In today’s financial world, having a good CIBIL score is essential for obtaining credit from financial institutions. Your CIBIL score is a three-digit number representing your creditworthiness, based on your credit history, outstanding debts, and repayment habits.
A good CIBIL score opens doors to better loan offers and interest rates, whereas a poor score can limit your financial options. So, understanding the basics of how to check CIBIL score and how to increase CIBIL score is important to stay informed about your credit status and avoid errors or discrepancies.
How to check CIBIL score online?
To understand how to check CIBIL score online, follow the below steps:
- To understand how to check CIBIL score online, visit the Bajaj Finserv website at https://www.bajajfinserv.in/check-free-cibil-score.
- Look for the “Check Your CIBIL Score” section on the website.
- Click on the “Check Score” link to proceed with the process.
- Log in by entering your mobile number. A One Time Password (OTP) will be sent to your mobile number.
- Enter the OTP you received and click on the “Submit” button.
- Fill out the online form by providing your name, date of birth, PAN card number, and other required details to understand how to check CIBIL score online.
- Accept the terms and conditions.
- Click on the “Submit” button to complete the process.
- Your CIBIL score and report will be displayed on the screen.
By following the above-mentioned steps on how to check CIBIL score, you can easily check your credit score and credit report. Understanding how to check CIBIL score on Bajaj Fnserv or Bajaj Finserv Credit Pass service online and knowing the steps of how to increase CIBIL score can help you in improving your credit score for better interest rates and loan terms, which can save you money in the long run.
How to increase CIBIL score?
Improving your CIBIL score is a crucial step towards achieving financial stability. A good credit score can enable you to secure better loans, credit cards, and other financial products. Here are some steps you can follow to understand how to increase CIBIL score online:
- Keep your credit utilization low: Credit utilization is the percentage of credit you have used against the total available limit of your credit card. A high credit utilization ratio can negatively impact your CIBIL score.
- Maintain a healthy credit mix: Having a mix of secured and unsecured loans, such as a car loan and a credit card, can improve your credit score.
- Avoid frequent loan applications: Every time you apply for a loan or a credit card, and it results in a hard inquiry on your credit report, which can reduce your CIBIL score. Hence, to know how to increase CIBIL score, it is important to avoid applying for multiple loans or credit cards within a short period.
- Monitor your credit report regularly: Keep track of your credit report and look out for any errors or discrepancies. If you find any errors, raise a dispute with the credit bureau and get it rectified.
- Don’t close old credit accounts: The age of your credit accounts also affects your CIBIL score. Avoid closing old credit accounts, as it can reduce the average age of your accounts and negatively impact your credit score.
Importance of checking free CIBIL score online
Understanding how to check CIBIL scores online is important for a number of reasons. Your credit score is crucial in determining your creditworthiness, affecting your ability to access credit products such as loans, credit cards, and mortgages. Here are some reasons why checking your CIBIL score online is important:
Helps you understand your creditworthiness
Your CIBIL score gives you an idea of how creditworthy you are in the eyes of lenders. Knowing how to check CIBIL score will help you in getting an overview of your credit history, including your credit accounts, payment history, and outstanding debt.
Increase chances of getting better loan offers
A high CIBIL score can lead to more favorable loan conditions and lower interest rates. By checking your CIBIL score online, you can identify areas for improvement in creditworthiness and take steps towards improving it.
Allows you to identify errors and discrepancies
By understanding how to check CIBIL score, you can identify errors and discrepancies in your credit report. This allows you to correct these errors before they impact your creditworthiness.
Final Thoughts
Understanding the basics of how to check CIBIL score and how to increase CIBIL score is essential to maintaining a healthy credit profile. With online reliable and trustworthy CIBIL score-checking services like Bajaj Finserv Credit Pass, the process has become simpler and more accessible to everyone. So, check your CIBIL score regularly and work towards maintaining a healthy credit profile.
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