How to Improve Your Credit Score in 30 Days A Complete Guide

Still wondering why your credit card or personal loan application got rejected? Well, one of the core reasons behind this is your credit score. If your credit score is below 700, then the chances of getting a loan approval are challenging. Hence, it is essential to maintain a good credit score so that banks or other institutions won’t reject your financial requirements. Through this guide, you’ll learn how to improve your credit score in 30 days. 

What is a credit score? 

First, let’s understand what a credit score is. The credit score determines your ability to repay any debt you have taken from any authorized lender. Credit scores, also known as CIBIL scores, are denoted in numerical forms ranging from 300 to 900. If your score lies above 700, that means you’re credit-worthy and can get any financial services easily. But if your credit score is below 700, you need to start thinking about how to improve the credit score because a low score won’t help you get any loan or credit card. However, some banks accept a credit score till 600, so you need to check before applying. If you have a low credit score, then do not worry because by the end, you’ll be aware of how to improve your credit score in 30 days. 

Why is Credit Score Important?

Your desired loan amount, credit cards, or interest rates all depend upon your credit score. It is an undeniable fact that without a good credit score, you can’t get the desired financial services. A good credit score is important because:

• You can get a high amount of loan
• You can negotiate with interest rates
• Your loan gets approved quickly
• You can get any credit cards easily
• You can ask to increase the credit limit
• You can negotiate on repayment tenure 

Factors affecting credit score

The following elements largely impact your credit score:

• Credit repayment history
• Credit Utilization Ratio
• Duration of credit
• Different credits 
• A new credit

How to raise your credit score fast?

In this section, you’ll learn how to improve your credit score step by step. If your score is above 700, then you already have a good credit score; all you have to do is maintain it. But if your score is low, then you need to improve now. Follow these steps to improve your credit score in 30 days:

• Pay your loan emi on time: If you delay or miss the EMI of your credit, then it lowers your credit score drastically. So, it is important to pay all your credit bills on time to maintain a good credit score. If you are constantly paying your credit bills on time, it shows lenders that you can pay their loan on time and you’re worthy of credit. 
• Pay all the existing credits: if you have a few existing and outstanding loans, then clear them right away. Either pay on time or do a settlement with the bank because if you keep delaying the outstanding bills, it will negatively impact your credit score. Pay off all of your current debts to quickly raise your credit score.
• Maintain your credit utilization ratio: This means the amount of credit you are using from the total credit limit given. To maintain a decent credit score, the credit ratio should be kept at or below 30%. If you have a high credit ratio, then stop taking more credits and pay off the existing bills on time to increase your credit score. Either ask for an increase in credit limit or reduce your credit usage to maintain the credit utilization ratio.
• Don’t apply for numerous credit cards: Your credit score is immediately impacted if you apply for credit cards regularly. Even if you’re applying for a card just to check its features, it’s a bad idea. Instead, research the card and apply only if you need it. Too many cards show that you’re financially weak and might not be able to pay the bills on time, so avoid this to improve your credit score. 
• Select a loan with a longer term: You can pay the monthly EMI on time if you choose a lengthier loan repayment period because the amount will be lower. So, if you keep paying the EMI on time for a long tenure, then you can improve your credit score in 30 days. 
• Avoid taking out many loans: If you already have a loan or two, then avoid applying for more frequently because it shows your instability and might represent you as a financially weak person who can’t pay bills on time. So, avoid too many loans and focus on paying the existing loans timely for Credit score improvement.

Apart from these, you should also focus on taking different types of credits, checking for inaccuracy or disputes in your credit score reports, and keeping using your old accounts. By following these steps, you can easily improve your credit score in 30 days. If you skip any of these pointers, then you’re putting your credit score at risk. It is advised to stay consistent while you’re on your credit score improvement journey.

How to check credit score online?

To check your credit score online, you can use our website, Findcreditloan. To check your credit score for free, adhere to these given steps:

• Visit our official website, ‘findcreditloan’.
• Click on ‘Credit Score’
• Fill in your contact number and submit
• Your credit score report is now available for viewing and downloading.

Just by following these steps, you can get your credit score report for free. If your credit score is below 700, then follow the above given steps on how to improve your credit score in 30 days.

Also Read:- Apply Instant Personal Loan in Nehru Place up to ₹50 Lakh

Conclusion

In a nutshell, a good credit score is the core for obtaining any financial help from banks or other institutions; without a good credit score, you won’t get any form of credit. In this blog, we discussed thoroughly about credit score and how you can improve your credit score in 30 days if your score is low. Make sure you pay the bills on time, avoid frequent loan and credit card applications, keep track of your credit reports, and manage a healthy credit utilization ratio. If you consistently follow these guidelines, you can easily improve your credit score in 30 days. 

Frequently Asked Questions (FAQs)

What affects your credit score the most?

The factors that affect your credit score the most are delayed payments, outstanding dues, high credit utilization ratio, and frequent new credit applications. All these factors negatively affect your credit score.

How to increase your credit score from 500 to 700 quickly?

Making timely payments, clearing all the existing outstanding dues, maintaining a lower credit utilization ratio, and tracking credit report errors can help you improve your credit score in 30 days from 500 to 700.

Which credit score range is considered good?

Credit scores generally range from 300 to 900. If your credit score lies between 700 to 900, it is considered good, and if your credit score lies between 300 to 550, it is considered a poor credit score. A range between 550 to 700 is considered an average credit score means the chances of getting credit is challenging but not impossible.