A CIBIL score is a three-digit number that represents your creditworthiness and reflects your credit history. Lenders use this score to evaluate your creditworthiness when you apply for loans or credit cards. The higher your CIBIL score, the better your chances of being approved for credit, and you may also be eligible for lower interest rates. So, understanding CIBIL score calculation and getting my CIBIL score online will help you make better financial decisions and improve your creditworthiness.
Important factors affecting my CIBIL score
- Payment History: Your payment history plays a crucial role in determining your CIBIL score. Timely payments on credit card bills, EMIs, and other loans can help improve my CIBIL score.
- Credit Mix: The type of credit you have availed of also plays a role in determining your CIBIL score. A healthy mix of secured and unsecured loans can boost your score.
- Length of Credit History: The length of your credit history also plays a role in determining my CIBIL score. A longer credit history is seen as a positive factor by lenders.
- Credit Inquiries: Too many credit inquiries in a short period of time can have a negative impact on my CIBIL score.
It’s important to keep these factors in mind to maintain a good CIBIL score. Regularly checking my CIBIL score and taking steps to improve CIBIL score calculation can help you qualify for better loan offers and credit terms.
How to check my CIBIL score online?
- To check my CIBIL score, visit the Bajaj Finserv website at https://www.bajajfinserv.in/check-free-cibil-score.
- Search the “Check Your CIBIL Score” section.
- Click on the “Check Score” link to proceed with the CIBIL score calculation process.
- Enter your mobile number and you will receive a One Time Password (OTP) on your mobile number.
- Enter the OTP you received and click the “Submit” button.
- Fill out the online form by providing your name, date of birth, PAN card number, and other required details for the CIBIL score calculation process.
- Accept the terms and conditions.
- Click on the “Submit” button to complete my CIBIL score online checking process.
- Your CIBIL score and report will be displayed on the screen.
Tips to improve your CIBIL Score
Your CIBIL score is a critical aspect of your financial profile and can impact your ability to secure loans and credit. A higher CIBIL score reflects your creditworthiness and makes obtaining loans or credit cards with lower interest rates easier. If your CIBIL score is low, you can take steps to improve it. Here are some tips to improve my CIBIL score:
- Pay Your Bills on Time: Late payments significantly impact your CIBIL score. Ensure you pay your credit card bills and loan EMI payments on time to maintain a good credit history.
- Lower your Credit Utilization: Credit utilization ratio is basically the ratio of the amount of credit you use versus your credit limit, and higher credit utilization ratio negatively affects your CIBIL score. Keep your credit utilization ratio below 30% of your credit limit to maintain a good score.
- Maintain a Mix of Credit: A healthy mix of secured and unsecured loans, such as a home loan, car loan, and credit card, can positively impact your CIBIL score.
- Avoid Multiple Loan Applications: Applying for multiple loans or credit cards quickly can negatively impact your CIBIL score. Apply only when necessary.
- Check Your CIBIL Score Regularly: Check your CIBIL score online regularly to keep track of your credit history and identify any errors.
By following these tips, you can improve my CIBIL score and maintain a good credit history, which can help you secure loans and credit in the future.
Check CIBIL score on Bajaj Finserv Credit Pass
Bajaj Finserv Credit Pass is an online credit monitoring tool allowing you to easily check your CIBIL score online at an affordable price of just Rs 99 per year. It provides a detailed report of your credit score and credit health report. By using this online credit monitoring subscription service, you can get real-time updates on your credit score and customised loans and credit card offers.
Summary
The CIBIL score is essential in determining your creditworthiness and the ability to get loans and credit cards from financial institutions. It is crucial to do regular CIBIL score calculation online and ensure that it remains within the desired range and take necessary steps to improve it if required. Understanding the factors that impact my CIBIL score and taking necessary actions to improve it can help you achieve financial stability and achieve your financial goals. By following the tips to improve my CIBIL score and regularly checking your CIBIL score on reliable platforms such as Bajaj Finserv Credit Pass, you can increase your chances of getting loan approvals at favourable interest rates.