How to get cibil score: A good CIBIL score is between 720 and 900, just based on your credit history and behavior. It helps borrowers benefit of various benefits, such as higher loan amounts, faster loan sanctions, and lower interest rates. A CIBIL score of 750 and above is consider a good CIBIL score in the case of an unsecured loan. If you have a good CIBIL score, you can avail high-interest rates and get loans faster. Here you can save a lot of time as well as money.
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Importance of a Good CIBIL Score for Loans
A CIBIL score is measured well if it lies between 700 and 900. After that will be taken into account by banks and NBFCs when considering a loan application for most retail loans, whether it is a home loan or a vehicle loan.
- A high CIBIL score, also called a credit score, has many benefits during the loan application process, such as:
- Quicker and faster loan application process
- The easier loan documentation process
- Lower interest rates on the loan
- A higher quantum of loan
- Longer or more flexible repayment tenure
- Choose between multiple lenders so that you can select the loan that is the best for you.
In adding, such a score will lead to a quicker and easier documentation process. So, when it comes to a home loan, you can expect up to 80% of the total cost of the property if you have a CIBIL score between 700 and 900.
How to Check CIBIL Score Online Step by Step:
Here is how you check your CIBIL score:
- Go to the official CIBIL website
- Select ‘Get your CIBIL Score’
CIBIL Score Login
- Type your name, email ID, and password. Attach ID proof (passport number, PAN card, Aadhaar, or Voter ID). So, then enter your PIN code, date of birth, and also phone number.
- Click on ‘Accept and continue.’
- Create an Account in CIBIL
- After that You will receive an OTP on your mobile number. Type in OTP and select ‘Continue’
- Verify Your Identity
- Select ‘Go to dashboard’ and check credit score
- You will redirect to the website, myscore.cibil.com
- Click on ‘Member Login,’ and you can see your CIBIL score once you log in.
Pay and Check Your CIBIL Score Online:
CIBIL credit ratings can be checked online by following the simple steps below.
Log on to official CIBIL website and click on Know Your Score.
Fill up online form, which asks for detail their name, date of birth, address, id proof, past loan history, and also other applicable data.
On filling out the form and accepting changes, you will take to the payments page. You can choose from multiple modes of payment, such as prepaid cards, credit cards, net banking, etc. A payment of Rs.550 has to be made to CIBIL to get your credit report.
After successfully making the payment, you will take to an authentication page. Here, you will be required to answer five questions related to your credit history, of which you will have to answer at least three questions correctly to authenticate your identity with CIBIL. Your report will send to your email address within the next 24 hours.
If authentication fails, you can fill out and send a hard copy of the application to CIBIL by mail. You will subsequently also receive the report by mail.
Methods to Improve CIBIL Score
- If one checks the CIBIL score online, one can learn about its current status. In addition, checking the CIBIL score allows for improving it by following the methods below. However, the result will not be visible instantly, but within some months, one can expect improvement in their CIBIL or credit score:
- Check CIBIL score: Before building the CIBIL score, it suggests checking the CIBIL score online. An idea about the current status enables one to easily reach their CIBIL score target.
- Try not to delay the repayments of cards and loans: If an individual has taken a loan or credit against the card, it suggests making repayments on time. Following the timeline of such repayments improves the CIBIL score.
- Always have a mixed bag of credit: Variety continuously removes the monotony of life, and so does happens with credit. One should have a mixed bag of secure and unsecured credits. It leaves positive impact on the CIBIL score as well.
- Avoid multiple credit cards and loans: Even though multiple credit cards and different types of loans give one an opportunity to have financial independence, having multiple cards and many loans can drop the CIBIL score. Therefore, it recommends having a limited number of credit cards and loans and managing them efficiently.
- Avoid increasing the credit card’s limit: Try to stick to the allowed credit limit and do not exceed it. While the bank that issued the credit card may exceed the credit limit per the client’s request, this can negatively impact the credit score. It is because the credit-issuing authorities may think one is non-reliable as they are not sticking to their allowed credit limit.
However, it’s not advised only to check your credit score once. One need to monitor the ups and down in your report as the bank, financial institution, and various credit agencies renew the report monthly.
To maintain a good credit score, let’s look at the constraints, factors, and overall recommendations that impact your CIBIL score.