November 11, 2024 · 11 mins read
Santosh Kumar
Did you know that just one three digit number can reflect all your past financial activities? Yes, you read that right. This number is called the CIBIL score. It is also sometimes referred to as an individual's credit score because it basically reflects their handling of finances, particularly credit in the past. A person's CIBIL score can be anywhere between 300 and 900. It is calculated based on a lot of different factors such as their credit utilization ratio, number of credit enquiries they make, credit mix, existing debts, etc. The responsibility for calculating people's CIBIL score has been handed to four credit bureaus in India - TransUnion CIBIL, Experian, Equifax, and CRIF High Mark.
It is of utmost importance that you build and maintain a CIBIL score that is excellent because it will matter a lot when you want to apply for a loan, get a credit card or avail other banking and financial services. But you might be wondering, 'how can I check my CIBIL score'. Today, we will take you through the various methods and steps that will help you check CIBIL score for credit card.
Before we provide you with a step-by-step guide of how to check your CIBIL score, let us take you through the various reasons why it is imperative to know your credit score. Knowing your CIBIL score is important because of the following reasons:
1. Easy Approval of Loans: One of the biggest reasons why people want to know how to find CIBIL score is that they wish to apply for a loan. A higher CIBIL score makes you eligible to apply for a loan.
2. Low Rate of Interest: Having a good credit score will lead to lenders providing you with relatively lower rates of interest.
3. Higher Credit Amount: Just like interest rates, a good CIBIL score can get you a higher amount credit for a loan.
4. Credit Card Approval and Credit Limits: Having a good CIBIL score improves your chances of getting a credit card application approved. The higher your credit score the higher credit card limit you can enjoy.
5. Better Credit Card Offers: If you have maintained a good CIBIL score, credit card providers will provide you with exclusive offers and many other extra benefits such as a higher credit limit and increased cashbacks.
So it is crucial to keep CIBIL score check for credit card.
Read More:: How to File a Complaint for Your CIBIL Score- Step-by-Step Guide
Now that you are aware of so many advantages that come with maintaining a good CIBIL score, you might be wondering 'how to check my CIBIL score'. Here are some steps on how to check your CIBIL score and where to check CIBIL score. Here are the methods to know your CIBIL score:
Because TransUnion CIBIL generates your credit score, you can visit their official website - www.cibil.com - to check what is your CIBIL score.
1. On their official website you will see an option that says 'Get Your Free CIBIL Score '. Once you click on that you will be asked for the following details : email address, password, first name, last name, any one valid government ID proof (PAN card, passport, Voter ID, Driver's License number, ration card number), date of birth, pincode and mobile number.
2. Once you enter and submit these details you will receive an OTP. Enter the OTP that you will receive on your registered mobile number and proceed.
3. Go to your dashboard and log in with your credentials. You will now be taken to the website myscore.cibil.com.
4. Now all you need to do is click on the option that says 'Member Login'. Then your CIBIL score will be flashed on your screen.
If you are looking for solutions on how to check credit score for free then this method will work for you. However, keep in mind that on the official CIBIL website you are eligible for one free annual credit report once a calendar year. However, there are paid subscription plans that you can opt for that will give you monthly updates and provide you with other credit monitoring features.
Read More:: How A High CIBIL Score Can Slash Your Interest Rates
Banks and credit card providers enable their customers to check their cibil score in their respective websites and mobile applications. Similarly, Non-Banking Financial Companies (NBFCs) like Bajaj Finserv, Muthoot Finance, and IIFL offer CIBIL score checks for their customers.
1. Login with your credentials on your net banking account or the mobile app of your bank, credit card provider or NBFC and navigate to the section that says 'CIBIL Score' or 'Credit Score'. You will be asked to provide essential information and your account details for verification. Fill it up carefully. Once this is done, you will be provided with your CIBIL Score.
2. Unlike the official CIBIL website, certain banks might allow their users to check their CIBIL score more than once a year.
There are even more ways available if you want to know how to check CIBIL score online. Today there are mobile apps and websites that are made especially to provide people and companies with financial assistance of all kinds.
Fintech websites or their mobile applications offer people the facility to check their credit score online for free. One of the best features of these fintech platforms is that they are not exclusive to their customers or users and are available to all people. Anyone who wishes to check their CIBIL score online can use one of these platforms to get their credit score. The method for How to check CIBIL score free on any of these platforms of your choice is simple and straightforward and you can get your CIBIL score in under 5 minutes.
Read More:: How To Read Your Credit Report
Once you have checked your CIBIL score you will be aware of your standing in terms of your eligibility for getting loans, credit cards, etc. If you see that your CIBIL score is not as good as it should be, do not worry. You can improve your credit score. While it will not happen instantly, you can do so over time in the following ways:
One of the biggest factors that impacts your credit score is your payment history. This includes everything from repaying your loans, credit card dues and even your EMI bills. Making payments on time consistently is one of the best ways of taking your credit score higher whereas defaulting on payments again and again will hurt it significantly. Timely repayments build a reliable credit history and a strong credit score.
Credit utilization ratio basically refers to the percentage of credit that you use out of the total available credit that you have. The lower your credit utilization ratio is, the better it is for your CIBIL score. It is best for you if you have a high credit limit but keep your spending to a minimum. This is a big contributing factor to your CIBIL score.
Whenever you apply for a loan or a credit card it accounts for what is known as a hard inquiry. Making too many inquiries reduces a person's CIBIL score? The logic here is quite simple. Whenever you make too many inquiries for loans and credit cards, what does it signify to the lenders? It signifies that you are highly dependent on credit. This reduces your creditworthiness. So what you can do to avoid this is to make loan and credit card applications only when necessary and check eligibility criteria before applying. This way you will not be making any useless applications.
Sometimes there might be certain mistakes or errors in your credit report, such as wrong personal details, unrecorded payments, or duplicated accounts. All of this can affect your score negatively. Make sure to get this corrected as soon as possible. Ensuring an accurate report will definitely help build a better credit profile over time.
As we have informed you before, your CIBIL score cannot be improved overnight. However, with consistency in the above mentioned strategies you will definitely notice improvement in your cIBIL score after a few months. This is why it is recommended to always be mindful of your financial habits and actions. Be it taking loans or using credit cards, you should always keep your CIBIL score in mind.
Read More:: CIBIL Vs Experian
If you are planning to apply for a loan or wish to get a credit card or are just curious to know what is my CIBIL score, you now have a comprehensive guide to help you check your credit score. Knowing your CIBIL score is important so that you can make any needed improvements and be eligible for financial services and facilities such as loans and credit cards if you desire to apply for one. Your credit score basically reflects your financial health and history. There are many ways to get a CIBIL score. You can either check it on the website of one of the four Credit Information Companies (CIC) of India - Experian, Equifax, and CRIF Highmark - or login to your netbanking account or the mobile app of your bank or credit card provider. You can also use free online platforms of the likes of Paisabazaar and Paytm to get your credit report. Getting to know your CIBIL score is a simple, easy and straightforward process that only takes 5 minutes but is crucial to keep in check.
1. How to know my CIBIL score?
Knowing your CIBIL score is very important. You can check your CIBIL score in many ways. You can visit the official CIBIL website, mobile app of your credit card provider or even one of the many fintech platforms. Provide them with a few basic details and you will be able to see your credit report.
2. Can I get my CIBIL score online?
Yes. You can get your CIBIL score online in only 5 minutes. All platforms for checking your CIBIL score - official CIBIL website, bank websites and mobile apps, fintech platforms - are available online and you can know your CIBIL score in just a few clicks by providing some basic information.
3. Do I need to pay to know my CIBIL score?
You can check your CIBIL score for free on the official CIBIL website or the website of other three credit bureaus in India - Experian, Equifax, and CRIF Highmark - just once a year. If you want to check it more than once you can get their paid subscription plans or use other platforms such as bank websites or fintech platforms that often let you check credit score for free more than once a year.
4. Can I check my CIBIL score myself?
Yes, you can check your CIBIL score yourself very easily. You can visit the official website of any of the four Credit Information Companies (CIC) of India - Experian, Equifax, and CRIF Highmark - or the website or mobile app of your bank or credit card provider to check your credit score. There are fintech platforms as well that allow everyone to check their credit score themselves for free. These include but are not limited to popular names such as Bankbazaar, Paisabazaar and Paytm.
5. How many times can I check my CIBIL score?
You can check your CIBIL score for free once every year on the online platforms of any of the four Credit Information Companies (CICs) online or opt for their paid subscription plans to check it multiple times annually. You can also visit the official websites/ mobile apps of your bank, credit card provider or NBFC to check it for free as many times as you want. You can do the same on popular FinTech platforms.
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