With strong credit, many financial concerns can be made easier and less expensive. For example, if you have good credit, you might be able to get approved for a mortgage or auto loan, as well as the best interest rates and terms available. A good credit score can also affect how much insurance you pay and whether a utility company wants a deposit before starting service.
If you’ve made financial blunders in the past, your credit ratings may not be as high as you’d want. While you may not be able to delete these negative entries from your credit report right away if they are accurate, you may begin rebuilding a more favourable credit history today and improve your credit score in the future.
If you have poor credit, you may have difficulties obtaining loans or credit cards. Certain sorts of work and apartment rentals may be difficult to come by. There are loans available that do not require a CIBIL score. Worse, you are more likely to pay higher loan rates, insurance premiums, and even security deposits than someone with excellent credit.
What Does A CIBIL Score Mean?
Your CIBIL score is a numerical representation of your creditworthiness. It’s a three-digit number between 300 and 900. A credit score of 900 or above may entitle you to more favourable credit card and loan offers. Most lenders, including banks and non-banking lending organisations, want a CIBIL score of 750 or above (NBFCs).
The Credit Information Bureau India Limited (CIBIL), which controls your credit score, has direct influence on your future interactions with lenders and financial institutions. A high credit score ensures that your loan or credit card application is approved quickly, but a low credit score jeopardises your current and future chances.
The main reason we can’t always maintain a good credit score is a lack of understanding. We find ourselves in difficult situations due to a lack of awareness, especially during difficult times. That is why, at Bajaj Finserv, we have created a list of five important traits that can help you build and maintain a solid financial history.
How Is Your CIBIL Score Calculated ?
A CIBIL check is performed over the internet. Banks and financial organisations look at the CIBIL score before making a loan decision. Regularly review your credit profile to ensure that it appropriately reflects your creditworthiness and is free of errors and abnormalities. This allows you to keep track of changes and identify suspicious activities. Here are some methods for checking your CIBIL score online.
- Through the Bajaj Finserv website
- Visit the Bajaj Finserv website and click on “Get Your CIBIL Score.”
- Complete the form with the relevant information (Name, DOB, ID proof, loan history).
- After submitting the form, the payment page will be presented. A credit report from CIBIL costs money.
- After you have completed your payment, the authentication page will be presented. For identification, at least three of the five inquiries about your credit history must be correctly answered. The report will be delivered to your mailbox in less than 24 hours once it has been validated.
- Use your PAN card to view your CIBIL score.
- Visit the Bajaj Finserv website to acquire a free CIBIL score.
- Complete the form completely, including the required fields (name, DOB), and then choose “Income Tax ID Number (PAN)” as your method of identification.
- Determine your source of income and how much you earn each month.
- Include your address and contact information, including phone and email addresses.
- The free report will be delivered to your inbox within 24 hours.
- Call the Number to Get Your CIBIL Score
- Before you may check your CIBIL score through mobile number, you must first input personal information on the website. To authenticate their identity, the user must then share the one-time password (OTP) that was issued to them. To view their CIBIL score, users must enter the same information on the following page.
- Along with income, CIBIL Score is one of the most important factors that lenders evaluate when granting loans. The Credit Information Bureau India Limited calculates the CIBIL score in collaboration with other recognised credit bureaus across the country. Your payment history, payment patterns, current credit sources, and overall credit amount all have an impact on your credit score.
Top Ways To Improve Your Credit Score
However, just because your credit is poor now does not guarantee it will be in the future. It is possible to repair your credit and get out of financial trouble. If you’re ready to start rebuilding your credit, the four steps described below can assist.
- Make your payments on time.
- Pay all your expenses on time every month.
- Pay any past-due invoices and make on-time payments in the future.
- Consider setting up automated payments or payment reminders to help ensure you never miss a payment.