Optimizing mongodb sort query

I have a very large collection. It has about 60+ million documents. I am trying to retrieve large subset of documents but the query I have written is taking so long and often giving me timeouts. Here is my query:

{
   "type":"xyz",
   "$or":[
      {
         "is_custom":false
      },
      {
         "is_custom":{
            "$exists":false
         }
      }
   ],
   "status":{
      "$in":[
         "Active",
         "Pending"
      ]
   }
}

Projection
_id : 1
id : 1

Limit: 5000

Sort:
_id : 1

I created this index:

{
    "type" : 1,
    "is_custom" : 1,
    "status" : 1,
    "id:" : 1,
    "_id" : 1
}

MongoDB is not accepting this index. Any idea how to make this query faster? I have to iterate over 3million docs so I am using _id > _id retrieved from previous query approach.

Hello @Quantim, welcome to the MongoDB Community forum!

Please include the explain's output on the query.