CIBIL score is a three-digit number ranging between 300 to 900. The score shows both your ability to afford a loan and your overall financial health. TransUnion CIBIL has been approved as a credit agency by the Reserve Bank of India (RBI). The agency gives Indian residents a CIBIL score and CIBIL report after computing their credit history.
Before calculating a person’s CIBIL score, a minimum of six months of financial data is considered. The CIBIL score of a borrower is affected by a combination of factors, including their existing debt, the length of their credit history, repayment habits, and the number of credit inquiries, among others.
It is recommended to have a CIBIL score above 750 in order to acquire loans and credit cards instantly. A high CIBIL score is a sign of a person’s creditworthiness, timely repayment history, and so on. Additionally, it also helps in getting loans at low-interest rates. However, it is necessary to check your CIBIL score on a regular basis in order to maintain a good score. If your score falls, doing so and taking the necessary steps will always help you to improve it.
Nowadays, checking the CIBIL score as well as downloading the credit report has become an easy process as everything can be done online. Acknowledging your CIBIL score will help you identify your financial situation quickly. There are several online resources for assessing your CIBIL score. However, one of the most user-friendly platforms is the Bajaj Finserv MARKETS App. The whole process gets completed in just a few steps on the app, without any difficulty.
How to Check CIBIL Score Online?
You may view your CIBIL score by browsing the CIBIL score official website introduced by the RBI.
Below are the steps for the same.
Step 1: To check your CIBIL score, go to https://www.CIBIL.com/
Step 2: Select the ‘Get Yours Now’ option from the drop-down menu.
Step 3: Next, fill in the required information, including your name, date of birth, contact information, and ID number.
Step 4: Following that, create your ‘username’ and ‘password
Step 5: An OTP will be sent to your contact information to verify your identity. You may also be asked to provide additional information to verify your identity.
Step 6: After confirming your identity, you can view your CIBIL score and download your CIBIL report for free.
Ways to Maintain a Good CIBIL Score
There are several ways that can help you in keeping a good CIBIL score.
- If you have obtained more than one loan, focus on the ones with the highest interest rates to keep your CIBIL score up.
- Pay all your outstanding balance
- Avoid withdrawing cash from your credit card
- Do not take out too many credit cards as it will be difficult to manage
- Keep a regular check on your CIBIL score
- Do not miss a payment
- If you have been turned down for a loan or a credit card before, don’t try again for a few months.
CIBIL scores have become progressively important in recent years. Even if you are a person that does not require a loan at this point in time, it is advisable to maintain a healthy CIBIL score. This is so that if you need a loan in the future, a good CIBIL score will help you acquire the same.
Financial institutions now thoroughly inspect a borrower’s credit history before approving a loan application. A high CIBIL Score has several advantages, including making it easier to obtain any type of loan at a low-interest rate. As a result, having a good CIBIL score is critical for good financial health.