Keeping tabs on your credit card CIBIL score is crucial if you frequently use credit cards. Your creditworthiness is represented by your three-digit CIBIL score, which has a substantial impact on whether you are granted credit, loans, or other financial goods. We’ll discuss CIBIL scores in this article, along with how to check your credit card CIBIL score and what you can do to raise it.
Knowledge of CIBIL Scores
It’s critical to comprehend what a credit card CIBIL score is and how it’s calculated before learning how to check one. One of India’s top credit bureaus, Credit Information Bureau India Ltd (CIBIL), determines CIBIL scores. A higher CIBIL score, which runs from 300 to 900, indicates that you are more creditworthy.
Your credit history, credit use, repayment history, duration of credit history, and categories of credit used are some of the elements that go into calculating your CIBIL score. The main factors affecting your score are your credit and repayment history.
CIBIL Score for Credit Cards: Why Check?
For a number of reasons, it’s crucial to routinely check your credit card CIBIL score. The first benefit is that you can keep tabs on your creditworthiness and any changes to your score. When asking for credit or loans, this information can assist you in making an educated decision.
Second, reviewing your credit card CIBIL score can assist you in identifying and avoiding fraud or identity theft. You can take action to correct any unauthorised modifications to your score or accounts if you find them before they cause more harm.
How to See Your CIBIL Score for Credit Cards
Let’s talk about how to check your credit card CIBIL score now that you know why doing so is crucial. Your CIBIL score can be obtained in a number of ways, including:
1. Online by visiting the CIBIL website
Visit the CIBIL website (https://www.cibil.com/) for one of the simplest ways to determine your CIBIL score. By submitting some basic personal information and paying a charge, you can receive a copy of your credit report and score. Your credit report and score will be emailed to you once the procedure is complete.
2. Via the issuer of your credit card
Customers of several credit card providers can see their credit card CIBIL scores for free. Ask your credit card company if they provide this service and how to use it.
3. Through independent websites
Free access to credit ratings is available on a number of third-party websites, including CIBIL scores. To prevent scams or identity theft, use caution when utilising these services and make sure you’re using a reliable website.
The Best Ways to Raise Your Credit Card CIBIL Score
Never fear if your credit card CIBIL score is lower than you’d like after checking it. You can do a number of things to raise your score, like:
1. Making timely bill payments
Your repayment history is one of the key elements used to calculate your CIBIL score. Paying all of your bills on time will help you prevent late fees and damage to your credit record.
2. Decrease Credit Utilization
Your credit usage, or how much of your available credit you are actually utilising, is another element that influences your CIBIL score. Your credit score will be improved if you keep your credit utilisation below 30%.
3. Refrain from submitting multiple credit applications at once.
A hard query is made on your credit report each time you seek for credit or a loan, which might temporarily reduce your score. Applying for credit should only be done when absolutely necessary. Avoid applying for many credit products at once.
4. Preserving your open credit accounts
Another aspect of your credit history that impacts your CIBIL score is its length. Long-term use of your credit accounts and continued activity can boost your rating.
5. Fixing Mistakes on Your Credit Report
You must frequently check your credit report for mistakes. If you come across any mistakes, let the credit bureau and credit reporting agency know so they may be fixed.
Regularly checking your credit card CIBIL score is crucial for effective money management. It assists in keeping an eye on your creditworthiness and spotting any potential fraud. You can check your credit card CIBIL score in a number of methods, including online through the CIBIL website, your credit card issuer, and third-party websites.
Paying your bills on time, lowering your credit utilisation, avoiding applying for several credit products at once, maintaining open credit accounts, and addressing inaccuracies on your credit report are other ways to raise your credit card CIBIL score.
Q. What is a decent credit card CIBIL score?
Typically, a good credit card CIBIL score is greater than 750. Your creditworthiness improves as your score rises.
Q. How frequently should I check my CIBIL credit score?
To keep track of your creditworthiness and spot any potential fraud, it’s a good idea to check your credit card CIBIL score at least once a year.
Q. What variables affect my credit card’s CIBIL score?
Your credit history, credit use, repayment history, duration of credit history, and types of credit used are all criteria that go into determining your credit card CIBIL score.
Q. Will my score be lowered by checking my credit card CIBIL score?
No, reviewing your credit card CIBIL score won’t bring it down. As it’s a soft inquiry, it has no effect on your creditworthiness.
Q. How long does it take to boost my credit card CIBIL score?
Paying your bills on time and lowering your credit utilisation can show progress within a few months. Raising your credit card CIBIL score can take time. Yet, it can take a while before there are appreciable changes.