Do Credit Score Check Free Online Before Submitting Application - Farah Atelier

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Tuesday, July 10, 2018

Do Credit Score Check Free Online Before Submitting Application

So many credit applications go to trash every day because they lack one important thing i.e. a good credit score. People have the income and potential to pay the dues but their poor credit record just pegs them back. Sadly, they realize it post submitting the application and facing the rejection thereof.

The credit score goes further down with the rejection, making it even difficult to get an approval for fresh credit. You better not put yourself in such a corner and so you must do a credit score check before making an application. It does not assure you of approval but can make you aware of your credit profile.



Whose Credit Score Should You Prefer the Most?

There are a handful of credit information companies involved in assigning credit scores and reports to individuals with a repayment history of at least 6 months to a year. These include CIBIL, Experian, Equifax, among others. However, score is one whose score is valued the most by Indian lenders before disbursing a loan or issuing a credit card. It’s because CIBIL holds the most number of credit records in India.

How to Check CIBIL Score Online?

The score can be checked online CIBIL login and that too free by visiting the website of CIBIL. You need to sign in with the bureau by submitting some personal and credit information that it would ask you to.

These would be your name, date of birth, PAN number, residence address, the account number of loan or credit card, the expiry date of card, etc. As soon as you submit the details, you would be asked to create a login. For login creation, you must choose a User ID and password in accordance with the requirements. 

How to Maintain a Good CIBIL Score?

Now that you know how to check your CIBIL score, you can do so and see how much it is. Let’s be told that a good credit score is 750 and above. On the other hand, a score of 700-749 can be called decent. A score of 650-699 can be termed as average, while below 650 would be ranked poor. The scores vary as per the repayment behaviour of individuals. If your score turns average or poor, there are ways by which you can get it up. Keen to those? You should be, though. Without any delay, check out the pointers below, implement and raise the score.

Improve on Your Payment Routine

The reason for a poor score is often the non-adherence to the payment of dues on time. Failing to pay once or twice may not hurt your score a great deal, but making it a regularity would. You must introspect the reasons that lead to delayed payments. If spending unnecessary is the reason for a poor score, you must then keep a control on that for a smooth payment. On finding the repayment track regular and timely, CIBIL would start raising your score.

Set Auto Pay, Particularly on Credit Card Payment

ECS mandate is applied on loans and so the payment can be deducted automatically from the lender. And, if the amount remains on the account by the time the due date arrives, the payment deduction and processing is smooth. But, when it comes to credit cards, things can be tricky. Many don’t set auto pay for their credit card dues and thus there’s a possibility of them forgetting the due date of payment. If they forget to pay on time and that becomes a repetitive affair month-on-month, it would only lower the score. You can thus set an auto pay while logging on to net banking or requesting the same at the nearest bank branch. When that’s done, the payment would be deducted on or before the due date automatically, eliminating the scope of delay. However, you need to keep necessary funds on the account while also ensuring the dues do not go beyond your limit.

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