A credit score plays an important role when it comes to availing of loans. One should build a good credit score to secure loans at favourable terms.
Each financial activity in the credit market is recorded under the CIBIL records. By assessing your CIBIL report, lenders can gauge your creditworthiness. The CIBIL score ranges from 300 to 900. A credit score above 750 indicates responsible credit behaviour. Your credit score is influenced by several factors such as your loan repayment behaviour, duration of the credit accounts, and credit utilisation.
Also Read: Does Applying for Credit Influence One’s Credit Score?
CIBIL Score - What's the Significance of this 3-Digit Number?
Credit Information Bureau (India) Limited or CIBIL records information of the credit users and based on their credit history, it assigns a score to them, known as the CIBIL score. In simple terms, a CIBIL score is a numerical representation of an individual's creditworthiness. Individuals and businesses both have CIBIL records. These records are used by credit-giving agencies such as crediting associations, banks, or NBFCs to evaluate both individuals and businesses before extending a loan.
Reasons for Low CIBIL Score
Several factors contribute to a decrease in the CIBIL score. Late or missed payments on loans or credit cards can decrease the credit score. Multiple hard inquiries from loan or credit card applications within a short period can portray credit-hungry behaviour, negatively affecting the score. Errors in the credit report, such as incorrect personal or account details, can also lead to score reduction if left unaddressed. High credit utilisation ratios and improper credit mix with a lack of varied credit products further contribute to low CIBIL scores.
Steps to Increase CIBIL Score from 360 to 800
A credit score of 750 or above is considered an ideal credit score. If you want to improve your credit score, here are some simple methods for improving your credit score:
- Maintain a low credit utilisation ratio.
- Regularly review your credit report to identify and rectify any errors.
- Ensure that the closed debts are accurately updated in the report.
- Refrain from making unnecessary loan applications.
- Set up automated EMI payments to prevent missed deadlines and ensure punctual repayments.
Also Read: How to Increase Your CIBIL Score Above 800?
How to Check Your CIBIL Score Using a PAN Card or Aadhaar Card
You can check your CIBIL score by using your PAN card or Aadhaar card, by following the given steps:
Step 1: Open the official website of CIBIL, Equifax, Experian, or CRIF Highmark.
Step 2: Click on 'Get your CIBIL score' or any similar tab.
Step 3: Next, login to your account.
Step 4: On the webpage page, you will be expected to enter your specifics, such as your complete name (as given in your PAN Card), your email address, mobile number, and any one ID number. Note that the ID document numbers which are valid are PAN number, Driver’s License Number, Passport Number, Voter ID number, Aadhaar Card, or Ration Card number. Keep in mind that these ID documents should be in your name.
Step 5: When you enter this ID number, the credit authority checks the details and pulls up your credit report.
Step 6: The report will be sent to your enrolled email address.
Final Words
Maintaining a good credit score is essential to having a good CIBIL report. A score above 750 reflects responsible credit behaviour. To improve your credit score, maintain a low credit utilisation ratio, rectify errors, avoid unnecessary loan applications, and set up automated repayments to avoid defaults. A good credit score is essential in securing a favourable Home Loan, as it indicates creditworthiness and responsible repayment practices. So, building and maintaining a good credit score can increase your chances of being approved for a Home Loan, making it easier to achieve your dream of homeownership.
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
Trending Articles
home+loan Home Loan
[N][T][T][N][T]
Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
tax Tax
[N][T][T][N][T]
Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Best Credit Score for Home Loans & How to Improve Yours2023-08-31 | 6 min
home+loan Home Loan
[N][T][T][N][T]
Get Your Down Payment Funds Ready with These 5 Easy Steps2023-03-20 | 5 min
cibil Cibil
[N][T][T][N][T]
Boost Your Credit Score By Minding The Factors That Affect It2023-03-20 | 5 min
home+loan Home Loan
[N][T][T][N][T]
What Happens If Home Loan EMI Bounces? Know the Consequences2024-07-11 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
cibil Cibil
[N][T][T][N][T]
How to Check Your CIBIL Score for Free and What to Do If There Are Errors in It2024-06-05 | 4 min
[N][T][T][N][T]
Checklist of Documents Required for Home Loan2024-02-07 | 5 min
cibil Cibil
[N][T][T][N][T]
Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
cibil Cibil
[N][T][T][N][T]
CIBIL Score Charges & Services You Must Know2023-04-04 | 2 min
cibil Cibil
[N][T][T][N][T]
What to Know About CIBIL Score 2.02024-06-20 | 3 min
tax Tax
[N][T][T][N][T]
Can I Claim Home Loan Tax Benefits on an Under-Construction Property?2024-05-23 | 5 min
tax Tax
[N][T][T][N][T]
How to Claim Tax Benefits on Joint Home Loans2024-07-10 | 4 min
cibil Cibil
[N][T][T][N][T]
Some of the Common Credit Mistakes to Avoid2023-03-21 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
home+loan Home Loan
[N][T][T][N][T]
A Complete Guide on the Benefits of Joint Home Loan2022-11-16 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
home+loan Home Loan
[N][T][T][N][T]
Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Advantages for First-Time Home Buyers2023-07-14 | 4 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Top Benefits of a Loan Against Property Over Collateral-Free Loans2024-01-09 | 4 min
home+loan Home Loan
[N][T][T][N][T]
An Essential Guide to Refinancing a Home Loan2024-04-22 | 5 Min
home+loan Home Loan
[N][T][T][N][T]
All About Home Loan Balance Transfers2024-06-04 | 4 mins
home+loan Home Loan
[N][T][T][N][T]
All You Need to Know About Home Loans2023-01-19 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Should I Apply for a Pre-Approved Home Loan or an After Property Finalisation Loan?2024-03-15 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
home+loan Home Loan
[N][T][T][N][T]
How to Connect with Bajaj Housing Customer Care2023-06-27 | 5 Min
home+loan Home Loan
[N][T][T][N][T]
Difference Between Bank Rate and Repo Rate2023-09-22 | 5 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Understanding the Fees and Charges on Your Loan Against Property2024-02-16 | 8 min
loan+against+property Loan Against Property
[N][T][T][N][T]
3 Different Loan Against Property Types You Should Know About2024-02-13 | 5 Min
cibil Cibil
[N][T][T][N][T]
Will a Loan Settlement Ruin My CIBIL Score?2023-03-21 | 4 min
tax Tax
[N][T][T][N][T]
What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
cibil Cibil
[N][T][T][N][T]
How can I Remove Loan Inquiry from CIBIL Credit Report2024-01-22 | 5 min
cibil Cibil
[N][T][T][N][T]
How To Improve CIBIL Score After A Payment Default?2024-03-29 | 4 min
cibil Cibil
[N][T][T][N][T]
Here Is How a Bounced Cheque Can Affect Your CIBIL Score2023-06-06 | 5 min
cibil Cibil
[N][T][T][N][T]
How to Increase Your CIBIL Score Above 800: 6 Proven Methods2024-01-24 | 4 min
[N][T][T][N][T]
5 Ways Home Loan Borrowers Can Lower their Home Loan EMI2023-01-04 | 4 min
home+loan Home Loan
[N][T][T][N][T]
6 Ways to Reduce Your Home Loan Interest2024-03-20 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Factors to Consider Before Applying for a Home Construction Loan2022-12-02 | 5 min
tax Tax
[N][T][T][N][T]
Know all About Top Up Loans and How to Avail of Tax Benefits2024-07-16 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Benefits of a Home Loan2023-02-20 | 4 min
tax Tax
[N][T][T][N][T]
Tax Benefits on Home Loans for Self-Employed Individuals: What You Need to Know2024-06-07 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Factors Determining Your Home Loan Eligibility2024-03-13 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Home Loan Burden Management: Five Tips2022-06-27 | 3 min
home+loan Home Loan
[N][T][T][N][T]
How to Pay Off Your Home Loan Quicker2024-03-11 | 4 Min
[N][T][T][N][T]
Everything You Must Know About NRI Home Loans2024-02-16 | 3 min
[N][T][T][N][T]
NRI Home Loans: 5 Things to Keep in Mind Before Applying2024-02-15 | 4 min
[N][T][T][N][T]
Myths and Facts About NRI Home Loans in India2024-02-15 | 4 min
tax Tax
[N][T][T][N][T]
How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
tax Tax
[N][T][T][N][T]
How to Claim Home Loan Tax Exemptions and HRA Together2023-03-22 | 5 min
tax Tax
[N][T][T][N][T]
Difference Between Old vs. New Tax Regime2024-08-22 | 5 min
tax Tax
[N][T][T][N][T]
Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
tax Tax
[N][T][T][N][T]
How Much Tax Can be Saved Under Sections 80C, 80D, and 80G?2024-05-15 | 5 min
tax Tax
[N][T][T][N][T]
How to Save Tax Between Rs 20 to Rs 25L Salary in India2024-05-23 | 6 min
tax Tax
[N][T][T][N][T]
8 Useful Income Tax Exemptions for Salaried Employees2024-04-18 | 7 min
tax Tax
[N][T][T][N][T]
Should You Get a Home Loan to Save Your Taxes?2024-02-01 | 3 min
home+loan Home Loan
[N][T][T][N][T]
Section 80EE: Claim Deductions on the Home Loan Interest Paid2024-04-25 | 6 min
[N][T][T][N][T]
Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
tax Tax
[N][T][T][N][T]
How to Avail Maximum Home Loan Tax Benefit in India in 2023?2024-05-13 | 6 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Things to Do If Your Loan Against Property Application Gets Rejected2023-02-14 | 5 min
cibil Cibil
[N][T][T][N][T]
Does Applying for Credit Affects One's CIBIL Score?2024-03-14 | 3 min
home+loan Home Loan
[N][T][T][N][T]
Smart Things to Consider Before You Apply for a Home Loan2022-12-14 | 5 min
cibil Cibil
[N][T][T][N][T]
10 Effective Strategies for Boosting Your Credit Rating2023-03-24 | 6 min
home+loan Home Loan
[N][T][T][N][T]
What Factors Decide Your Home Loan Interest Rates?2024-05-29 | 6 min
[N][T][T][N][T]
Loan Against Property or A Home Loan: Know What You Need2024-06-11 | 5 min
[N][T][T][N][T]
Top 5 Ways to Avail of Tax Benefits on Home Loans2024-02-16 | 5 min
[N][T][T][N][T]
NRI Home Loans: Unveiling the Unique Aspects2024-02-14 | 7 min
[N][T][T][N][T]
A Guide for NRIs Considering Property Purchase in India2024-02-14 | 7 min
home+loan Home Loan
[N][T][T][N][T]
7 Common Problems You May Face While Applying For Home Loan2024-01-18 | 7 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Pay-off Your Debt with Bajaj Housing Finance Loan Against Property2024-02-14 | 5 min
tax Tax
[N][T][T][N][T]
Claim Tax Exemptions with These 3 Loan Options2023-02-22 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Reasons Why a Housing Loan Application May Be Rejected2024-02-14 | 3 min
cibil Cibil
[N][T][T][N][T]
How Does Being A Loan Guarantor Affect Your Credit Score?2024-03-13 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Types of Home Loan Charges2024-01-22 | 3 Min
home+loan Home Loan
[N][T][T][N][T]
Should You Take a Home Loan Even If You Have Enough Money to Buy a House?2024-01-30 | 3 min
home+loan Home Loan
[N][T][T][N][T]
Home Loan EMI Calculator Benefits and It’s Features2024-02-21 | 4 min
loan+against+property Loan Against Property
[N][T][T][N][T]
A Guide to Loan Against Property for Doctors2022-06-27 | 5 Min
home+loan Home Loan
[N][T][T][N][T]
Understanding Loan-to-Value Ratio (LTV) and its Calculation2023-11-28 | 4 Min
loan+against+property Loan Against Property
[N][T][T][N][T]
Loan Against Property for Doctors: Interest Rates and Charges2023-11-24 | 6 Min
loan+against+property Loan Against Property
[N][T][T][N][T]
Why Loan Against Property Can be a Good Credit Option for a Startup Business?2023-12-22 | 5 Min
[N][T][T][N][T]
A Complete Guide to Check Credit Score Easily for Free2024-05-02 | 3 min
home+loan Home Loan
[N][T][T][N][T]
Difference Between Home Loan and Personal Loan: Which is better?2024-03-04 | 4 min
[N][T][T][N][T]
6 Smart Tips to Increase Your Home Loan Eligibility2024-06-27 | 4 min
[N][T][T][N][T]
5 Essential Things You Need for a Home Loan Approval2024-05-08 | 3 min
[N][T][T][N][T]
7 Benefits of Taking a Home Loan in India2024-06-19 | 3 min
cibil Cibil
[N][T][T][N][T]
What's Considered a Healthy Credit Mix?2024-06-11 | 3 min
cibil Cibil
[N][T][T][N][T]
What Distinguishes CIBIL Score from CIBIL Report?2024-04-11 | 3 min
home+loan Home Loan
[N][T][T][N][T]
What Is Home Loan Eligibility and How Is It Calculated2024-07-11 | 6 min
cibil Cibil
[N][T][T][N][T]
What is Credit Mix and How to Boost Your Credit Score?2023-03-27 | 7 min
cibil Cibil
[N][T][T][N][T]
Does CIBIL Score Affect Loan Against Property Eligibility?2023-02-15 | 7 min
home+loan Home Loan
[N][T][T][N][T]
Everything You Need to Know About Top-up Loans on a Home Loan2024-04-09 | 6 min
cibil Cibil
[N][T][T][N][T]
What Is a Good Credit Score for a Home Loan?2022-12-28 | 5 min
cibil Cibil
[N][T][T][N][T]
Things That Can Go Wrong with Your CIBIL Report2023-03-15 | 5 min
cibil Cibil
[N][T][T][N][T]
How a Good CIBIL Score Can Help You Celebrate the Festive Season Better2024-03-19 | 5 min
home+loan Home Loan
[N][T][T][N][T]
How to Get a Better Interest Rate on Your Home Loan2024-01-04 | 5 min
cibil Cibil
[N][T][T][N][T]
How Can Your CIBIL Score Help in Negotiating Better Home Loan Deals2023-05-18 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Get a Home Loan Without Visiting Branch: A Step-by-Step Guide2024-03-20 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Complete Guide to Securing a Attractive Interest on Home Loans2024-01-23 | 3 min
cibil Cibil
[N][T][T][N][T]
Here’s What You Can Do to Improve Your CIBIL Score2023-03-16 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Home Loan Refinancing: What, Why, and Things to Remember2024-06-17 | 5 Min
tax Tax
[N][T][T][N][T]
How to Avail of Tax Benefits on a Loan Against Property2024-06-13 | 5 Min
cibil Cibil
[N][T][T][N][T]
Top 10 Reasons For Low CIBIL Score & How To Improve It2024-03-01 | 5 min
home+loan Home Loan
[N][T][T][N][T]
5 Great Ways Women Can Benefit from Taking a Housing Loan2024-01-16 | 5 min
cibil Cibil
[N][T][T][N][T]
Five Reasons Why a Bad Credit Score Could Lead to Loan Rejection2024-01-22 | 5 min
cibil Cibil
[N][T][T][N][T]
How Does Your Digital Footprint Affect Your CIBIL Score?2024-03-20 | 5 min
cibil Cibil
[N][T][T][N][T]
How Can I Get My ECN Number in CIBIL?2024-01-09 | 5 min
home+loan Home Loan
[N][T][T][N][T]
What is Foreclosing a Home Loan? These are Some of the Do’s and Don’ts2023-12-20 | 6 min
tax Tax
[N][T][T][N][T]
10 Useful Income Tax Deductions for FY 2022-232024-02-21 | 6 min
cibil Cibil
[N][T][T][N][T]
Ways You Can Improve your Credit Score for a Small Business2023-03-01 | 5 min
tax Tax
[N][T][T][N][T]
5 Tax Savings and Other Advantages You Can Get When You Apply for Home Loans2024-02-14 | 6 min
cibil Cibil
[N][T][T][N][T]
Reasons Why Your CIBIL Score Is Going Down2024-04-10 | 4 min
home+loan Home Loan
[N][T][T][N][T]
How to Get a Housing Loan Approved Instantly?2024-04-10 | 5 min
home+loan Home Loan
[N][T][T][N][T]
What Is a Pre-Approved Home Loan and How Should You Get It Done?2024-03-12 | 5 min
cibil Cibil
[N][T][T][N][T]
How Business Loans Affect Your CIBIL Score & How to Improve the Same2024-03-13 | 6 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Short vs. Long Loan Against Property Tenor - Which Is Better?2024-05-07 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Consider These Factors Before Foreclosing Your Home Loan2024-04-16 | 3 min
tax Tax
[N][T][T][N][T]
What is a Property Tax in India and How is It Calculated?2024-03-13 | 4 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Understanding the Fees and Charges on Your Loan Against Property2024-04-10 | 6 min
cibil Cibil
[N][T][T][N][T]
How Does Missing One Payment Affect Your CIBIL Score?2024-05-15 | 4 min
cibil Cibil
[N][T][T][N][T]
Ways to Improve Your Credit Score with a Credit Card2024-02-02 | 4 min
cibil Cibil
[N][T][T][N][T]
What Factors Do Not Affect Credit Scores?2024-02-28 | 7 min
home+loan Home Loan
[N][T][T][N][T]
What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min
loan+against+property Loan Against Property
[N][T][T][N][T]
Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
cibil Cibil
[N][T][T][N][T]
How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
home+loan Home Loan
[N][T][T][N][T]
10 Smart Steps for Effective Home Loan Management