How frequently CIBIL score is updated?

 

To know the CIBIL update time, a person should have to know what is CIBIL. 

CIBIL (Credit Information Bureau India Limited) is an agency of India, one of the credit bureaus, that collects and maintains the data records of borrowers (both individuals and companies)

CIBIL score ranges from 300 up to 900 for individual reports and 0 to 9 for commercial entities credit report.

Every financial institution (Banks & NBFCs) reports the credit payment history along with all kinds of credit records for every borrower as a record, to maintain the database so that their credit eligibility can be checked whenever needed. 

The database of CIBIL update frequently so that their payment history along with other records can be maintained accordingly.

Now, talking about the CIBIL update time, CIBIL score typically update every 30 to 45 days (depending upon the financial institution’s updation frequency).

This is because most financial institutions (banks and NBFC), report the credit activity of their customers to CIBIL portal in a frequency of one month. 

Therefore, any changes in your credit report, such as new loans, payments, or credit utilization, will be reflected in your CIBIL score during this cycle.

However, the exact timing of when your CIBIL score updates may vary slightly depending on when the lending entities report their data to CIBIL and when CIBIL processes it to display.

How to improve Highmark credit score in 2025?

The process of improving Highmark credit score is very easy, if you are aware of the steps of that. The process combines some strategies and techniques which concludes of positive credit habits &addressing any negative remarks that affect your credit score.

You might awarethat Highmark credit score is one of the 4 credit scores available in India, typically ranging from 300 to 900.

The steps to improve Highmark credit score are as follows:

1.     analyse your Highmark credit score & report

·        The first step an individual should take to improve Highmark credit score, is to get your credit report and analyse it thoroughly so that you can identify the errors, which are affecting yourcredit score. It might be any mistakes and negative remarks. Dispute those inaccuracies immediately.

 

2.     Don’t delay on debt paying

·        If you fail to pay your debts on time will affect your Highmark credit score. So, always maintain a habit of paying your debts on time. If you are struggling to pay that on time, you might opt for auto debit facility.

 

3.     Maintain credit limits properly

·        Always maintain a habit of using your credits under 30% of the maximum utilisation limit, especially for your credit cards. Using your credit limit above that will decrease yourcredit score in a very short time. If possible, pay the excess balance that you used in a month,before the bill of that month is generated.

 

4.     avoid new credits if it is not necessary

·        Every time you apply for a new credit facility, it might result a hard enquiry, that impacts your credit score, and significantly lower the credit score. So, never apply for a new credit facility when it is not necessary.

 

5.     Maintain the versatility of your credits

·        Maintaining the versatility of your credit such as credit cards, gold loans, personal loans, etc. can help you to improve your score. So always, try to maintain the versatility of credits, so that the ratio of your secured credits and unsecured credits can be maintained properly.

 

6.     Maintain existing loan accounts open for long times

·        The length of your credit is very important, and to maintain a healthy Highmark credit score. Avoid foreclosing your existing loan accounts as they can help you to improve credit score by showing a long, established history of responsible credit use.

7.     find out negative marks of your Highmark credit score & report

·        If you fail to pay EMIs on time for your existing loans or credit cards, try to pay them as soon as possible. Most often the lending institute authority removes the negative remarks as soon as you pay them back their due amounts against your credit facility.

8.     use a credit score builder loan

·        Some banks and lending institutes offer credit score builder loans like secured credit card & mortgage loans. This credit builder loans helps you to improve your score by showing that you are reliably paying the loan amount from time to time.

9.     check your credit score very often

·        Use credit score monitoring tools like Highmark official website and apps to keep track of your score and get notified if there are any major changes. This way, you can stay on top of your progress.

Improving your credit score takes time, so be patient and consistent with these actions, or else you might take consultancy from a credit consultant, as their knowledge and experience can help you to improve Highmark credit score, in a better way with efficient steps. 

How much CIBIL score required for personal loan?

 

For a personal loan in India, the CIBIL score plays a crucial role in determining your eligibility, as a good CIBIL score is required for personal loan. Here's a breakdown of the score ranges and their implications:

1.    750 and above:
This is considered an excellent score, as above 750 CIBIL score is the best CIBIL score required for personal loan. Lenders usually offer the best interest rates, and you are more likely to get approved for a personal loan with favourable terms.

2.    700 to 749:
This is also considered as a good score, as CIBIL score up to 750 is also considered as a good CIBIL score required for personal loan, and you have a high chance of loan approval. You may get competitive interest rates, though not as low as someone with a score above 750.

3.    650 to 699:
This is average score of an individual. While you can still get a personal loan, the interest rates may be higher, due to this score or according to the lender’s terms and conditions, and you might have to provide additional documentation or collateral.

4.    550 to 649:
This is considered as below average score. Getting a personal loan may be tough, and if approved, the loan terms may not be on your side. Lenders may charge higher interest rates and impose strict conditions; lenders might also charge you to give something for any mortgage.

5.    Below 550:
This is considered a poor score, and it’s quite difficult to get a personal loan with such a score. If you do manage to get approved, the interest rates will likely be very high, and you might be required to provide additional guarantees, such as a co-applicant or collateral.

Key Points:

• A CIBIL score of 750 or above is typically required for easy approval and low interest rates.
• Lenders also consider other factors, such as your income, employment stability, existing debts, and repayment history, in addition to your CIBIL score.

If your CIBIL score is below 750, you can work on improving it by paying off existing debts, avoiding late payments, and maintaining a good credit utilization ratio to increase your chances of getting approved for a personal loan.

10 Ways to improve CIBIL score quickly