Your CIBIL score is one of the most important numbers in your financial life. It determines your loan eligibility, interest rates, and credit card approvals. A score of 750 or above is considered excellent, while anything below 650 can limit your borrowing options.
The good news? With the right strategies, you can boost your CIBIL score significantly in just 60 days. Here’s a step-by-step guide.
1. Check Your Current Credit Report
Before making improvements, you need to know your starting point.
Obtain a free CIBIL report from CIBIL’s official website.
Look for errors such as incorrect balances, wrongly reported defaults, or multiple inquiries.
Dispute inaccuracies immediately with CIBIL to ensure your score isn’t dragged down unfairly.
2. Pay Off Overdue Bills and EMIs
Late payments are one of the biggest reasons for a low score.
Clear overdue EMIs on credit cards, personal loans, or auto loans.
Set up auto-debit or reminders for upcoming payments.
Even partial repayments help reduce the negative impact on your credit history.
3. Reduce Credit Utilization Ratio
Your credit utilization ratio is the percentage of your available credit that you’re currently using.
Keep it below 30% of your total credit limit.
If you have a credit card with ₹1 lakh limit, try not to carry a balance above ₹30,000.
Request a credit limit increase on cards without increasing spending.
4. Avoid Multiple Credit Applications
Every loan or card application generates a hard inquiry on your report, which can lower your score.
Apply only for loans or credit cards you actually need.
Spread applications over months rather than weeks.
5. Use a Mix of Credit Types
CIBIL scores improve when you maintain a healthy mix of credit:
Secured loans (home or auto loans)
Unsecured loans (personal loans, credit cards)
Having both types, and paying them responsibly, demonstrates your ability to manage different kinds of debt.
6. Keep Old Accounts Active
The length of your credit history contributes to your score.
Avoid closing old credit cards, even if you rarely use them.
Maintain a small balance and pay it off every month to show consistent repayment behavior.
7. Monitor Progress
Check your CIBIL score every month to track improvements.
Use mobile apps or the CIBIL portal for alerts and reminders.
Minor improvements in payment behavior can reflect within 30–60 days.
Tips to Accelerate Score Improvement in 60 Days
Negotiate overdue settlements with lenders.
Clear small balances first to quickly reduce utilization ratio.
Avoid new credit while trying to improve your score.
Regularly review your report for errors or suspicious activity.
FAQs
1. How quickly can my CIBIL score improve?
Minor improvements can reflect in 30–60 days, while major changes may take longer.
2. Does paying off a personal loan increase my score immediately?
It helps, but the effect may take 1–2 billing cycles to reflect.
3. Can closing a credit card improve my score?
No. Closing old accounts can reduce your credit history length, negatively affecting your score.
4. Are all credit inquiries counted the same?
No. Soft inquiries don’t affect your score, but hard inquiries do.
Published on : 8th October
Published by : SMITA
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