Know Here About Online Process of Checking Credit Score Onlineby Mohit Saxena Apply and Get Instant Personal Loan Approval
The credit score acts as your financial report card. It is a numerical representation of your payment history and credit activities. The Credit score falls in the range of 300-900. If you are having 750 or above credit score, then it is considered as good to the lenders. Online you can ask any lender that I want to know my credit score anytime you want from the comfort of your home. All you need to do is provide your personal or PAN Card details.
How can I check my credit score online?
For checking credit score online, one needs to log in on the official site of any lender’s website or any credit agency. After giving their PAN Card details and some other personal details, you can get your credit score. The best part about checking scores online is that it is free of cost and the best way to keep track of your financial life. A lender gives you an option to check your frequently.
What are the main steps that I need to follow to check my credit score online?
Step 1 :
Click on ‘Free Credit Score’
Step 2 :
Enter your personal and employment details along with your PAN Card number
Step 3 :
You will receive an OTP on your registered mobile number
Step 4 :
Enter OTP and view your credit score instantly
Going for a credit score check multiple times does hamper your score
If you are going for a credit score check frequently using the platform of banks or NBFCs (Non-Banking Financial Companies) can hurt your credit score. So, it wise to check your credit score on a FinTech platform. Here you can check it "N" number of times and there will be no negative effect on your CIBIL profile. On the FinTech platform along with the credit score, you also get financial tips for improving your score.
Main benefits associated with having a good credit score:
Increase your eligibility for a good loan offers: If you have a good score anything above 750, then lenders give you pre-approved loan offers with a lower interest rate.
The best Credit card offers: Best credit cards always ask for a good score which includes Life-time free and low annual fee cards.
Helps you in building a good credit history: Just in case, you have zero credit history and credit score, the moment you start using a credit card or paying EMIs, your credit history will build up and so will your credit score. This will make you eligible for better options in the future.
When I check my credit score online, what are the factors that I need to keep in my mind?
Credit History: Your credit history accounts for 30 % on your repayment history which comes when you made timely payment of your dues. A good credit history increases the chances of getting a loan at relatively lower interest rates.
When you miss your due dates of payment: Repaying any type of credit whether it's your EMI or credit card bill, comes with a designated due date by which you must pay it. If you keep missing the due date regularly, then it will reflect in the credit report generated after every billing cycle.
Credit utilization: Better credit utilization is the way you utilize your credit from the total given credit limit. It is calculated in percentage terms and is known as Credit Utilization Ratio. To have a good credit score, your credit utilization should be 30%.
When you increase your limit of credit card: If you are increasing your credit card limit frequently, it can create a doubt in the mind of the lender. It shows that you want to avail more credit against your requirement, doing this will hurt your score.
Hope the above information will help you to understand what importance credit score holds in financial life and how to maintain a good credit score.
Created on Apr 17th 2020 06:07. Viewed 366 times.
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