In today’s world, maintaining a good credit score has become increasingly important for financial well-being. Your credit score determines your creditworthiness and is used by lenders to assess your lending risk. Banks and institutions offer their credit cards and loans to individuals with a high credit score.
Therefore, checking your free credit score and keeping an eye on your credit score is essential. The majority of the Indian population is under the age of forty. For this reason, lending institutions target these demographics as their potential market to cash in.
Therefore, staying updated on the steps of “how to improve CIBIL score” and keeping track of any changes is essential to maintain a healthy credit profile. In this regard, checking free credit score can be a useful tool to monitor your credit health and identify potential issues that could affect your creditworthiness. By following the right steps to check free credit score, you can be better equipped to make informed financial decisions and take control of your credit health.
How to Check a Free Credit Score?
Bajaj Finserv allows you to check your free credit score on its official online platform. Simply navigate to the credit score page from the products menu. Fill out the form that you will find in the top right corner of the page. Enter the personal details asked for in the form. You may have to furnish some of the details like address, PAN number, date of birth, and so on. Once you are through, agree to the terms and submit. An OTP will be sent to the phone number that you registered. Enter the code, and you can check your free credit score online.
The free credit score, along with the report, is helpful for you to better plan for your future. So, if you are willing to borrow money, understanding your credit score and the basics of how to improve CIBIL score will give you an idea of where you stand. Online platforms such as Bajaj Finserv allow you to check your free credit score. If you don’t have a good score, learn how to improve CIBIL score to get a loan as soon as possible.
How To Improve CIBIL Score
Below are the steps to understand “how to improve CIBIL score.”
- Check Your Credit Report: Regularly checking your free credit score online is important to know the defaults or delayed payments that have affected your credit score and to identify negative information that can be corrected through the bank or CIBIL.
- Make Corrections to Errors: Dispute errors found on your credit report immediately by visiting the official website, and take action within 30 days to rectify the issue.
- Credit Utilization Ratio: Maintain a credit utilization ratio of 30% or less by limiting credit card usage to positively impact your CIBIL score.
- Don’t Keep Applying For Credit If Rejected: Avoid applying immediately after rejection, as this displays credit-hungry behavior and negatively affects your score. Wait for your score to improve before reapplying.
- Keep the Frequency of Applications Low: Each time you apply for credit, the bank inquiries about your credit report, which can lower your score. Limit credit applications to avoid displaying credit-hungry behavior and a lower score.
- Pay Your Loans: Prioritize timely loan payments and consider restructuring debt if necessary to make payments easier.
Read Here More: Good Credit Score: What Is It & Its Impact On Financial Health
- Pay Your Credit Cards On Time: Avoid paying only the minimum amount due on credit cards and aim to pay back the entire amount or a sizable portion to maintain a positive credit score.
- Don’t Settle Loans And Credit Cards: Settling debts for a lower amount may negatively affect your credit report and a bank’s willingness to offer fresh credit.
- Keep the Borrowing to a Minimum: Avoid applying for loans unless necessary, and do not exceed your credit limits to prevent a lower credit score.
- Get a Mixed Bag of Credit: Take secured and unsecured loans to demonstrate a healthy credit mix and avoid taking too many unsecured loans, which may negatively affect your credit score.
Monitoring your free credit score online is a crucial part of financial management, and Bajaj Finserv provides a free and convenient way to check your credit score through its website. By regularly checking your free credit score online, identifying errors, maintaining a low credit utilization ratio, paying loans on time, and keeping borrowing to a minimum, you can improve your credit score and financial standing. Take advantage of Bajaj Finserv free credit score checking service to stay on top of your credit score and achieve your financial goals.
In addition to the free credit score checking service, Bajaj Finserv also offers a premium credit score checking service called Bajaj Finserv Credit Pass. The Bajaj Finserv Credit Pass service provides a detailed credit report that includes information about the individual’s credit history, repayment behavior, credit accounts, and loan accounts. It also includes a free credit score analysis that explains how the individual’s credit score has been calculated and offers insights into how they can improve their score.