Is your CIBIL Score Enough to Fetch Good Deals?

What’s enough? Well, people are hardly satisfied with what they have. In a finance industry this trend is even more. To get desired rate on a loan and best credit card, you need to have a good credit history and high CIBIL score.

So, when was the last time you checked your CIBIL score? If you have been doing it quite often, it is not a correct way as multiple enquiries may harm your credit score. If you have not checked your credit score for a long time and you are planning to take a loan or new credit card, you can do it by following the simple steps given below.

What is the procedure for CIBIL Score check?

Wondering how to check free my CIBIL score, follow the below steps:

1. Go to check CIBIL score check website
2. Provide your full name as mentioned on the PAN card
3. Enter your Date of Birth
4. Choose the gender you belong to
5. Mention your PAN card number
6. Enter your contact address
7. Provide the email ID fn which you want to get the credit report
8. Enter your mobile number
9. Submit the form

The score you will get will be generated on the bases on the following data tracked by the credit bureau company.

A credit score is based on the factors as mentioned here:

• Repayment history (35%)
• Amount you owe to lenders (30%)
• Number of years of servicing debt (15%)
• Number and amount of recent loans taken (10%)
• Credit Mix (10%)

As you can see, your repayment history is the most important factor in generating your credit score. So, if you have a credit card and have paid the bills on time, you must have a good credit history. But, just in case you have missed a few payments, it would have affected your score. So, you can check your CIBIL score and get credit report as well to know what has resulted in your decrease credit score, if any.

Those who have never taken any kind of credit have no credit history and are treated as no credit holders. This category of people is trusted on the basis on the income they have and their professional stability. So, lenders do not consider their credit score for providing them the product. The different treatment between a credit score holder and non-credit score holder is that the former gets a better deal on both loans and credit cards if the history is good. The later is a new bee and is given product on the basis of existing profile but on a comparatively higher rate of interest. Since lenders have no track of their repayment habits, they take the risk and thus give loans on a higher rate of interest.

So, having a good credit history and high CIBIL score helps in getting a desired deal on both credit card and loan. Others have an option to be satisfied with what they have and pay bills on time as it will now build their credit history.