Check Your Credit Score Online for Free
Stay up-to-date with your credit score with a detailed credit report for free. Just add some basic details and get your report in a minute.
What is a Credit Score?
A credit score is a three-digit number that reflects your creditworthiness and financial behaviour. It ranges from 300 to 900 and serves as a summary of your credit history. This score is essential for lenders when assessing your eligibility for loans, credit cards, and other financial products.
Understanding the CIBIL Score
The CIBIL score, often referred to in India, is a key component of your credit report generated by TransUnion CIBIL Limited. Your score is calculated based on your credit behaviour, including:
How a Credit Score is Calculated ?
Credit bureaus consider several factors to calculate your score. These factors are generally assigned a fixed weightage, which varies depending on the bureau. Here are the common factors that bureaus consider while calculating your credit score:
Repayment History
Bureaus take into account how you have managed previous borrowings to asses how will manage future ones. If you have paid the bills on time and in full, it reflects good repayment ability and creates a strong history, resulting in a good score.
Utilisation Ratio
How much you borrow against the available limit showcases your dependency on credit. If you borrow too much, it implies high dependency and a possibility of non-payment. As such, you should utilise your available credit wisely. Generally, you should use not more than 30% of the available limit.
Types of Credit
Different types of credit help you showcase your ability to handle different credit forms, which is good for your credit score. As such, you should ensure there is a healthy mix of secured and unsecured credit.
Duration of Accounts
The time of your accounts also helps show that you have used credit responsibly for a long period. As such, many bureaus consider this while calculating your score. So, you should avoid closing older accounts unless necessary.
Inquires on Your Profile
Whenever you apply for any form of credit, the financial institution will check your score and report. Also known as hard inquiries, these checks are recorded in your account and every check dips your score temporarily. As such, you should avoid applying too frequently.
How to Check Credit Score Online
Follow these steps to check your credit score for free on Kreditbazar:
- Step 1: Click on the ‘Check your credit score’ option on this page
- Step 2: Enter your mobile number and select the terms and conditions box
- Step 3: Click on ‘Get started’ and enter the OTP sent on your number
- Step 4: Verify the OTP and create an account
- Step 5: Choose the ‘Credit Score’ option on the dashboard
- Step 6: Enter details, if required, and check your score
Why is it Important to Maintain a Good Credit Score?
Here are some privileges you enjoy by maintaining a good score.
- It improves your chances of getting a good offer on loans and credit cards
- Your loans get approved quickly without much hassle
- It empowers you to negotiate for comfortable loan terms
- It empowers you to nYou can enjoy better rewards and benefits on credit cards
- You can get pre-approved offers from banks and credit card companies
- Some banks may offer a waiver on prepayment charges and processing fee
- You can enjoy lower interest rates on loans and other credits
- As some employers also check your CIBIL score, a good score improves your chances of having employability
How Does CIBIL Score Impact Loan and Credit Card Eligibility?
Your CIBIL score showcases your creditworthiness and a high score means you can manage your credit and repay on time. It makes you a low-risk borrower, which makes you eligible for different types of credit. Here is how it affects your eligibility and credit offer:
Lower Interest Rate
A good score indicates you are good with credit management, reducing the lender's risk. Thus, they are open to extending loans or credit cards at lower interest rates.
High-Value Loan
Financial institutions use this score to assess your worthiness to handle a large sum and pay without defaulting. So, if you have a good score, you can get a sizeable amount to meet any of your financial requirements.
Negotiate Longer Tenure
A longer tenure can lower your EMI amount, which makes it easy to fit instalments in your budget. Having an excellent score builds reliability, so you can ask for a comfortable tenure with a strong credit profile.
Swift Approval
If you have a good score and meet all the eligibility requirements, lenders can quickly process and approve your application.
How to Improve Credit Score?
Here are some easy tips to improve your creditworthiness:
Pay Your Dues on Time
Your repayment history is one of the main factors that affect your credit score. So, ensure you pay the credit card bills and loan EMIs without any delays. Here is what you can do to ensure you don’t miss any due dates:
Check Credit Score and Report Regularly
Doing this will help you rectify errors, if any, and ensure that your report is an accurate representation of your creditworthiness.
Maintain Low Ratios
Two types of ratios affect your creditworthiness - utilisation and debt-to-income. Both these ratios showcase your ability to manage and repay the loan. A low ratio is considered good. Here are the ideal ratios:
Apply for Different Forms Of Credit
Borrowing secured and unsecured credit showcases that you can manage different forms of credit and are good at managing your finances. So, ensure that you don’t apply for unsecured credit only.
Limit Your Applications
When you apply for any form of credit, the financial institution will check your credit score. These checks are recorded on your profile and temporarily dip your score. As such, you should avoid applying frequently. This also shows you are credit hungry, which is bad for your
Find out your credit score and get an instant personal loan
CIBIL has distributed scores into ranges, where each range of score corresponds to the probability of getting approval. Following are the ranges of scores and their impact on your loan or credit card eligibility.
| Fee Type | Amount | Meaning |
|---|---|---|
| 800-850 | Excellent | You meet the eligibility criteria for most banks and NBFCs and can get the best offers on your loans and credit cards |
| 740-799 | Very good | You are a responsible borrower with a good track record, which improves your chances of getting a good offer |
| 670-739 | Good | You can qualify for credit with most financial institutions |
| 580-669 | Fair | You can get credit but will need to improve your score to get the best offers |
| <579 | Poor | Your score needs improvement and you will likely not qualify for a loan or any other form of credit |
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Frequently Asked Questions
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Why must you check your Credit Score?
It is important to check your credit score online in order to avoid any wrong or incomplete information. It also helps you to keep track and understand your credit position better.
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Explain the difference between a Credit Score, Credit Rating and a Credit Report.
If you need expert assistance for the loan application process in our partnered NBFCs, our team of experienced professionals will conduct on the process seamlessly.
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How can I check my credit score for free?
NBFCs stands for Non-Banking Financial Companies providing financial and lending services. Kredit Bazar is a direct selling agent with multiple NBFCs.
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On what factors is credit score calculated?
Click on Apply Now and start your loan process with utmost ease! Make the most of our Loan Self-Apply/Expert Apply features.
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How can I reach out to the Kredit Bazar team?
You can simply write to us at info@kreditbazar.com – our cheered up team is always eager to help you out.
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