Cibil score or credit score is the score given by Credit Information Bureau of India Limited (CIBIL). This is the score that the banks or NBFCs or any lending agency asks for as it is the track record of the past payments done from your end. The score ranges from 0-900 wherein the preferred credit score is 650+. However, it depends on the product for which you are applying and is thus different for a credit card and a loan. When you apply for a banking related product, the lender generally asks for a credit or cibil score which it collects from CIBIL. However, did you know that you can also check your score? Thinking how to check cibil score yourself? There are web portals like Wishfin that tell you the cibil score for free. Read more to know how it happens.
How to check CIBIL Score by PAN Card for free?
Wishfin is the only online portal in India that has been authorised by CIBIL. The online portal lets you check cibil score by PAN card free online within a few minutes. All you need to do is keep your PAN card handy and follow the below steps:
- Visit www.wishfin.com
- Go to check CIBIL score page
- Provide your full name as mentioned in the PAN card
- Enter your Date of Birth
- Choose the gender you belong to
- Mention your PAN card number
- Enter your contact address
- Provide the email ID on which you want to get the credit report
- Enter your mobile number
- Submit the form
On the successful submission of the CIBIL score form, you will get a confirmation on your email ID. You will get the detailed credit report on the email ID you have provided.
Factors Affecting Your Credit Score
It is important to note that there are certain factors that affect your credit score. If you keep a check on the below-suggested things, you can maintain a good credit score.
- Avoid carrying credit cards who are of no use to you.
- Do not increase your credit limit as it affects your credit score.
- If you are using more than 50% of your credit card limit, it will affect the score.
- No-loan people also have a bad score of no credit score.
- Prepayment of the loans also affects the credit score.
- Late payments of the loan EMIs or the credit card bill.
- Positive payment history will help build a good CIBIL score or credit score.
How to improve CIBIL Score
Here are some of the best options in front of you to improve or generate a good cibil or credit score.
- You can apply for a Consumer Loan
- You can apply for a Home Loan
- You can apply for a Personal Loan
- You can apply for a Car Loan
- You can apply for a Credit Card
Why is it important to maintain a good CIBIL score?
Every then and now, we have the habit to question the importance of credit or cibil score. At present if you have the same thoughts, you have to understand why are people so particular about their credit report. So, you must know that in the banking industry, if you have a good credit score, you can get better deals on loans as well as credit cards. However, that does not mean that those who do not have a credit history can not apply for a loan or a credit card. Many people have taken loans and also use credit cards even if they have 0 credit score or even a bad score. But, as it is said beggars are not choosers, these products are provided based on your present employment status. However, a credit score holder gets a better deal in all these products because it is easier for the lender to trust the customer that if he had performed in a particular way in the past, he would somehow be similar in the future as well. In this case, they will offer a little higher rate as compared to those who have a good CIBIL score.
So there is nothing these people are missing on but if you a credit history then it is an add-on. The customers who have a good payment history are preferably given better deals in both loans and credit cards.