When you apply for a loan or a credit card, your credit score is one of the first things a lender looks at to determine your trustworthiness. This will assess your ability to repay the bill on schedule. A good credit score increases your chances of getting your loan authorized.
Bajaj Finserv allows you to check your credit score for free and receive monthly updates. However, to obtain your credit score online for free, you must supply your PAN as one of the papers. This way you can get your CIBIL score check free online by PAN number.
Know how to obtain the CIBIL score-
The sum of a customer’s credit report, rating, and history yield a CIBIL score, which ranges from 300 to 900. A credit score of 750 or higher is considered healthy, whereas one of less than that is considered risky. A high credit score enables a smooth loan application process.
Customers benefit from it, especially when it comes to interest rates. Borrowers with good credit may qualify for loans with cheaper interest rates than other borrowers. Lenders assess numerous factors before releasing funds, but one of the most crucial is the credit score.
Importance of good credit score:
Those with poor credit, on the other hand, are higher-risk consumers, with fewer lenders competing for them and more corporations able to charge illegally high annual percentage rates (APRs). Furthermore, because your credit score affects your ability to rent housing, rent a car, and even obtain life insurance, having a poor credit score may make it difficult to find a rental property, rent a car, or even obtain life insurance.
Various credit score myths continue to propagate as a result of ignorance. It is difficult for people to confirm the veracity and relevance of these myths and rumors. If you have a good or excellent credit score, you will save hundreds of thousands of dollars throughout your life.
Mortgages, auto loans, and other types of financing are more affordable for persons with good credit. Clients with higher credit scores are deemed a lower risk, and more banks are competing for their business by offering cheaper rates, fees, and bonuses.
CIBIL score check free online by pan number, follow:
- Log in to the CIBIL portal.
- To obtain your CIBIL score, click the button in the top right corner of the screen.
- Decide on a subscription plan.
- Provide details such as your birthdate, phone number, and email address.
Create a login password for yourself.
- Enter your PAN and select “Income Tax ID (PAN)” as the type of ID.
- Continue to validate your identity and provide correct responses to all inquiries.
- Complete the “Make Payment” instructions.
- If this is a one-time need, skip the subscriptions and go straight to your account.
- Log in to your account with your email address or OTP.
- Your CIBIL score will be displayed on the dashboard once you submit the form.
- Or you can head to the Bajaj Finserv website and check out the instructions for getting your CIBIL score check free online by PAN number.
Other influencing factors on your CIBIL score
The key criteria that determine your CIBIL Score are as follows:
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Several hard inquiries
If you have recently applied for many loans or credit cards and those applications have been granted, lenders will scrutinize your application with caution because this behavior implies an increase in your debt burden, which will have a negative influence on your credit score.
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A poor payment history
Making frequent late payments or failing to pay your EMI will lower your CIBIL credit score. One of the most crucial variables influencing your CIBIL score is your track record of timely EMI and credit card due payments.
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Correct credit mix
A balanced mix of secured loans (such as a car loan or home loan) and unsecured loans (such as a personal loan or credit card) is likely to improve your credit score. It is recommended that you maintain track of your unsecured debts. It does, however, have a minor impact on your credit score. You should not take out a secured loan simply because you have several unsecured loans but no secured loans.
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Credit use is high
Having a high credit utilization ratio or frequently maxing out your card indicates that you are overly reliant on credit and have a high payback load, which may hurt your credit score. It is recommended that your credit utilization not exceed 30% of your total credit limit. This demonstrates that you are not credit-hungry, and the odds of you becoming a defaulter as a borrower are small.
FAQ:
Can I use my Aadhaar card to generate my credit score?
Even though you must link your PAN card to your Aadhaar, you cannot now obtain your credit score with only your Aadhaar number. To generate your credit score, you must supply your PAN card.
Can I check my credit score without a PAN card?
Your PAN card is used to record your important financial transactions. If you don’t have a PAN card, chances are you haven’t taken out any credit. Any credit bureau will be unable to create your credit score in this circumstance.
