What is CIBIL Score and how can you estimate it? CIBIL score is a three-digit number that represents the individual credit report. You can calculate your credit score with the help of online credit bureaus like CIBIL. The CIBIL Transunion is an online credit bureau which gives a login free CIBIL Score to the user. A credit score represents the credit capacity of an individual. Many banks or non banking financial companies (NBFC) approve the loan of an individual if his credit score is above the average score. Read this article to know how to calculate a CIBIL Score and ways to improve a bad score. How CIBIL provides a free CIBIL Score? You can visit the official CIBIL’s website if you want to check your credit score. The score ranges from 300 to 900, 300 is the lowest and 900 is the highest score. Just create an account in CIBIL to estimate your current CIBIL score. Mention your details like mobile number, email id and PAN details to create a CIBIL account. When your account is created then you can simply check your CIBIL Score without any hassle. What if the CIBIL Score is Low? If your score is below your expectations and doesn’t make you eligible for any loan or credit card then in this situation you can check the credit report and find errors, if any. Otherwise, try to pay your dues of previous loans or credit card bills so that your score gradually improves. There might be several factors that can affect your CIBIL score some of them are mentioned below. ●
Credit utilization ratio: If you spend more from your credit card then it can affect your credit score. You can manage your score if you spend less from your card, because a low credit utilization ratio can help you in getting a high CIBIL score.
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Type of loans: You also have to be careful while applying for loans because a large number of unsecured loans can decrease your credit score. To balance the credit report, you can borrow an equal number of secured and unsecured loans.
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Multiple loan rejection: If you apply for loans or credit cards many times and your application gets rejected then it is not good. Because multiple applications of loans or cards lower your credit score. So before applying for any loan make sure you meet its eligibility criteria.
Use CIBIL’s services to get suitable loan and card offers
The CIBIL Transunion not only provides you the credit score but also suggest the suitable loan or credit card offers to the customer. If you take CIBIL’s premium plan you get the privilege to choose the desired credit card or loan offer which suits your credit score. So, whenever you want to know your CIBIL Score use the CIBIL’s service that provides efficient services to the customers. And, you will also get a free CIBIL check on your first credit score check from CIBIL, after that you can subscribe to any of the desired premium plans. Now, apply for your desired loan or credit card by checking the free CIBIL Score from CIBIL.