Imagine a key that unlocks your financial future – a key that opens doors to loans, credit cards, and many other financial opportunities. For many, that key is their CIBIL score. Do you know the easiest way to check your CIBIL score online? StashFin is a loan company that believes knowing your CIBIL score is the first step towards smart financial management. You can check your CIBIL score quite easily on its website. Never has checking your CIBIL score online been easier.
Online checking of the CIBIL score is one easy and simple way to start in order to secure a personal loan, manage your credit better, or simply understand your financial standing. A good CIBIL score opens the gateway for financial opportunities. Knowing your CIBIL score might play a critical role in determining your financial success. In this blog, we will walk you through the importance of a good CIBIL score and other significant aspects of it.
What is a CIBIL Score?
A CIBIL (Credit Information Bureau India Limited) score is a three-digit number between 300 and 900, indicating the creditworthiness of any individual. They are graded according to your credit history, so you get to know how well you have managed loans, credit cards, and other financial obligations. Generally, the higher a score is, the less risky it is in terms of credit, which means that you will most probably find yourself qualifying for credit products such as loans or credit cards on more favourable terms.
High scores also make it easier to get the lowest possible interest rate on your loans. You will find that many lenders set the best interest rates on people with high scores, a factor that can eventually come in the form of enormous savings.
The longer the period you have had an open and performing credit account, the more favourable it will be towards your score. Even an inactive account with a good history can help boost your score. Your repayment history is also very important for your CIBIL score, contributing to about 30% of the score: how well and timely you have made your loan and credit card repayments. Your credit utilization ratio, i.e., the percentage of credit you are using to your available limit, can also impact your score.
CIBIL score ranges
Here’s a quick rundown on CIBIL score ranges:
• 750-900: Excellent – Very likely to get the best offers with the lowest possible interest rates.
• 650-749: Good – You can easily get approved, but the rate might vary.
• 550-649: Average – You will receive higher interest rates and perhaps be asked to furnish more documentation.
• 300-549: Bad – High credit risk; it may become very difficult to be eligible for any type of credit.
Why Is Your CIBIL Score Important?
The significance of your CIBIL score can be illustrated through the following reasons.
1. Loan and Credit Card Approvals: You are likely to get your loans or credit card applications approved without much hassle if you have a good score.
2. Interest Rates: Banks and financial institutions also provide lower interest rates to applicants with high CIBIL scores.
3. Negotiation Power: This is achievable once you have good CIBIL scores. You will be able to negotiate with a lender for more favourable loan terms, interest rates, and desirable credit card benefits.
4. Fast Approval: When you hold a great score, your credit will be approved quickly without wasting too much time and paperwork.
5. Financial Stability: Monitoring your scores on CIBIL can really track the status of your financial health and, therefore, assists in making better choices.
Steps for a Good CIBIL Score
Sound financial behaviour is necessary to keep one’s CIBIL score in good shape. Here is the list of do’s:
1. Pay your Bills on Time: Missed or late payments have a vital impact on the score.
2. Credit Card Utilization: Try not to use more than 30 per cent of the limit on your credit card to display prudent credit behaviour.
3. Avoid frequent applications for credit: Multiple credit inquiries in a short time lower the score.
4. Maintain a balanced Credit Mix: The balance of secured, for example – home loans and auto loans against unsecured loans like a personal loan and credit cards- improves your score.
5. Check Your CIBIL Report Periodically: Periodic checking helps identify errors or fraudulent activities, enabling you to dispute them in time.
Conclusion: Keep Yourself Financially Updated
Your CIBIL score is quite a significant part of your profile if you want to make some smart financial moves. Keeping it healthy opens several doors. Regularly checking your CIBIL score online always keeps you posted about your credit standing. Through such opportunities, you would be ready to proactively improve it. Make use of all the useful online tools that come your way and focus on making your financial health a priority.
With loan company StashFin, you can take control of your financial journey and turn your aspirations into reality, one step at a time, because StashFin monitors your financial health, gives expert advice on improving your score and also offers loans upto Rs. 5 lacs with flexible tenure. You can also avail 30 days of interest free period with Stashfin. So, visit Stashfin’s website now.
Few Frequently Asked Questions Regarding CIBIL Score Checks
- Does checking my CIBIL score online affect my score?
No. Checking your own CIBIL report online is a “soft inquiry” and thus will not affect your score. A lender checking your score to consider granting you a loan is a “hard inquiry” and might, therefore, have a minor impact. - How often should I check my CIBIL score?
You should check your CIBIL score at least once every quarter so that you have an up-to-date report to ensure the accuracy of your score, and it also keeps you informed about your financial health.
