October 29, 2024 · 18 mins read
Santosh Kumar
Did you know that your CIBIL score is a very important number when it comes to your finances? Whether you wish to apply for a loan, get a credit card or enjoy any other financial benefit and banking services, one thing that matters the most is your CIBIL score. Your CIBIL score can also be called your credit score, so do not get confused. They are the same things. It is called your credit score because it is calculated based on many factors regarding your credit usage in the past. This could include factors such as if you pay your dues on time or how low or high your credit utilization ratio is. There can be many other factors as well. The higher a person's CIBIL score is, the better and more advantageous it is for them. This is because banks and all other financial institutions check a person's CIBIL score to know their creditworthiness and see if they are financially responsible and pay their dues on time.
Knowing your CIBIL score is extremely important for many different reasons. We will take you through all of them one by one. We will also provide you with a very simple and easy-to-follow guide so that you can check your credit score online for free.
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Your CIBIL score is not merely a number associated with your bank account. It has a huge impact on your overall banking experience. Most banks and other financial institutions consider 700 or higher as a good credit score. If you have built a good credit score, you will be able to enjoy the following benefits in your financial life:
1. Decides Eligibility for Credit Cards: You must be aware of how useful it is to have a credit card. With a credit card, you can make spending a very rewarding experience as you get benefits such as reward points, cashbacks and exclusive deals, discounts and offers. With a credit card, you can increase your savings. However, banks and other credit card providers always check your credit score before they consider your application. This is because they want to know if you are a financially responsible person who can be trusted with credit and will make timely payments. Since your CIBIL score reflects your entire credit history, it tells lenders about all your previous credit dealings. Therefore it plays a very important role in determining your eligibility for getting a credit card.
2. Get Higher Credit Limits: The role of your CIBIL score is not just limited to deciding your eligibility for getting a credit card but it gets you many more added advantages as well. For instance, if you have a really good CIBIL score, you will be able to enjoy comparatively higher credit limits on your card, which will, in turn, increase your spending capacity. If your credit score is not up to the mark, you will likely have to do with restricted credit limits.
3. Decides Eligibility for Loans: Today, people require loans for a lot of different reasons. Be it a home loan, a business loan, a car loan or even a personal loan, lenders will first and foremost check your credit score before they approve your application and lend you money. What happens when lenders see you do not have a good CIBIL score? They see you as someone who has not handled credit responsibly in the past. So now they find it difficult to trust you with their money. Similarly, a good credit score paints you as a trustworthy person who will make timely repayments.
4. Get Higher Loan Amount Sanctioned: People with high credit scores can easily get sanctioned loan amounts. Once again it all boils down to building trust within the lenders. Being assured of your ability to repay the loan on time allows them to trust you with a higher sum of money.
5. Enjoy Lower Rates of Interest: People with a higher credit score also enjoy more advantages. For instance, lenders are willing to negotiate the rates of interest with them. So, if you have an excellent credit score, your chances of getting a loan at lower interest rates are high.
Now that you know how crucial it is to know your CIBIL score let us tell you the various ways you can check it online for free.
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One of the best and easiest methods to check your CIBIL score yourself is to visit the official website or mobile app of FinTech platforms such as PhonePe. FinTech is short for financial technology. These platforms have sprung up to provide financial assistance and services to individuals and companies alike. PhonePe is a popular Indian financial services company and among many other services, it also allows people to check their credit score online. Here is a step-by-step guide for how to know the CIBIL score in PhonePe:
1. First of all, install the PhonePe app on your device and sign up if you are a new user. This will not take more than a few minutes, or log in if you already have an account.
2. Find a section that lets you check your credit score and click on it.
3. After that, PhonePe will request you for access to your credit information to fetch all your details. To proceed, click on 'Allow Access.'
4. You will further be requested to enter some basic details such as your full name, PAN, and date of birth. Fill them up correctly and hit submit.
5. Once verified, PhonePe will then show you your credit score on the screen.
You can instantly check your CIBIL score on PhonePe in just these three steps.
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You will get the following advantages if you use PhonePe to keep a check of your CIBIL score:
1. Using PhonePe to check your CIBIL score makes the process extremely fast. In just a few clicks, you can view your credit score.
2. Checking credit score on PhonePe is safe and secure.
3. Checking your CIBIL score on PhonePe is a completely free process.
There are many more ways to check your credit score conveniently online. Let us walk you through some of them:
1. There are four major credit bureaus in India: Credit Information Bureau (India) Limited (CIBIL), Equifax, Experian and CRIF High Mark. You can check your CIBIL score on any of these four credit bureaus' online platforms (website or mobile app) in just a few quick and easy steps.
2. Firstly, you will be requested to provide them with some personal information and basic account details. Once you have entered them, you will be shown your credit score on the screen for free.
3. One thing to keep in mind is that each of these CICs provides only one free annual credit report every calendar year. If you wish to check your CIBIL score more than once a year, you can always go for their paid subscription plans or choose another method to check your credit score online.
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1. Other than FinTech platforms like PhonePe and the four major credit bureaus of India, most banks also offer their customers the facility to check their credit score themselves online on their official websites or mobile applications.
2. Banks and Non Banking Financial Companies ( NBFCs) such as Bajaj Finserv, Muthoot Finance, IIFL and other credit card providers also provide similar services to their customers.
3. All you need to do is log in to your net banking account, the website or app of your specific bank, or another financial institution. You simply have to use your credentials to log in to your account.
4. Once logged in, you will see an option that says 'Check Credit Score' or 'Check CIBIL Score' on your screen. Click on that to proceed.
5. Now, enter all the personal information and account details that they ask you for. Fill them out carefully and hit on the 'submit' button.
6. Your CIBIL score will immediately flash on your screen.
7. Unlike the CICs, most banks let their customers check their credit scores multiple times a year.
It is noteworthy that banks and other financial institutions often limit this service of checking credit scores for free to their customers only. However, platforms like PhonePe let everyone use their website and mobile app to check their CIBIL score online for free.
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You find out how to check CIBIL Score in PhonePe or from any other source and subsequently, what would be of absolute importance is maintenance of good credit score, inasmuch as it's helpful for obtaining numerous financial benefits as loans and even credit cards; therefore, abide by these pieces of advice while ensuring your credits score high along with finding an idea on learning how to check your CIBIL Score in PhonePe:
The timely payment of your credit card bills, EMIs, and loans considerably improves your credit score. Any delayed or missed payments can be detrimental to your score.
Maintain a credit utilization rate of less than 30% to inform lenders that you handle credit responsibly.
Use the feature called CIBIL score check, available on the PhonePe application, to follow your credit scores. To understand how to see my CIBIL score through the PhonePe platform, login followed by visiting the page that tracks credit score after which one should be able to have a view on the score as well.
Too many credit inquiries will decrease your score. Avoid applying for multiple loans or credit cards at the same time.
Maintaining a mix of secured and unsecured loans, such as home or auto loans and personal loans or credit cards, has a positive effect on your CIBIL score.
Check your credit report regularly for errors that would drag down your score. You can learn how to check your CIBIL Score in PhonePe and rectify these errors.
Old credit accounts help prolong your credit history, thus elevating your score. Do not close old accounts because it will further reduce your credit score. Through the PhonePe CIBIL Score check feature, you can be better informed of your accounts. Not only does the PhonePe CIBIL Score check come free, but it is also fast and accessible, allowing you to stay abreast of your financial health.
You can implement these steps with regular use of the PhonePe CIBIL score check facility for maintaining high CIBIL scores and a lot more monetary benefits.
While choosing a credit card, there are certain factors that you need to check and compare with each other banks and financial institutions. Those factors include annual fee, interest rate or annual percentage rate (APR), minimum payments, balance transfers charges, benefits like rewards, cashbacks and so on. There are different kinds of credit card like a basic credit card to platinum, titanium, infinite credit cards and more. Each of them has their own benefits and advantages.
If you are planning to get a credit card, then you need to check how much you will be paying as an annual fee and what is the minimum spend to get it waived off. The same applied for the interest rate and APR with the credit cards. Additionally, you need to check the late payment fees and over time fees associated with the credit card and apply for one which suits your needs and limits. In the same way, if you are someone who withdraws cash frequently from the ATMs, then you need to check the cash withdrawal fee mandatorily. This is due to the fact that the cash withdrawal fee varies from bank to bank’s credit cards and you can apply for the ones that has minimal cash withdrawal fees and interests.
Are you someone who travels a lot, then you can check with the advantages that come with credit cards related to travel, dining and access to lounges. As per your convenience you can choose the credit card with its benefits.
List of factors that need to be considered when choosing a credit card:
Minimum salary limit: If you are planning to apply for a credit card and want to choose a specific credit card, then you have to primarily filter with the minimum salary limit that a credit card type has. It helps you to choose a credit card that has maximum benefits based on the salary limit too.
Annual fee: The annual fee is something that the banks and the financial institution will be charging you on yearly basis for the usage of their credit cards. It is basically charged for the maintenance of the credit card by the banks and the financial institutions. You must pay this charge in order to use the credit card. The charge of annual fee varies from bank to bank and financial institutions. There are options like there will not be any annual fee for certain kind of credit cards offered by various banks. It is advisable to check with the banks before applying for it.
Also, there are options to avoid such annual fee if you are spending a minimum value imposed by the banks per annum. If you meet that limit, then your annual fee will be waived off. All these details will be clearly mentioned and you need to check them before choosing a credit card.
Interest rate: A credit card interest rate is the value you will be paying as an interest for the amount that you get from the credit card. This is usually charged in percentages and again it varies from bank to bank and the type of credit card you will be choosing. This can also vary depending upon your credit score. However, you can neglect paying the interest for your credit card by paying the dues on or before the end date. If you are not paying it on time, then only the interests are levied upon your credit card usage. You can choose the banks that impose less interest rates or the credit cards that has less percentage on its charge on interest.
Annual Percentage Rate (APR): The annual percentage rate is kind of yearly interest that you might be paying for using the money from your credit card. It is same as the interest rate but it will be paid on yearly basis and not monthly basis like interest rate. It has both fixed and variable interest rate and you can avoid it if you repay the amount in full each month on or before the due date.
Benefits: Credit cards come with lots of benefits like cashbacks with certain percentage on the amount you spend, rewards for credit card usage and some other benefits related to travel, dining and airport lounges’ accessibility. There are lot of offers you can take advantage of with dining and travel when you use your credit card and these offers varies with banks and the type of card you choose.
ATM cash withdrawal: Depending upon the bank, the ATM cash withdrawal charges are levied. However, more than half of the kinds of credit cards offer limitless ATM cash withdrawal and no charges are being imposed for that. If you are choosing a credit card, make sure to check with all these options and never and ever miss out any single detail that never suits your preference.
It is a good financial habit to keep your CIBIL score in check. This three-digit number ranging between 300 and 900 is crucial since it heavily impacts your eligibility for availing banking services such as loan and credit card approvals. Your CIBIL score is a record of your entire credit history and lenders always check your credit score before they approve your loan or credit card applications. Your credit score also decides if you can enjoy benefits such as higher loan amounts and lower interest rates. Since your credit score is so important, you must know how to check it yourself. The process is simple, easy and free.
A great way of knowing your CIBIL score is to log in on the PhonePe app, which shows you your credit score in just a few quick and easy steps. Provide some basic information they ask for, and you will instantly receive your credit score. You can also check your credit score on the online platforms of any of the four credit bureaus of India or your bank or credit card provider. Make sure you keep your CIBIL score in check so that you can both maintain and improve it to enjoy great financial benefits.
1. Where can I get my credit score?
You can get your credit score quickly and easily on online FinTech platforms such as the PhonePe app. Just log in with your credentials, enter some of the required information accurately and submit. You will be able to see your credit score immediately.
2. Can I see my CIBIL score online?
Yes, you can see your CIBIL score online on a lot of different platforms such as the official CIBIL website (www.cibil.com) or their mobile app, official website and app of your bank or credit card provider or on FinTech platforms like PhonePe, Paisabazaar, Paytm etc. It's quick and convenient.
3. Can I check my credit score on PhonePe for free?
Yes, you can check your credit score on PhonePe completely free of cost. PhonePe does not charge any fees for this service, making it highly accessible to users.
4. Can a 19 year old get a credit card?
Yes, as per the general age criteria to get the credit card is 18 years old, a 19 year old can apply for a credit card. But the banks and financial institutions are approving the credit cards if they are 21 years old, considering that age will be appropriate and they will be financially stable to repay the credit card amounts.
5. Which bank provides an 18+ credit card?
There are certain banks that provide credit cards for 18 years old people. Most of them will be student credit cards. The banks that offer student credit cards include SBI bank’s Student plus advantage card, HDFC bank’s ISIC student Forexplus card, ICICI bank’s Instant platinum credit card, Axis bank’s Insta easy credit card, IDFC bank’s First Millennia credit card, Kotak Mahindra bank also offers credit card for 18+ years. Not only the above listed banks but there are several other banks out there offering credit card for 18+ individuals. But the above are the list of most common banks that offer 18+ credit cards.
6. How long will it take to check my credit score on PhonePe?
Checking your credit score on PhonePe is very quick. You just have to log in, navigate to their 'check credit' option, fill up the required details and submit. PhonePe will show you your credit score instantly after verifying your details.
7. Do I need any documents to check my credit score on PhonePe?
To check your credit score on PhonePe, you must enter details like your full name, date of birth, and PAN. PhonePe will verify this information and show you your credit score after successfully completing the process.
8. Can I get my full credit report on PhonePe?
Yes, along with your CIBIL score, you can also access your detailed credit report on PhonePe. The report provides in-depth information on your credit history, giving you a comprehensive overview of your financial standing.
9. Will it affect my credit score if I check it on PhonePe?
No, checking your credit score on PhonePe will have no impact on your credit score. This is considered a 'soft inquiry,' which does not lower your score in any way, unlike a 'hard inquiry.'
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