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Your CIBIL score is a three-digit number, ranging from 300 to 900, which acts as a measure of your credit worthiness. The score is derived after taking into consideration your credit history and details found in your CIBIL report, which is maintained as a record by Transunion CIBIL.
Your lender checks your CIBIL score to verify your ability to repay the loan before giving you approval. The closer you are to a credit score of 900, the better are your chances of getting easy approval on your loan. A score closer to 300 is considered poor.
For most lenders, the minimum CIBIL score required to approve a personal loan is 750. Having a higher CIBIL score boosts your prospects of getting a better deal on your personal loan. A score on the lower side, however, hurts your chances of availing finance.
Here are a few simple tips you can use to maintain a good CIBIL score:
- Pay your monthly instalments on time to build a good track record
- Manage your credit card carefully, set payment reminders and limit your usage
- Choose longer loan tenure carefully, try to make part-prepayments when you can
If you have a poor CIBIL score, there is plenty you can do to improve it. Here are some handy tips:
- Avoid being a co-signer for a loan unless you are sure of not needing to borrow anytime soon
- Avoid acquiring too much debt
- Ensure you repay all your EMIs and credit card bills on time
- Use debt consolidation loans as and when necessary to manage your loans
- Be cautious when borrowing and always have a proper repayment plan in place
Here are some other simple ways to improve your credit score.
You can check your CIBIL score for free right here on the Bajaj Finserv website (no consumer login or registration required).
All you need to do is follow these three simple steps:
Step 1: Share some basic information about yourself
Step 2: Verify your identity by confirming the OTP sent to your mobile number and email ID
Step 3: Check your CIBIL score and report.
It’s free and it is really that easy. And the best part? Checking your CIBIL score on the Bajaj Finserv website has no impact on your credit score!
When you check your own CIBIL score, it is considered a “soft inquiry” and does not leave a negative impact on your credit score. However, if a lender or a credit card issuer requests CIBIL to check your credit report (usually when they are considering you for a loan or credit card), it is counted as a “hard inquiry”. Hard inquiries are recorded in the enquiry section of your credit report.
Multiple hard inquiries, if done over a relatively short period of time, demonstrate what is called “credit hungry behaviour” and may hurt your credit score. But a soft inquiry, at least once a year, is considered an important financial habit.
As you may be aware, your CIBIL score measures your creditworthiness. Your lender chooses to check your score for a several of reasons,
- To check your credit record and history
- To measure your capacity to repay the loan
- To review your credit balance and sense the risk level of your profile
- To identify if you meet the lender’s loan eligibility criteria
- To arrive at the loan amount and interest rate suitable for you
Therefore, your CIBIL score is an important tool to help you manage your financial health.
A low CIBIL score becomes an obstacle for borrowers to avail desired loan amounts at a low-interest rate. However, users can purchase their CIBIL report. From your CIBIL report, you can check your CIBIL score whenever you want. For that, you have to follow some steps.
A CIBIL report contains your credit history as given by the financial institutions and banks. Also, you can get access to your CIBIL score and other financial behaviour. To avail of your CIBIL report, a user needs to take a subscription. Credit rating agencies facilitate different subscription packages for users. Make a subscription request to the respective agency, and they will send you a mail.
Then, if you want to purchase your CIBIL report, you will have to download the mail from the agency. Then correctly fill the information in the form that came attached in the mail. You have to provide your basic KYC documents and a demand draft of the requested amount along with your form.
Users can visit their CIBIL report for any purpose they want, like checking their CIBIL score, financial status, etc. However, once the subscription period ends, the user won’t have access to this report and will need to renew their subscription.
Credit score, credit rating and credit report are often interchangeably used. However, they each have a different meaning.
A credit report outlines a detailed list of all the credit lines and payments done by the user. It will involve the following information:
- Personal data of the user
- A detailed list of closed and open loan accounts involving dept amounts of credit card
- Credit inquiry by user
- A public record of foreclosures, bankruptcies, judgment on civil suits, etc.
Every credit report will contain a credit score.
A credit score is a three-digit number ranging from 300 to 900 and is contained in a credit report. A credit score is important because it proves a borrower's creditworthiness to all kinds of lenders. The score will go up and down depending on users' financial activities.
Credit rating is a quantified inspection of the creditworthiness of an applicant is referred to as credit rating. Any entity seeking to borrow a loan is liable to credit rating inspections, whether a person, a firm, a sovereign government, or state provincial authorities.