How to Get a 700 Credit Score in 30 Days?

Vijay one of my close friends apply a loan multiple times but the loan application was rejected. Now, he come to my office and tells me about loan rejection. I checked Vijay’s credit score which is 650. So, I just gave him some tips to get a 700 credit score in 30 days.

 Vijay achieved this targeted score within one month. Now, your turn…

1. Understand Current Situation

Check Credit Reports: Visit CIBIL.com to know the exact report and current situation. You can visit 3 major credit bureaus companies Equifax, Experian, and TransUnion.

Analyze Credit Errors: You should carefully review the credit report to analyze errors such as incorrect personal information, or showing wrong credit report. If you know all is correct, find out the low credit score reason.

2. Pay Down Revolving Credit Balances

Credit Utilization Ratio: Sometimes we use a 70% to 80% credit card limit which badly impacts on credit score. You should aim to keep the credit utilization ratio below 30%. This will significantly help to increase credit score.

Don’t Convert to EMI: After using too much credit limit, we just convert the credit card bill to EMI. This behavior ends with a higher interest-paying situation which is approximately 36% per annum. So, don’t pay the minimum due amount. Pay the full amount at the specific date.

Also Read: Loan Apps Without Credit Score

3. Apply New Credit Card

Go with a New Credit Card: If your credit score is low, you can apply for a new credit card. Some lenders provide credit cards against fixed deposits. You can apply with a low credit score.

Pre-Approved Credit Card: Sometimes banks offer pre-approved credit cards without hard inquiry. You can check out from your existing bank to grab this offer.

4. Increase Credit Limits

Try to Increase Card Limit: Contact your bank to increase your credit card limit. Higher credit card limits improve your credit utilization ratio.

Automatic Increases: Credit Card Company sometimes reviews your account for an automatic increase in credit limit. But, you must maintain a good credit history for automatic increase.

5. Pay Bills on Fixed Time

Set Up Autopay Features: Use an automatic payment facility to pay credit card bills. If you are paying late, your credit score is badly affected.

Payment Reminders: You can use digital calendar reminders to pay credit or other debt. Set reminders before the due date and pay on time.

6. Avoid Multiple Loan Application

Limit Hard Inquiries: Multiple hard inquiries can decrease credit score. Most borrowers don’t think about this. Now, you should be aware of this.

7. Debt Consolidation

Consolidate Debts: Multiple debts like personal loans, and credit card dues impact on credit score. You should consolidate all debts into a single one which saves you money.

8. Monitor Your Progress

Frequent Monitoring: You should check your credit score report frequently and monitor your progress. Also, ensure you have no new credit inaccuracies.

Also Read: 650 CIBIL Score Personal Loan

9. Financial Discipline

Maintain Low Balances: Keep your credit card balance low and don’t use your credit card every time. This way you can maintain a low balance.

Create a Budget: Make a budget for your daily expenses. It will make you financial discipline.

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