At the time of applying for any kind of credit facility, the lenders ask for your CIBIL score. Having a good score can help you get best credit cards and low-interest rate loans. If you do not know your score yet, you can check it online in just a few minutes. All you need to do is following some simple steps where you have to mention your PAN card number.
In this article, we have talked about the procedure involved in checking the CIBIL score. As you read, you would know some very effective measures to improve your score if in case it is not up to the mark.
How can you check CIBIL score?
You can follow the below steps in order to check your score online:
- Go to check CIBIL score check website
- Provide your full name as mentioned on the PAN card
- Enter your Date of Birth
- Choose the gender you belong to
- Mention your PAN card number
- Enter your contact address
- Provide the email ID fn which you want to get the credit report
- Enter your mobile number
- Submit the form
On the successful submission of the CIBIL score form, you will get a confirmation on your email ID. You will get the detailed credit report on the email ID you have provided.
Factors Affecting CIBIL Score
There are certain basic but important factors that affect the credit score of the individual. If you manage to keep these things in mind, it will really be helpful for you.
- Avoid carrying credit cards who are of no use to you.
- Do not increase your credit limit as it affects your credit score.
- If you are using more than 50% of your credit card limit, it will affect the score.
- No-loan people also have a bad score of no credit score.
- Prepayment of the loans also affects the credit score.
- Late payments of the loan EMIs or the credit card bill.
- Positive payment history will help build a good CIBIL score or credit score.
How to improve CIBIL Score?
Here are some of the best options in front of you to improve or generate a good CIBIL or credit score.
- You can apply for a loan a credit card
- Avoid unnecessary usage of credit cards.
- Try to maintain more than 50% of your credit card limit.
- Increase your limit in case you are sure of using it in a disciplined manner.
- If possible, do not go for prepayment of the loans as it affects the credit score.
- Pay your loan EMIs or the credit card bill on time.
What is the benefit of a good CIBIL score?
The customers who have a good payment history are given better deals on both loans and credit cards. For instance, if you do not have a credit history or have bad CIBIL score and you apply for a loan, the lender will have no track of your past payment history which can help it trust you for the future payments. In this case, they will offer a little higher rate as compared to those who have a good CIBIL score.