Loan Disapproved!!! How To Check CIBIL Score Online Free?
About CIBIL Score
Credit Information Bureau India Limited is referred to as CIBIL. This manages and keeps track of the credit histories of all businesses, people, and organizations that the banks use to make loan payments.
Generally, the CIBIL score is a three-digit number that denotes your credit report. The CIBIL Score stands between 300-500. Further, 900 will be considered excellent, and 300 is a bad CIBIL Score. So accordingly, check CIBIL Score online.
Why do you need to check your CIBIL Score?
A CIBIL Score plays a key role while processing the loan application. When an applicant fills out the application form and submits it to the bank, the first thing the lender checks is the CIBIL Score. If the CIBIL score is low, then there might be a chance that the application for a loan may get rejected.
Your CIBIL Score forms the lender’s initial perception of you. The higher the score, the better your chances for loan approval. So, it is suggestable to check CIBIL Score online free frequently and maintain your credit card utilization ratio at 30% of your credit card limit to maintain a good CIBIL score.
How to check CIBIL score?
- Visit the official CIBIL score website and log in. To find out your score, click it.
- Fill out the form with the necessary information. Enter your email address, password, first and last name, government-issued ID, and cellphone number.
- After correctly entering the necessary information, click Accept to move on.
- Type in the accurate OTP that was delivered to your cell phone.
- Select member login.
- You can now immediately check CIBIL score.
How to Check CIBIL Score Free Online by Pan Number?
For CIBIL Score check free online by pan number just by following some simple steps.
- Go to the website of CIBIL.
- Click on the free CIBIL Score and report option.
- Enter your personal information details like Email Address, password, first name, and last name, and choose ID type.
- Select Income tax ID Number (PAN) in the ID type box.
- Enter your ID number, DOB, pin code, and mobile number.
- Click on Accept & Continue.
- You will get an OTP to your mobile number. Enter the OTP and click on continue.
- You can get your credit score by choosing the ‘Go to dashboard’ option.
- You will be redirected to the myscore.com web page.
- Click on member login and your profile is now visible.
- You can check CIBIL Score, and other details are also available below the CIBIL score.
How to check CIBIL Score in Paytm?
Checking CIBIL Score in Paytm involves a few simple steps those are:
- Open Paytm mobile application.
- Go to the loans & credits section.
- You can check CIBIL score quickly by clicking on ‘Free credit score.’
- On the Paytm app, you can also request a credit score summary.
How does CIBIL Score increase or decrease?
The increase or decrease in the CIBIL score depends on the individual person itself. There are some Do’s And don’ts that you need to follow in maintaining a good credit score those are:
Never delay or miss your credit card payments: Get your money owing on time. Your credit score may be significantly impacted by the way you pay existing debt. In addition to making you pay the penalty for late EMI payments, this also affects your credit rating.
Make a good history: Debt is sometimes essential. But the idea is to take the right kind of debt, use it purposefully and service it well.
Avoid Over Leveraging: Avoiding Over leveraging can positively impact the CIBIL score.
Proper utilization of credit card: Apply for a minimal number of loans during a fixed period. To maintain your Credit score healthy, repay one loan and then take another loan. If you choose to take out several loans at once, it will be clear that you are trapped in an unforgiving cycle due to a lack of money. Your credit score will thus be badly impacted.
Maintain the balance between secured and unsecured loans: It is preferable to have a proper balance between secured loans (such as home loans, auto loan, etc.) and unsecured loans (Personal loans, credit cards, etc.). Taking too many unsecured loans shows a negative impact.
Get a new credit within your limit: Applying for fresh credit should only be done if you actually need it and have the means to pay it back. Your credit score might be impacted by having too much debt.
Monitor your credit history frequently: At times, CIBIL may make mistakes while updating records, incorporating incorrect information in your report, and delay recording details. Sometimes the EMI you may pay might not have been updated on the credit report. If you notice such errors, rectify them as soon as possible.
Frequently asked questions
Q1: How CIBIL Score and Pan card related?
A1: The credit score is in no way related to your PAN card but to your profile. If you have a credit card that you got based on your Driving License or Aadhar or some other KYC ID, you are likely to have a valid credit score. If you lost your PAN card it wouldn’t affect your CIBIL score.
Q2: Why does CIBIL score decrease?
A2: Here are some CIBIL score reasons:
- Avoid making several credit inquiries simultaneously to multiple banks and other institutions and not monitoring credit scores from time to time.
- Having a very low or no credit history.
- Frequent requesting for an increase in your credit card limit.
- The cancellation of credit cards with large credit limits.
- A long period of not checking your credit, several unsecured loan applications being denied, and a prolonged period of not challenging inaccuracies on your credit report.
If you have a low or bad CIBIL Score, then read here to know how you can improve your CIBIL Score.
Q3: What are the benefits of having a good CIBIL score?A3: Lower interest rates are the main benefits of having a good CIBIL score. A good credit score can get you a higher chance of approval for a loan when you apply for a loan. A high CIBIL score demonstrates your dependability and responsibility. You can raise your credit limit as a consequence.