How to Check Credit Score Online?

Written By Sushma Singh

Want to apply for a loan or thinking of getting a new credit card? Before you call the lender and send your application, check credit score online. Your credit score is an overall metric which shows your current credit condition and past credit behavior. Your lender will check your score before approving or rejecting the application. So, avoid getting rejected by lenders as that will eventually have a negative after effect on your score, and instead check your score yourself and then make a decision.

How to Check Credit Score Online?

How to Check Credit Score Online?

You can now check your score directly from the CIBIL official website without any prerequisites involved. Here is a complete guide on how you can do a credit score check free and how to do a CIBIL score check free online by pan number. First, let us understand what is credit score.

What is CIBIL Score?

The terms credit score and CIBIL score are mostly used interchangeably. It is a three-digit number given by CIBIL (Credit Information Bureau) to every person based on their credit history. If you have credit cards, loans, etc., in your name, you will have a credit score with CIBIL.

It is based on how well-behaved you are in terms of making repayments and installments of the taken credit. If you have a good history of making repayments on time, it will show in your credit score positively.

When you apply for loans or credit cards, the lending institution will put in a request to check your credit score. Having a good score means you are reliable in terms of making payments and thus can be categorized as a responsible borrower.

You will get good interest rates and benefits from the lenders. But, if your credit score is low, lending institutes take you as someone who is not responsible for making payments and will either reject your application or will offer higher interest rates and shorter duration on loans.

What is CIBIL?

What is CIBIL?

 

Transunion CIBIL (Credit Information Bureau) is a credit rating agency in India. They are authorized by the Reserve Bank Of India. Their main role is to collect credit information of Indian citizens and categorize them based on their credit performance. They offer credit scores and credit reports to various lenders and NBFCs so that they can cross-check the credit history of a borrower.

Also, they offer credit scores and report details to individuals who want to keep track of their credit performance. You can easily visit their website and check your credit score online.

Range of CIBIL Score

Range of CIBIL Score

In order to fully understand how to check credit score online, you must familiarize yourself with its range. The credit score provided by CIBIL is in the range of 300 to 900. 300 is the lowest credit score denoting a bad credit condition and irresponsible borrower mentality. 900 is the highest credit score and denoted good credit conditions. As per standards, 750 and up is the best possible credit score, if you want to get your loan approved easily.

Here are the different score ranges:

  • NA: NA or ‘Not Applicable’ means you do not have a credit score. This is for those who do not have a credit card or do not have a loan in their name.
  • 300-549: This defines a ‘Bad’ CIBIL score. Paying your EMIs late and reaching your credit limit are the main reasons behind such a low score. You will not get any credit from lenders in this score.
  • 550-649: This defines a ‘Fair’ CIBIL score. Not having a good mix of credit exposure or paying late EMIs is one of the reasons to have this score range. Even if you do get credit from certain lenders, you will have to pay a higher rate of interest.
  • 650-749: This defines a ‘Good’ CIBIL score. This shows that you are making payments on time and you are also using your credit carefully. You can get loans, but getting good offers and lower interest rates may still be difficult.
  • 750-900: This defines an ‘Excellent’ CIBIL score. If your credit payments are consistent and you have a good credit history, then you can easily reach this range. Getting loans, credit cards, etc. with good discounts and a lower rate of interest is much easier if you fall anywhere above 750.

What Affects Your CIBIL Score?

Different metrics will decide your overall CIBIL score as mentioned before. Some of the factors have more weightage than others.

Factors affecting CIBIL score Weightage
Credit exposure 25%
Type of credit and duration of credit 25%
Payment history 30%
Miscellaneous factors 20%

The type of credit you avail yourself of plays a significant role in what the credit score will look like. You should have a balance between credit types to add 10% to your score. Having only one type of credit, too many credits, or no credit will harm your score. You should have a mix of secured and unsecured credit to reach a balance.

Your credit duration contributes 15%. Longer duration loans or shorter loans can contribute negatively to the credit score. If you have an existing debt amount, that will affect your current score. 25% of the score is dedicated to the loan amount yet to be paid. If you have a credit card and reach your credit limit almost every other month, then that will put a negative impact on your credit score as well.

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Another very crucial factor in your score building is the payment history. Missing EMI payments and defaulting on the payments can lower your score drastically. 30% of the score is based on your payment history.

It is the reason why you should make repayments on time without any late fees levied. Another miscellaneous factor affecting the score is your credit inquiries. If you apply for credit multiple times and get rejected, then it will put a negative effect on your overall credit score and report. After understanding what affects your CIBIL score, let us learn how you can check credit score online.

Check your CIBIL score

Checking your CIBIL score is pretty easy for everyone. All you need is a smartphone or a computer with an internet connection and your personal details handy. You can directly go to the official website of CIBIL and check credit score online with a few easy clicks.

There are two ways to get a CIBIL score:

  • Free plan: In this, you can view your credit score and report, but with no other added benefits that the CIBIL platform provides.
  • Subscription plan: With a paid plan, you can have a subscription of 1 month, 6 months or 1 year, in which you can access your score and report at any time. Also, you get added benefits like an overview of your report, comparative tools, etc.

Also Read: How to Find ICICI Cash Deposit Machine Near Me?

How to Check Credit Score Online score for free?

How to Check Credit Score Online score for free?
Photo by Burst on Unsplash

Are you looking for a way to do a credit score check free before making a big purchase or applying for a loan? Here is what you can do.

1. Visit Official Website: Go to the official website of CIBIL and click on the ‘Get Free CIBIL Score and Report’.

2. Create An Account: After clicking on ‘Get Free CIBIL Score and Report’, you will reach a page to create an account. To create an account, you must have the following things with you:

  • Email ID and a new password
  • Name
  • Identification proof and number (Aadhaar card, PAN card, Passport number, Voter ID etc.)
  • Date of birth
  • PIN code
  • Phone number

After filling in these details click on ‘Accept and Continue’.

3. Verify Phone Number: After you click on ‘Accept and Continue’, you will receive a ‘One Time Password’ on the mobile number you submitted. Fill in the OTP and then click on the ‘Continue’ button. After clicking on the ‘Continue’ button, you will be redirected to the Dashboard. If not, you can click on ‘Go To Dashboard’ button.

4. Log In: After reaching the Dashboard, you will be taken to myscore.cibil.com and will be asked to sign in using your member Log-In email ID and password that you set up before. As soon as you log in, your CIBIL score and your credit report will be accessible.

Keep in mind that this is a CIBIL score check free online by pan number plan, and therefore, you will be given partial access with no comparative tools to benefit from. Now you know how to check credit score online for free.

How to maintain a good CIBIL score?

It is pretty clear that your credit score plays a crucial role in whether you can get loans and credit cards from NBFCs and lending institutions. It is the reason why you must constantly stay vigilant with your credit score to avoid any negative drops. You can make some simple changes in your financial behavior to improve your credit score. Here are some of the tips for you will improve your score:

  • Check Your Score: You should keep a check on your credit score so that you are aware of your current credit condition and can take decisions wisely.
  • Limit Credit Card Usage: Even if you have a high credit card limit, avoid overspending. Have discipline on how you make expenditures and avoid going over 40%-50% of your credit card limit.
  • Check Your Credit Report: You should check your credit reports from time to time. At times, there can be certain discrepancies and errors in your report. Make sure to check and correct the errors found as it will enhance your credit score.
  • Pay EMIs On Time: Always make sure that you are making your loan repayments and credit card payments on time. Paying after the due date or paying added fees can lower your score.
  • Increase Limit On Your Credit Card: You can ask your lender to increase your credit card limit of yours so that you can optimize your spending and keep the mark below 50%.
  • Avoid Making Unnecessary Loan Applications: Applying for loans and getting rejected tend to hurt your credit score. Avoid applying unnecessarily if there is a heavy chance of getting rejected to avoid the same getting mirrored in your credit report.

Your credit score plays a significant role in your financial condition. If you want a loan or a new credit card, your credit score is the first thing a lender will check. Therefore, it is a must to have an idea of what your current score is like.

Checking your credit score is super easy for everyone. Gone are the days when you would have to put up an application with CIBIL to get a credit score and report. Nowadays, with a few easy steps, you can check credit score online from home with almost no hassles involved.

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Sushma is a full-time blogger and financial expert. Join Sushma and 10,000 monthly readers here to learn how to save and invest your money wisely.

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