With aggressive advertising and increasing consumer awareness, there’s a lot of search going on regarding CIBIL score. After all, nobody likes rejections be it on the loans or credit cards. Our dreams are hidden in the powers of these financial instruments. If a loan can help you buy a home or book a vacation, credit cards can give you the savings on travel and several other spends made, be it online or offline.
A know-how of free CIBIL score can help you get an understanding of your credit health. You can thus know what’s the best time for you to make an application. You can get check CIBIL score online. And, if you want to know how, read the article further.
Create Free CIBIL Score Login First
CIBIL, as you would know, is of the leading credit bureaus involved in assigning credit scores and giving credit reports to individuals having a credit servicing record of at least 6 months to a year. The process of getting free credit score starts with the creation of login by choosing a user ID and password of your choice yet meeting the desired requirements. But, for the credentials to create, it is imperative you correctly enter your personal and professional related details.
These can be your name, date of birth, PAN number, residence address, credit card or loan account number, credit card expiry date, loan tenure, etc. CIBIL would then check the details online before allowing you to create a login. Well, you can get the score free once a year on CIBIL. But, if you check more than once, a charge of ₹500 and above would be deducted.
Free CIBIL Score on WhatsApp
Now, you can get free CIBIL score on WhatsApp, a messaging app that is widely used these days for communication. All you need to do is to enter your mobile number and get added to a WhatsApp group. Just submit a few personal and credit details to get the score online absolutely free.
Do You Know What’s a Good Credit Score?
A good credit score is 750 and above out of the maximum 900 that CIBIL can assign to an individual. Do you have that? If so, then you give yourself a great chance to get an approval for the fresh credit you apply for. Even a score above 700 can be viewed as good enough for the sanction of a credit. But there are chances that offers may lack the attraction compared to when the score is 750 and more.
How Does CIBIL Assign a Score?
Have you ever wondered as to how CIBIL assigns a score? It’s something you should know if you are not aware of. The reason being the score is predominantly based on the credit information shared by banks and non-banking finance companies (NBFCs) to the credit bureau on a monthly basis.
Be it the loan or card payment date or any instance of late payment, everything related to your repayment life is shared with free CIBIL score before it begins to understand your credit behaviour through a matrix full of layers. If the layers turn out to be more positive, a higher credit score can be an outright possibility. On the other hand, weaker layers can eat into your score.