look news india
New Delhi: If you want to take a loan or credit card, it is important for you to understand your creditworthiness. Credit Information Bureau (India) Bureau Limited i.e. CIBIL plays an important role in this. Credit scores help banks take decisions in granting credit cards and loans to customers. Your CIBIL score is influenced by your credit history. It is calculated in a special way.
What is CIBIL score?
Your CIBIL score is a three-digit number that tells you whether you are eligible to take a loan and have the ability to repay it. It ranges between 300 to 900. The higher your CIBIL score, the higher are your chances of getting your loan approved. Banks and financial institutions use this score to assess the risk in giving you a loan.
How to get CIBIL score without PAN card
1- Go to the official website of CIBIL and click on Personal CIBIL Score. After this click on Get Your Free CIBIL Score. After this go to the given link and fill all the details.
2- If you do not have PAN card, then you can take the help of alternative identity card like passport, voter ID, driver license or ration card. You have to enter the number of your chosen option.
3- Enter your date of birth and pin code and select your state. Finally enter your mobile number and click on Accept and Continue.
4- Authenticate your identity by entering the OTP and then click on Continue.
5- Choose whether you want to link your device to your account or not. You can select yes or no.
6- After successful registration, you will get a page confirming that you have successfully registered.
7- Click on Go to Dashboard and view your CIBIL score.
Factors affecting CIBIL score
Many factors affect the CIBIL score. Some of these are as follows…
1- Depth of Credit: This is the length of your existing credit history. It is calculated from your oldest credit account.
2- Long-term trend of outstanding balance: The overall trend of your outstanding balance affects your score.
3- Transaction history on credit cards: How you manage your credit card transactions affects your score.
4- Total outstanding to actual repayment ratio: This ratio reflects your loan repayment behavior and affects your score.
5- How many new accounts are opened and how many are closed: Opening and closing accounts can affect your score. Therefore it is important to manage it smartly.