Tue. Jun 18th, 2024

How to check my CIBIL score? Many ask this question as the CIBIL score is an important financial parameter. It decides whether or not you are a reliable borrower. The lenders use this score, which varies from 300 to 900, to determine if you can afford to repay the money you borrowed. The better your credit score, the more likely you will get approved for a loan or a fresh credit card. The higher your CIBIL score, the more favorable your interest rate will be.

You can check your credit score in some simple steps online and on WhatsApp.

Check CIBIL Score Online

Can I check my CIBIL score online? Yes, you can check your CIBIL score online on the website of CIBIL and its official partner, Wishfin. On the home page of CIBIL, click on ‘Get Your CIBIL Score’, provide the required information, and the screen will fetch your credit score. The CIBIL Score tab on Wishfin’s website will take you to a page where you can enter the necessary details and view your credit score. 

Check CIBIL Score on Whatsapp

Customers may sign up for a free monthly credit score/report using WhatsApp Business on their devices (phones, tablets, computers, etc.). With WhatsApp, you can quickly check your credit scores and build your scores to qualify for extra advantages for your immediate future and financial stability.

Things that can Affect Your CIBIL Score

The four main components that make up a CIBIL score are mentioned below.

Payment History (30%)

Maintaining a good score may be as easy as making on-time payments for your credit card and loan payments. Your credit score will be affected if you miss the due date for a bill payment or fall behind on your EMIs.

Credit Exposure (25%)

While simultaneously using several credit cards and loans has little effect on your score, a high credit usage ratio may impact your score badly. If your credit usage percentage is constantly high, it will be clear that you have been having financial difficulties and are likely to become insolvent. Therefore, it is wise to make only necessary purchases with a credit card and not go over the limit.

Type and Duration of Credit (25%)

It is another crucial element. This factor considers the length of your credit history and the time that has passed since you started your first credit account. The average length of time you’ve had credit accounts is taken into consideration by CIBIL. A decent credit mix indicates that you have a lot of expertise in managing various accounts.

Additional (20%)

Other criteria, such as soft and hard credit inquiries, are also considered. A hard inquiry is recorded whenever a lender investigates your credit report in response to a loan application.

How can I Raise My CIBIL Score?

These are proven ways to keep your credit score high or raise it if it is low.

  • Pay off debts and EMIs promptly.
  • Verify that the credit card usage never exceeds 30% over time.
  • Immediately settle any credit card debt.
  • Try not to inquire about new credit cards or loans often and avoid taking on excessive debt.
  • Monitor your credit card history.
  • Expand your limits.

What Impact does Constantly Monitoring CIBIL Score Have?

Checking your credit report won’t have any negative impact on your score. For this reason, you can check your CIBIL score whenever and as often as you choose. Credit scores are important to keep an eye on.

What CIBIL Score is Required to be Eligible for a Loan?

A personal loan requires a minimum CIBIL score of between 720 and 750. If you have a high credit score, loans will be authorized swiftly for you. If you may still apply for a loan with lower scores, the approval procedure won’t go as smoothly as it would with a high-score application.

Conclusion

One of the most crucial factors in personal finance is the CIBIL score. Your repayment history and several other criteria influence your CIBIL score, which is dynamic and constantly changing. Using your PAN card or WhatsApp, check your CIBIL score. Or use the CIBIL score App to check it more conveniently.