How to Check Your CIBIL/Credit Score? 2024

In today’s world, credit scores play a crucial role in the loan application process. Banks and financial institutions use credit scores to assess an individual’s creditworthiness and determine the likelihood of loan repayment. Hello, My name is Sushant Sharma and In this Article, I will discuss What is credit scores in detail and how you can check your credit score. Apart From this, I’ll also share with you how you can maintain or improve your credit score, so without further ado let’s get started

What is a Credit Score?

First, let’s understand what is a credit or CIBIL score. A credit score is a three-digit number that reflects an individual’s credit history over the past 36 months. It ranges from 300 to 900, with a higher score indicating better creditworthiness. Lenders use credit scores to evaluate an individual’s capability to repay loans. A higher credit score increases the chances of loan approval.

How to Check Your Credit Score

Now I’m gonna share with you the straightforward steps to check your credit score easily, To check your credit score, you can visit the TransUnion CIBIL website and click on the “Get Your Free Credit Score” button.

Then Fill out the online form with your E-mail ID, password, name, ID type Like (PAN card, passport number, voter ID, driver’s license, or ration card), ID number, date of birth, PIN code, and mobile number.

Once you submit the form, you will receive an OTP on your registered mobile number. Enter the OTP to verify your account,

and you will be directed to the dashboard where you can view your credit score.

If you already have an account on the TransUnion CIBIL website, you can directly log in with your username and password and click on the “Get Your Free Report” link to access your credit score.

Read Also: How Much Credit Limit Should You Use? Credit Utilization Ratio Explained In Hindi

The Importance of Credit Score Ranges

till now we have talked about how to check credit score, Now let’s see the importance of credit score ranges and why it’s important to maintain. credit score falls into different ranges, each indicating a different level of creditworthiness:

1. 300 to 549: This range suggests that you may have struggled to repay your previous loans or credit card bills. Banks may reject your loan applications due to your payment history.
2. 550 to 649: A credit score within this range signifies that you have improved your credit score, but there may still be some delays in repaying credit card bills or loans.
3. 650 to 749: A credit score within this range indicates a good credit score. You have been making timely payments for your credit card bills and loan EMIs.
4. 750 to 900: This range represents an excellent credit score. You consistently pay your credit card bills and loan EMIs on time. With this credit score, you can easily get a loan at a lower interest rate.

Factors That Can Reduce Your Credit Score

Now let’s see which factors can reduce your credit worthiness, several factors can negatively impact your credit score

1. Poor records: Delayed payments and outstanding bills can significantly reduce your credit score.
2. Excessive use of credit cards: Dependence on credit cards can harm your credit score.
3. Multiple loans taken: Having too many loans can lower your credit score.
4. More unsecured loans: If you have more unsecured loans compared to secured loans, it can negatively impact your credit score.

Proven Tips to Maintain a Good Credit Score

guys, we have talked about what is credit or credit score, how to check credit score as well as factors that can reduce your credit score, if your credit score is bad due to this you are suffering from getting loans, no more worry about it just follow these tips to maintain a good credit score

• Pay your EMIs and credit card bills before the due date.
• Use a combination of secured and unsecured loans.
• Avoid excessive dependence on loans and credit cards.
• Avoid frequent loan applications.
• Regularly check your joint accounts and ensure timely payments.

Conclusion

Guys, Checking your credit score online is an easy way to analyze your creditworthiness. It is essential to keep track of your credit score and make efforts to maintain a good credit history. By doing so, you can increase your chances of loan approval and secure loans at favorable interest rates. that’s it for today’s article, if you feel this information is helpful for others please share it with them so that they can also be able to check their credit scores, thank you so much for reading this article till the end

FAQs {How to Check Your CIBIL/Credit Score}