Request received - loud & clear!
Returning you to where you were...
Please wait while we set things up. This will take less than 60 seconds!
We are fetching your Credit Score
It'll take less than 60 seconds
Advertisement Below
Your CIBIL score is made up of four factors and each of them have a weightage.
Payment History | 30% |
Credit Exposure | 25% |
Credit Type and Duration/ | 25% |
Other Factors | 20% |
Payment history is one of the biggest factors that can affect your CIBIL score in a positive or a negative way. If you pay your outstanding bills associated with your credit cards and loan EMIs on time, it will boost your score. And if you delay payments or miss payments, it will reduce your score. Hence, such payment behaviour should be avoided to keep your score high. A CIBIL analysis reported by the Financial Express reveled that a 30-days delinquency can reduce your CIBIL score by 100 points.
Credit Exposure which is also known as the credit utilisaiton ratio is the second biggest factor that affects your CIBIL score. Credit utilisation ratio is the amount of credit used by you in proportion to your available credit limit. As per experts, you should ideally use up to 30% of your total credit card limit. A high credit utilisation ratio suggests you are credit hungry and are struggling with your finances. As a result of heavy credit usage on your credit cards, lenders could think that you are at a high risk of turning into a defaulter, leading to subsequent application rejection.
Having a long credit history suggests that you have experience in handling credit. Credit history refers to the number of years that have passed since you have opened your first credit account. Therefore, it is advised to start building credit history at an early stage as it comes in handy when you are planning to buy a house or a car in the future, requiring higher loan amounts.
The type of credit is also considered while calculating your CIBIL score. It is important to maintain a healthy balance of secured (e.g. home/auto loan) loans as well as unsecured (e.g. credit card) loans. When you have secured as well as unsecured credit in your credit report, it suggests that you have good experience in handling both types of credit.
Another factor that is a part of your CIBIL score calculation is hard inquiries. When you apply for credit such as a loan or a credit card, lenders pull out your CIBIL report from the credit bureau. Such an inquiry is called a hard inquiry and multiple such inquires will have a negative effect on your score. You should avoid applying for multiple lines of credit at the same time.
It should be noted that your CIBIL score is one of the factors considered by lenders while sanctioning your application. Therefore, you should take necessary measures to maintain a high credit score. At present, there are several lenders who offer preferential pricing to consumers who have a healthy CIBIL score. With a high score, you have the power to negotiate better deals on credit cards and request for lower interest rates for loans.
CIBIL Score Range | Meaning |
---|---|
750 - 900 |
|
700 - 750 |
|
550 - 700 |
|
300 - 550 |
|
Ideal CIBIL Score Rating For Different Types of Loans
Loan | Ideal CIBIL Score |
---|---|
Personal loan | Above 700 |
Home Loan | Above 650 |
Loan against Property | Above 650 |
Car Loan | Above 700 |
Business Loan | Above 700 |
Gold Loan | Not Required |
Here are the steps to remove your name from CIBIL defaulter’s list:
Here are the steps to check the CIBIL Score online:
The following are the steps to check CIBIL score using your PAN card:
The following are the points that should be remembered to improve your CIBIL score:
Use credit responsibly:
Avoid late or missed payments:
Maintain a low credit utilisation ratio:
Make sure to close accounts:
Review your credit report:
Yes, your credit score and your CIBIL score are the same. The Credit Information Bureau (India) Limited was the very first credit bureau in the country and so, CIBIL score was a term that was used synonymously with the term, credit score.
SBI does not issue credit scores for its customers. The CIBIL is the credit bureau which collects information from and NBFCs about people and they then calculate the credit score.
If you want to check your CIBIL score with paying any money, you can search for cibil website on the internet. You should then fill in all details and once you submit this, you will be able to see your credit score.
Yes, a loan rejection will lower your CIBIL score.
According to TransUnion CIBIL, a credit score of 650 is considered average, whereas 772 is considered a good score. Borrower will CIBIL score of 722 can avail themselves of cards or loan offers from the lenders at an affordable rate. While individuals with credit scores of 650 may not avail themselves of pre-approved card or loan offers depending on the lender as some lenders, such as banks or NBFCs may consider these borrowers as fresher.
The record of an individual is submitted to the CIBIL by the lenders or the bank on a monthly basis. The CIBIL score and report is prepared using this record on a monthly basis that helps the lenders to decide whether to approve the loan or not.
Yes, you can check your CIBIL score without impacting your score. Checking your score is considered as a soft enquiry that does not impact your CIBIL score negatively.
Calculating CIBIL score for easy approval of home loan is simple and effortless. Ensure that you have a CIBIL score ranging between 720 to 750, as any score lower than the minimum limit will lead to extra payout of interest to lenders as compensation for the risk borne by them.
Calculating CIBIL score for easy approval of home loan is simple and effortless. Ensure that you have a CIBIL score ranging between 720 to 750, as any score lower than the minimum limit will lead to extra payout of interest to lenders as compensation for the risk borne by them.
For approval of education loan, CIBIL score of 750 and above is considered good enough by the lenders. The CIBIL score of the parents is also considerable and in case of minor, the CIBIL score of the guarantor is considered as there is no credit activity of the minor.
Credit agency of India, CIBIL, calculates the CIBIL score of the borrower and determines whether they are eligible for home loans. CIBIL considers various factors depending on which the CIBIL score is given which helps deciding whether the loan will be approved or not. For easy approval of home loan, CIBIL score of 750 and above is required.
No, your credit score does not get affected by your salary.
CIBIL Related Articles
TransUnion CIBIL is one of the leading credit information companies in India. The company maintains one of the largest collections of consumer credit information in the world. CIBIL Score plays a key role in the lives of consumers. Banks and other lenders check the CIBIL Score of the applicants before approving their loan or credit card application. Consumers can visit the official website of CIBIL to check their CIBIL Score and Report. CHECK YOUR CIBIL SCORE now.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
Gain an edge by connecting with us via email. We promise never to spam you.
Request received - loud & clear!
Returning you to where you were...
Psst... We'll ensure you're the very first to know the moment rates change.
We'll email you immediately! You snooze, you lose.