A bad credit score can reject a loan application. A low CIBIL score often becomes an obstacle in the way of getting a loan or a credit card from a bank. There are, however, certain things you can do for a free CIBIL score check to improve your credit score. In this article, we will take you through a step-by-step guide on how to check your CIBIL score online and improve it.
More about the CIBIL score
Your CIBIL score is based on your borrowing and repayment activities. The higher your score, the more likely you are to get approved for loans and credit products.
A good CIBIL score is considered more than 750. If your score is below 600, you may have difficulty getting approved for loans and credit products. You can check whether your CIBIL score is high or low by using the Cibil Score App. However, there are still financial institutions that offer loans to people with lower scores.
Several factors can affect your CIBIL score, including:
- Your payment history: This includes whether you have made late payments or missed payments on your loans and credit cards.
- The amount of debt you owe: This includes how much debt you have relative to the amount of credit available to you.
- The types of credit products you have: This includes whether you have revolving credit products (e.g., credit cards) or installment loans (e.g., auto loans).
- The length of your credit history: This refers to how long you have been using credit products.
By maintaining a good CIBIL score, you can improve your chances of getting approved for loans and other forms of financing in the future.
Checking your CIBIL score online
It is now possible to free CIBIL score check online, or by Cibil Score App and it only takes a few minutes. Here’s a step-by-step guide:
- Go to www.cibil.com and click on the ‘Get your CIBIL Score’ button.
- Enter your details such as name, date of birth, email id, and mobile number.
- You will then be asked to enter your PAN number.
- Once you have entered all the required details, you will be able to see your CIBIL score online.
Why You Need to Check Your CIBIL Score
Your CIBIL score is a three-digit number that lenders use to assess your creditworthiness. A high score means it is easy to get a loan. A low score could make it more difficult to get a loan or credit card and could lead to higher interest rates. It’s a good idea to get a free CIBIL score check before you apply for a loan or credit card. That way, you’ll know where you stand and can take steps to improve your score if necessary. Checking your score is also a good way to keep tabs on your financial health and catch any errors that may be dragging down your score.
Signs you need to check your CIBIL score
If you’re planning to apply for a loan or a credit card, the first thing you need to do is check your CIBIL score. A good CIBIL score is essential for getting approved for a loan or a credit card. Here are three signs that you need to check your CIBIL score:
- If you are rejected for a loan or a credit card: If you are rejected for a loan or a credit card, it’s because your CIBIL score is too low. Checking your CIBIL score will give you an idea of where you stand and what you need to do to improve your chances of getting approved for a loan or a credit card.
- You’re planning to apply for a loan or a credit card: If you’re planning to apply for a loan or a credit card, it’s important to check your CIBIL score with Cibil Score App in advance. This will give you an idea of whether you’re likely to be approved for the loan or credit card.
- You’ve been declined for a loan or a credit card: If you’ve been declined for a loan or a credit card, checking your CIBIL score is the first step you should take. There could be various reasons why your application has been declined, but checking your CIBIL score will give you a better understanding of where you stand.