How to find your CIBIL Credit Score
Find your CIBIL credit score within a few minutes in three simple steps!
To get your CIBIL Credit Report, you will need to fill the ‘CIBIL online credit score request form’
Step 1: select from the following subscription plans:
Bi-Annual Subscription – 2 Score Reports (Rs.800)
Quarterly Subscription – 4 Score Reports (Rs.1200)
Step 2: Enter your PAN, email address, date of birth and select your gender
Step 3: Input the displayed characters in the given box
Step 4: Tick on the box before ‘I acknowledge and accept the Terms and Conditions applicable and available on the site.’
Step 5: Click on ‘Proceed to Payment
Once the payment is made, you will be redirected to an authentication page. Here, you will need to answer 5 questions related to your credit history. Answering at least 3 correctly will authenticate your identity. You will receive the credit report within 24 hours in your email address.
If authentication fails, you can send a hard copy of the application duly filled out along with your address proof and the id generated by CIBIL. You will then receive the credit report by post at the address provided by you.
Note: Be advised to obtain your credit reports and credit score personally rather than getting it done through a bank. Enquiries from bankers and other financiers will negatively impact your credit score.
What can affect your CIBIL Credit score?
Mentioned below are a number of factors that may affect your CIBIL score.
- Payment history: Your payment history plays a major role in developing a good CIBIL record. Making late payments on credit cards or delaying/defaulting on your EMIs regularly can negatively affect your credit score, indicating that you are not serious about or capable of clearing your existing debts.
- Increased credit limit: Increasing the current balance of your credit card may negatively affect your credit score since it is considered to enhance your repayment burden. However, increased spending on your credit card does not affect your credit score as long as you’re credit utilisation is in proportion to your credit limit.
- Unsecured loans: A high percentage of unsecured loans such as personal loans and credit cards may affect your credit score. A balanced combination of secured and unsecured loans adds positively to your credit score.
- Multiple loans & Credit Cards: If you have multiple loans, credits cards and new accounts, this may affect your credit score, and banks may review your loan application more carefully.
How to improve your CIBIL Credit score?
Building your CIBIL credit score is not really hard, but it does require systematic planning and execution. Some of the best ways to improve your CIBIL credit score are mentioned below.
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- Know where you stand – The first step towards building your score is to know where you stand. Having an idea about your current position and preparing a target can help you work towards it. Checking this score can also help you determine if it is factual and identify any errors, if any. Immediate correction of errors could help in a quick increase of score.
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- Never delay payments – Procrastination is one of the harshest truths of our current world, with most of us falling prey to it. Delaying your bill payments, be it credit card or loan EMIs could see your score dipping, which makes timely payments a key role in maintaining a decent score. While a bank may be OK with ignore the first delayed payment, repeated delays could bring unwanted attention from their part.
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- Mix your credit – Just like variety adds spice to your life, variety in terms of credit can do a world of good to your credit score. A mix of secured and unsecured loans can reflect favourably on the score, with a varied portfolio preferred by most lending organisations. A skewed portfolio in favour of a particular type of loan (unsecured loan) could see your score taking a negative route.
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- Don’t max out your credit – In times where we want to enjoy things to the maximum, there is a high possibility for us to go overboard when it comes to our credit limit. Staying within the limit is bound to build your score, while exceeding it could come at a price. This shows lending agencies that you are not carried away and are a responsible individual who knows his/her limit.
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- Limit your cards/loans – A quick look at our wallets will show that a number of us have more cards than we need. While a problem of plenty is good in a few cases, owning too many credit cards can have its own drawbacks. Not only does it complicate credit repayment, but it also pushes us to spend more than we need, leading to debt in our life.