Online CIBIL Score check

Does checking your CIBIL score frequently lower it?

Checking your CIBIL score or credit score is considered a good habit. You can check your credit score anytime and as often as you wish to. It is advised that before applying for a credit card, you should check your CIBIL score. Checking your credit score before applying loan provides you with a better idea about your credit history. It will also inform you if there are any problems with the loan approval. Also, you should check your score a few months in advance, as it allows you to plan in advance. 
Another issue that you can encounter when you check your CIBIL score frequently is rectifying your errors. If there are any errors in the CIBIL report, they should be rectified immediately as they will reflect in your credit report and impact your credit score negatively. 

What is soft inquiry?

A soft inquiry does not reflect on your credit history. When you check your credit score or when you receive a pre-approved credit card offer from a lender – these incidents are considered a soft inquiry. 
Who is categorized under soft inquiry?

  • When you check your own credit score
  • When an employer or landlord checks your credit score 
  • When lenders check your credit before offering pre-approved credit cards 

What is hard inquiry?

When you apply for any credit card or car loan or home loan, the lender requests your credit history before approving your loan or credit. The requesting of your credit report is considered a hard inquiry. 

Soft inquiry vs hard inquiry

Differences

Soft Inquiry

Hard Inquiry

impact on credit score

Doesn’t impact your credit score

Impacts your credit score

Reflect

Doesn’t reflect in the credit report

Reflects on your credit report

When is it done

For providing pre-approved offers

Before loan or credit

Consent

No consent is required

Written consent is required

Reasons for lowering your CIBIL score

Percentage

Factors

30%

Payment History

25%

Credit Exposure

25%

Credit Type and duration

20%

Other factors

1.    Repayment Behavior
Your repayment behavior is one of the most influential factors affecting your CIBIL score. Timely repayment of all your credit or loan will help you maintain a good CIBIL score while any default or missed payment will negatively affect your CIBIL score. 
2.    Exceeding Credit limit 
A credit limit is an upper limit on how much you can spend on your provided credit. It is important that you adhere to the credit limit. Any spending more than your credit limit negatively affects your CIBIL score. 
3.    Unpaid Dues
Always clear your unpaid dues as it will allow you to plan your finance better. Any overdue repayment will negatively impact your CIBIL score. 
Along with the above-mentioned factors, there are a few other factors that can affect your CIBIL score negatively such as paying only the minimum amount due, making multiple credit applications, errors in your CIBIL report, and not having a credit mix and credit history.

Online CIBIL score check

You can easily check your CIBIL score at any time on CIBIL’s official website.
Step 1. Visit CIBIL’s official website www.cibil.com
Step 2. Enter the required information in “Get your CIBIL score” section.
Step 3. Provide the supporting documents and confirm your details.
Step 4. Once you receive your OTP on your registered mobile number, you can check your credit score at Myscore.cibil.com 

CIBIL Score

Creditworthiness

Loan Approval

550 and below

Bad

Low

550 and 649

Poor

Difficult

650 and 699

Average

Possible

700 and 749

Good

High

750 and 900

Excellent

Very High

Tips to improve your CIBIL score

Improving your CIBIL score is an ongoing process. You can’t improve your CIBIL score in a day or two. CIBIL score is improved over a period of time, the longer the credit history the better it is. Your long credit history helps the lenders understand your credit behavior over a period of time. It also helps in building a level of trust as compared to someone who has no credit history or has a negative CIBIL score.

So, how do you improve your CIBIL score?

Improving your CIBIL score is a straightforward process and borrowers complicate it with poor financial habits. You can improve your CIBIL by:

  • Keeping a regular check on your credit score 
  • Paying your loan or credit on time
  • Properly utilizing your credit 
  • Not taking multiple loans at one time 
  • Having good financial habits 

Conclusion: When can you check your CIBIL score?

You can check your CIBIL score at any given point in time. You should not hesitate to check your CIBIL score on regular basis. Frequent CIBIL score check allows you to better manage your repayment and credit. Also, it helps you to check and rectify if there is any fraudulent activity with regard to the CIBIL report.

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