How Can I Check My Cibil Score? Know The Answer Here
The moment your loan or credit card application reaches to your favorite lender, what do you think happens right after the same? Well, soon after receiving your application, the first thing most of the lenders do is to check the credit/cibil score of an applicant so as to know whether that applicant has defaulted earlier or not.
Yes, knowing the same is very important for the lenders as it gives them a quick check of their credit history or repayment track. Talking about a credit score, it would not be wrong to say that it is a creditworthiness of an individual, showing his transaction and financial history in the form of a credit score.
This is the reason that many time while availing a loan/credit, the question that bothers many people is to check my cibil score.
Yes, because knowing your score is important as it is a gateway to your financial life cycle that allows you to grab the best deal. When it comes to this score, it usually ranges between 300-900 and a score of 700/750 out of 900 is considered to be a good score. And, on maintaining the same, actually helps an individual to grab the lucrative deal, i.e. a loan at lower rates or a credit card decked with impeccable features and rewards. This is the reason that why a good credit score plays a crucial role in your overall loan journey.
And, when it comes to checking the same, you would be glad to know that these days there are plenty of reliable sites are there that allow you to check your score instantly without any hassle. You need to have a PAN Card and you are sorted as these sites only take into consideration your details related to the same. Yes, now knowing your score is no more of a hassle as these sites are so quick that you simply need to sit back and relax. However, in order to know the steps of checking your score, all you need to do is just read the article below…
Step 1: Go to the Credit Score page available online
Step 2: Give your Name(as per PAN), Date of Birth, Gender and PAN Card Number
Step 3: Give your Contact Details such as Current Residential Address, Email ID and Mobile Number
Step 4: Agree to the Terms and Conditions
Step 5: Click on the Submit button
Moreover, these are the steps you need to follow online if you want to know your exact credit score. These quick and simple steps are no doubt would be of great help as they give you a hassle-free experience online. Now that you know how to check your score online, it would also be advisable for you to know how your score is calculated.
There are a lot of financial institutions that monthly report all the details such as credit activity of the customers to the bureaus. Yes, credit bureaus like CIBIL, Equifax and Experian are considered to be the renowned agencies that mainly collect and maintain the credit record of each individual, who has ever been involved in any financial activity. When it comes to the credit record, the data includes the new loan applications, interest rates, credit limit of a card, status of loan/credit applications, defaults (if any). So after the deep analysis of the provided information, a credit score is calculated by these agencies after taking into account the above points.
However, if you are someone who is not getting the lucrative loan/credit card offers due to your poor credit score, nothing to worry as there are multiple ways through which you can improve/maintain the same. And, for that, you simply need to read the article below…
- Pay your bills on time as missing out the same could be a prime reason for bad score.
- Ensure that your EMI deductions are successful so that your score will remain at a good position
- By avoiding unnecessary expenditures, you can save for other necessary expenses that can affect your score.
- Avoid checking your score frequency even though your mind says check my cibil score as frequently checking the same can adversely harm your score.