Can you share how long does it take to raise my credit score?
Credit score improvement always takes time. It is not something that changes overnight. From my experience, it generally takes 3 to 6 months to see progress if you follow healthy credit habits.
Small issues like late payments or high credit utilisation recover in 1 to 3 months. However, bigger problems like loan defaults or settlements may take 6 to 12 months to improve.
Though I do not have any of these situations, I like to check my credit score once a month. You can use a free online credit score checker for that and ensure there are no mistakes.
Since lenders update data every 30 to 45 days, changes show up gradually. Currently, I have a 750+ credit score, which was 739 (2 months ago due to new credit cards).
But serious issues, like payment delays, loan settlements, stay longer in your credit history. Here are some tips to improve your credit score:
- Pay EMIs, bills, and credit card dues on or before the due date.
- Always try to use less credit and keep credit use under 30% of your total limit.
- You should avoid new debt and take loans or cards only if you really need them.
- Also, regularly review your credit history and fix errors quickly.
In short, you have to follow strict disciplines to improve the score. There is no shortcut to improving your score. Follow all the tips to improve your credit score, and it will improve automatically.