What is a CIBIL Score? How does one check their CIBIL Score?
The major worry of a borrower when applying for a loan or credit card is whether or not the application will be accepted. It is critical to verify your CIBIL score before applying for a credit card or loan because banks and other financial organisations base their credit card and loan decisions on this score. It’s important to keep in mind that the higher your Free CIBIL score, the more likely it is that your loan or credit card application will be accepted.
What is the CIBIL score, and why is it so significant? Let’s understand!
What exactly does CIBIL Score mean?
A CIBIL score is a three-digit number that summarises a borrower’s financial history and ranges from 300 to 900. The borrower’s prior loans, credit history, income, and financial status are considered while calculating the CIBIL score using a CIBIL score app. When it comes to issuing credit cards and loans, banks and lenders favour borrowers with credit scores of 750 or higher.
The CIBIL score serves as a quick indicator of a person’s creditworthiness. Your chances of being authorised for loans or credit cards to increase with your CIBIL score, which is reflected on your CIBIL score app.
What does a High CIBIL Score mean?
Banks and lenders view a good CIBIL score close to 900 as favourable for processing loans and credit cards. A user’s CIBIL score must be 750 or higher to be approved for a loan or credit card.
What CIBIL score is the Minimum for a loan?
For loan eligibility, a minimum Credit score of 720–750 is required. A person’s creditworthiness is highlighted in a CIBIL score app when they fall within this range, which favourably affects their ability to get their loan or credit card application approved.
How to find out your CIBIL Score?
Since January 2017, every person has been required by the RBI, the central bank of India, to check their credit record and credit score for free once a year through any CIBIL score app. This step-by-step guide will bring you through the entire process if you’re wondering how to check your Credit score online.
- You may visit cibil.com
- Name, phone number, and email address are required fields in the form.
- Select “Accept and continue”. Verify the accuracy of all your information before moving further.
- On the following page, you have the option of selecting a plan or choosing one-time access to your report and score. You can choose “no, thanks” if you only want access once.
- A one-time password is then sent to the email address you provided on the first page by the system. It is the action to verify your identity. Select the link, then enter the one-time password you were sent in your email. You will be prompted to enter a new password and log in on the page.
- You are now in the stage where your account is being created. Additionally, a confirmation message will appear on the screen.
- You can access your account by logging in with the login and password you created in step 2.
- You will be able to view all your details as soon as you log in. If there are any differences, you can alter them.
- You will see a dashboard with your Credit score and report after submitting the form.
Conclusion
This article provides a thorough response on verifying your CIBIL score with a CIBIL score app or website. In India, four such credit agencies gather your information and support banks. You might want to check your score with those organisations as well before applying for credit cards.
