Regarding Increasing Credit Score

[sanjutheexpert]

Hello to all,
I have a query that I am using one credit card of HDFC and my credit score is approximately 730.
But recently I have paid all the bills on time and trying my best to use my credit card wisely still my credit score is not increasing since 4-5 months and stuck on 730.
Is it a bug or Will i have to do something more?
Please give me some tips.
thanks in advance.

 

[ShavirB]

Your Credit Score is made up of 5 different factors - Payment history, Amounts owed, Length of credit history, New credit & Credit mix.

You need to download your detailed CIBIL Report from their website (they offer 1 report FREE every year) and understand which factor you're lagging in.. Once you understand that, only then can you start to improve your score

 

[jaybrg]

Hello to all,
I have a query that I am using one credit card of HDFC and my credit score is approximately 730.
But recently I have paid all the bills on time and trying my best to use my credit card wisely still my credit score is not increasing since 4-5 months and stuck on 730.
Is it a bug or Will i have to do something more?
Please give me some tips.
thanks in advance.

Aim to keep your credit card balances low, ideally below 30% of your credit limit. High credit utilization can negatively affect or can stable your CIBIL score.
If you're struggling with credit issues, consider seeking advice from a advisor. Go in person in bank & get it resolve.

 

[shashwat]

which credit bureau is giving 730? If it's CIBIL, a CIBIL score of 730 is quite good. It'll go up, but slowly.

Based on what you've mentioned, there could be a few possible reasons:
- If you're using a lot of your credit card limit every month, even if you pay it off, it can drop your score. If this is the case, ask your bank for a credit limit increase.
- If you're having many EMIs or loans, that will also impact your score. If possible, try to reduce your EMIs by closing some of the loans.
- If you have any of the pay-later products, or neo-cards, sometimes they cause some issues in bureau reporting. Try to pay off your full balance on those instead of just min-due.
- If all of these things you're doing, sometimes the bureau report agencies and lenders have some discrepancy. Access your latest bureau report from one of the many free tools available (I use moneyview), and see if there's any loan/card that has been misreported. Maybe you didn't take a card, or maybe your card has due when you paid off everything.
- Finally, if you have a car loan or a home loan, check its status by talking to the bank. Make sure there are no issues there.

 

[PahulGoyal]

Hello to all,
I have a query that I am using one credit card of HDFC and my credit score is approximately 730.
But recently I have paid all the bills on time and trying my best to use my credit card wisely still my credit score is not increasing since 4-5 months and stuck on 730.
Is it a bug or Will i have to do something more?
Please give me some tips.
thanks in advance.

I think that happens to everyone, consider applying for another credit card if you only have one. That might help but choose which card you are trying to apply wisely and read eligibility criteria for it first. If you face a rejection then don't apply for any other one. Also if you don't want to apply then waiting patiently will also increase your credit score but slowly.

 

[sanjutheexpert]

which credit bureau is giving 730? If it's CIBIL, a CIBIL score of 730 is quite good. It'll go up, but slowly.

Based on what you've mentioned, there could be a few possible reasons:
- If you're using a lot of your credit card limit every month, even if you pay it off, it can drop your score. If this is the case, ask your bank for a credit limit increase.
- If you're having many EMIs or loans, that will also impact your score. If possible, try to reduce your EMIs by closing some of the loans.
- If you have any of the pay-later products, or neo-cards, sometimes they cause some issues in bureau reporting. Try to pay off your full balance on those instead of just min-due.
- If all of these things you're doing, sometimes the bureau report agencies and lenders have some discrepancy. Access your latest bureau report from one of the many free tools available (I use moneyview), and see if there's any loan/card that has been misreported. Maybe you didn't take a card, or maybe your card has due when you paid off everything.
- Finally, if you have a car loan or a home loan, check its status by talking to the bank. Make sure there are no issues there.

Thanks a lot. Mine score is 740 now but from dec. Its stuck on 740 n now m taking care of all the points u said

 

[sanjutheexpert]

I think that happens to everyone, consider applying for another credit card if you only have one. That might help but choose which card you are trying to apply wisely and read eligibility criteria for it first. If you face a rejection then don't apply for any other one. Also if you don't want to apply then waiting patiently will also increase your credit score but slowly.

I have 2 cards now n m using them wisely but still now satisfactory results are there dont know why

 

[sanjutheexpert]

Aim to keep your credit card balances low, ideally below 30% of your credit limit. High credit utilization can negatively affect or can stable your CIBIL score.
If you're struggling with credit issues, consider seeking advice from a advisor. Go in person in bank & get it resolve.

Thats a point i considered n now its going a bit up thanks

 

[Vedant Konde]

Hello to all,
I have a query that I am using one credit card of HDFC and my credit score is approximately 730.
But recently I have paid all the bills on time and trying my best to use my credit card wisely still my credit score is not increasing since 4-5 months and stuck on 730.
Is it a bug or Will i have to do something more?
Please give me some tips.
thanks in advance.

Hello to all,
I have a query that I am using one credit card of HDFC and my credit score is approximately 730.
But recently I have paid all the bills on time and trying my best to use my credit card wisely still my credit score is not increasing since 4-5 months and stuck on 730.
Is it a bug or Will i have to do something more?
Please give me some tips.
thanks in advance.

There are a few reasons why your credit score might not be increasing even though you've been making your payments on time:
* It takes time for credit score updates to reflect. It can take several months for credit bureaus to receive and process your updated credit information from lenders. So, even though you’ve been making your payments on time, it might not be reflected in your score right away.
* High credit utilization ratio. This refers to the amount of credit you're using compared to your total credit limit. Even if you're making your minimum payments on time, having a high credit utilization ratio can lower your score. Ideally, you should aim to keep your credit utilization ratio below 30%.
* Limited credit history. If you don't have a long credit history, it can take more time for your score to increase. This is because lenders like to see a consistent track record of responsible credit use.
Here are some tips to help improve your credit score:
* Continue making your credit card payments on time. This is the single most important factor in improving your credit score.
* Keep your credit utilization ratio low. Try to pay down your credit card balance each month to keep your utilization ratio below 30%.
* Consider getting another credit card if you have a limited credit history. Just be sure to use it responsibly and make your payments on time.
* Check your credit report regularly for errors. Make sure all the information on your credit report is accurate. If you find any errors, dispute them with the credit
bureau.

 

[Ganesh_Shinde]

Hello to all,
I have a query that I am using one credit card of HDFC and my credit score is approximately 730.
But recently I have paid all the bills on time and trying my best to use my credit card wisely still my credit score is not increasing since 4-5 months and stuck on 730.
Is it a bug or Will i have to do something more?
Please give me some tips.
thanks in advance.

If you think your score got stuck on 730, I will recommend to use CIBIL simulator and try checking all the options., I am sure if we add any new account to CIBIL will improve your CIBIL score.​

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