positively impact your credit score. However, there are a number of steps one can take to improve the credit score quicker.

1 Timely payments: This is imperative. Pay down existing loan and make sure all your EMIs and credit card dues are paid on time going forward. Even one missed payment can significantly impact your score.

2 Bring your credit utilisation lower: This refers to the amount of credit you're using compared to your limit. Aim to keep it below 30% for a positive impact. So, if your credit card limit is Rs.

10,000, try to keep your balance below Rs. 3,000. 3 Dispute errors: Check your CIBIL report for any mistakes and file a dispute if you find any.

Your score may be low on account of errors. 4 Avoid applying for new credit: Multiple credit inquiries within a short period can lower your credit score. Try to avoid applying for new credit cards or loans unless absolutely necessary.

5 Increase credit limits: If you have a good repayment history with your credit card issuer, consider requesting a credit limit increase. This can help improve your credit utilisation ratio. 6 Diversify credit mix: Having a mix of different types of credit accounts, such as credit cards, instalment loans, and a mortgage, can positively impact your credit score.

However, only take on new credit if you can manage it responsibly. While these steps may not lead to a significant increase in your credit score within a month, they can help you establish good credit habits that will improve your score quicker than the time taken otherwise. Remember that patience and consistency are key when it comes to improving your