How to Build a Good Credit Score in India

Overview

Frequently Asked Questions

A CIBIL score of 750 or above is considered very good. It makes it easy to secure loans and credit cards at favorable interest rates.
It typically takes 6 to 12 months of consistent, on-time payments and low credit utilization to show a significant improvement in your credit score.
No. Checking your own credit score is a 'soft inquiry' and does not affect your score. When lenders check it for loan approval, it is a 'hard inquiry' and can slightly reduce it.
It is the percentage of your total credit limit that you spend. Keeping it under 30% is best for a healthy credit score.
It is difficult but possible. Lenders might approve the loan but will charge a much higher interest rate due to the increased risk.
You can raise a dispute on the official CIBIL website. The bureau will verify the details with the concerned bank and correct errors within 30 days.
Yes, closing credit card accounts can decrease your score by shortening your overall credit history length and reducing your total available credit limit.
No. Debit cards use your own money from your savings account. Only credit card usage and loan repayments build your credit score.
A credit card issued against a Fixed Deposit. The FD serves as collateral, making it easy for beginners or people with low scores to get approved.
You should check your credit report at least once every three to four months to ensure there are no errors, unauthorized accounts, or identity theft.

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