CIBIL score is a significant three-digit number that determines numerous aspects of a loan. It is based on multiple factors, including currently available credit, number of loans, timely payments, duration of credit usage, and other factors. Owing to its importance, several online platforms allow free CIBIL score login to customers from websites or the CIBIL score app.
Why Track CIBIL Score?
CIBIL score plays a significant role in speedy loan approval and other processes. Moreover, applying for and getting a loan is tedious and time-consuming. Working out a step initially will help. Additionally, it requires time, planning, and conscious efforts to maintain or upgrade the CIBIL score based on its current status.
How to Track the CIBIL Score?
Almost all the platforms provide free CIBIL score login, but the frequency varies. The four bureaus that generate CIBIL scores provide the score for free only once a year. Banks and lenders can also inform the CIBIL score, but their charges or number of free score checks will vary depending on the institutes.
There also exist third-party platforms that are official partners of CIBIL. Wishfin is the first to enter into such a contract and bring forward the facility for free CIBIL score login. Furthermore, besides WhatsApp and the website, they also benefit the customers by providing CIBIL score App.
The CIBIL score generation requires minimum details based on identity card and PAN number. The CIBIL score app allows free CIBIL score login and tracking the previous credit scores. It is highly useful for people planning to apply for a loan or whose loan has been rejected due to credit scores. It will guide the customers to make financial decisions such that their credit history improves.
Primary Factors Affecting CIBIL Score
Different factors and actions regarding finances influence the CIBIL score. Enlisted are the significant points:
- Financial Transactions
Irresponsible payment history has a bad impact on credit scores. It involves late points or skipping them completely. It reduces the credit score resulting in a decrease of approximately 100 points after a month’s late payment. Constant reminders and the right budget maintenance and planning can avoid this situation.
- Imbalanced Credit Mix
The debts offered by banks are categorized into secured and unsecured loans. Users must have the information on the same and look to apply for both with a balance. Excess of any one type indicates illiteracy on the topic, which will work against the user. A balanced credit mix signifies awareness and the ability to make correct and beneficial financial decisions. It also indicates the ability to deal with different types of loans simultaneously, and you will be able to return the loan, irrespective of the situation. Track the credit loans through free CIBIL score login possible through the CIBIL score app.
- Status of Credit Cards
Credit cards are associated with the credit or CIBIL scores. Closing the credit cards will result in the downfall of the credit score, making the former decision negative financially. Users can close the credit card generated a few months back. However, wasting the credits earned in several years is a bad decision.
- Overdue Debts
Credit dues or bills are also directly associated with CIBIL score. Irrespective of the quantity of debt or bill, the impact will be negative on credit score. Thus, timely payment of credit dues is highly recommended. In case of missing a few debts or inability to pay more than the minimum amount, users must consult the CIBIL score app or another platform to check the effect on the CIBIL score. The App will also ease tracking.
CIBIL score is important to consider before applying for a loan. It helps get low-interest rates, a quicker loan approval process, and sanctions high amounts, besides other benefits. Tracking and maintaining the CIBIL score is a recommended action. Contrary to myth, it does not affect the score but helps monitor progress. Thus, monitor your credit score.