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Check Your Credit Score Online
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?
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What is a Credit Score?
It is a 3-digit number representing your borrowing or repayment capacity. A good score means you are a responsible borrower, making you eligible for loans and other forms of credit on favourable terms. However, a low score implies the opposite and can make access to credit challenging.
This score is calculated by credit bureaus and is predominantly based on several factors, including your repayment patterns.
In India, 4 credit bureaus maintain and calculate credit scores.
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:
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.
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.
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.
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.
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
- Step 1: Click on the ‘Check your credit score’ option on this page
- Step 2: Enter your mobile number, select the captcha and 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
You can also check your CIBIL score or other credit score through the bureau’s official website.
Why is it Important to Maintain a Good Credit Score?
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:
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.
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.
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.
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:
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:
Doing this will help you rectify errors, if any, and ensure that your report is an accurate representation of your creditworthiness.
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:
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.
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 creditworthiness.
Find out your credit score and get an instant personal loan
| Range | Status | 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
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.
- Credit Score is the individual’s loan repayment ability represented in 3-digit numbers.
- Credit Ratings generally give credit ratings to corporations and government entities whether they can meet their financial commitments.
- Credit Report shows a credit history, basically a summary of a potential borrower to the lenders that represents their creditworthiness.
You can follow the below simple steps to check credit score for free:
- Enter your basic details.
- Add your mobile number and Email ID.
- Verify your mobile number with the OTP sent.
- Once the process is completed, your credit score will be displayed on the screen.
- You can also see the detailed report by clicking on ‘View detailed report’.
A credit score or CIBIL score is generally calculated on below factors:
- Your EMI payment patterns
- How much money you owe
- How many active loans do you have
- Whether you are a defaulter in the past
There can be multiple reasons as to why your CIBIL score or other credit score keeps changing.
- If you spend more than usual or utilise the entire credit limit, you might witness a dip in your credit score
- Your credit score improves if you pay your loan EMIs on time
- Similarly, if you pay off your credit card bill payments timely, it also helps in improving your credit score
Your existing lenders, potential lenders and even insurance companies can access your CIBIL score or other credit score reports.
At present, you cannot check your credit score with the help of your Aadhaar card, since the credit score is linked to your PAN card. You need to provide your PAN number to get the score.
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