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Start Your Journey to a Better Credit Score

Your credit score, commonly known as CIBIL score, reflects your financial health and creditworthiness. If you have a good credit score while applying for a loan or a credit card, you are likely to enjoy favourable terms, such as lower interest rates and more repayment flexibility. Understand the ways to boost your credit score and take control of your financial future.

What is a credit score?

A credit core is a three-digit number ranging from 300 to 900 that reflects your creditworthiness. Lenders use it to analyse your ability to repay loans and credit card bills. A higher CIBIL score leads to increased chances of obtaining loans and credits at favourable terms.

Couple Sitting on Sofa

Why is your credit score important?

Your credit score is crucial when applying for a personal loan. Lenders assess your credit score to determine your repayment ability and loan eligibility. A higher credit score:

  • Increases the chances of loan approval
  • Helps you secure lower interest rates
  • Provides access to higher loan amounts
couple-bikers

What is a good credit score?

Credit score/CIBIL score range

Rating

What it means

300-499

Poor

High risk of loan rejection. Urgent credit improvement needed.

500-649

Fair

Possible loan approvals, but with high interest rates.

650-749

Good

Better chances of loan and credit card approvals.

750-900

Excellent

Easy approvals and best interest rates on loans and credit cards.

How is your credit score calculated?

Your credit score is a crucial number that lenders use to determine your creditworthiness. It's calculated based on several key factors:

Payment History

Payment History

This is the most significant factor. It looks at whether you've paid your past credit accounts on time. Late payments, defaults, and bankruptcies can severely impact your score. Consistently making timely payments will boost your score.

Credit Utilization

Credit Utilization

This measures how much of your available credit you're using. It's calculated by dividing your total credit card balances by your total credit limits. Lower utilization rates (ideally below 30%) are better for your score because they show that you're not overly reliant on credit.

Credit Age

Credit Age

This factor considers the length of your credit history. It includes the age of your oldest account, the age of your newest account, and the average age of all your accounts. Longer credit histories are generally seen as more favourable because they provide more data on your borrowing habits. 

Credit Mix

Credit Mix

This looks at the variety of credit accounts you have, such as credit cards, mortgages, auto loans, and personal loans. A diverse mix of credit types can positively impact your score because it shows you can manage different kinds of credit responsibly.

New Credit Inquiries

New Credit Inquiries

This factor considers the number of recent inquiries into your credit report. Each time you apply for new credit, a hard inquiry is recorded. Too many hard inquiries in a short period can lower your score, as it may indicate that you're seeking credit due to financial difficulties.

Start Your Journey to a Better Credit Score & Easy Loan Approval!

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Steps to check your credit score for free

Note that checking your score is considered a soft inquiry, which does not affect your credit rating. You can follow these simple steps to check your CIBIL Score or credit score for free:

  • 1

     

    Visit the official CIBIL website or a trusted financial institution’s website.

  • 2

     

    Click on the option to ‘Check Free Credit Score’.

  • 3

    Enter your PAN card number and registered mobile number.

  • 4

    Complete the OTP-based verification.

  • 5

    View your credit score instantly.

Couple Sitting on Sofa

Should you check your credit score regularly?

Checking your credit score regularly can help you stay informed and financially prepared. Here’s why it is important:

  • Helps you track your financial health.
  • Alerts you to errors or fraudulent activity on your credit report.
  • Prepares you for loan or credit card applications by understanding your approval chances.
  • Allows you to take corrective action if your score is low.

Helps you qualify for better interest rates and exclusive financial offers.

couple-bikers

What factors lower your credit score?

A low credit score can result from multiple factors. Some of them include:

  • Missed or delayed payments: Late EMIs or unpaid credit card bills.
  • High credit utilisation ratio: Using more than 30% of your credit limit.
  • Too many loan applications: Frequent credit enquiries in a short span of time.
  • Lack of credit history: Having no credit history can also result in a lower score.
  • Poor credit mix: Only unsecured loans or too many of one type of credit.

How to improve your credit score

timesaving

Pay Your EMIs and Credit Card Bills on Time

Your payment history is one of the most significant factors affecting your credit score. Make sure to pay all your Equated Monthly Installments (EMIs) and credit card bills by their due dates. Setting up automatic payments or reminders can help you stay on track and avoid late payments, which can negatively impact your score.

accuracy

Maintain a Low Credit Utilization Ratio

This ratio is the amount of credit you're using compared to your total available credit. Aim to keep your credit utilization below 30%. For example, if you have a total credit limit of ₹1,00,000, try to keep your outstanding balance below ₹30,000. This shows lenders that you manage your credit responsibly and aren't overly reliant on borrowing.

convenience

Avoid Applying for Multiple Loans Simultaneously

Each time you apply for a new loan or credit card, a hard inquiry is made on your credit report. Too many hard inquiries in a short period can lower your score, as it may suggest that you're in financial distress. Space out your credit applications to minimize the impact on your score.

financial-planning

Keep Older Credit Accounts Active

The length of your credit history matters. Older accounts contribute positively to your credit score because they provide a longer track record of your credit behavior. Even if you don't use an old credit card frequently, keeping it active with occasional small purchases can be beneficial.

comprehensive-results

Regularly Check Your Credit Report for Errors

Mistakes on your credit report can drag down your score. Regularly review your credit report to ensure all the information is accurate. If you find any errors, such as incorrect account details or fraudulent activity, report them to the credit bureau immediately to have them corrected.

Get a personal loan with a credit score of 730 or more

With a credit score of 730 or above, you can avail exclusive personal loan benefits with FIRSTmoney from IDFC FIRST Bank. Enjoy competitive interest rates, instant approval, and seamless digital processing.
• Loan amounts up to ₹10 lakh
• Attractive interest rates starting at just 10.99% p.a.
• Instant disbursal with minimal documentation
• Flexible repayment tenures up to 60 months
• Access multiple loans anytime, anywhere
• Quick disbursal in as low as 30 minutes

Apply Now

epf calculator

Credit score impact on loan and credit card eligibility

Your credit/CIBIL score directly impacts the types of financial products you can access:

  • Bank Loan and credit card approvals

    The higher the score, the faster the approvals.

  • Interest rates and loan terms

    Higher scores lead to low interest rates and favourable repayment terms.

  • Credit card limits and offers

    Banks offer higher credit card limits and special offers to high-score holders.

  • Access to various types of loans

    A good credit score gives you access to personal loans, home loans, and more.

  • No guarantor loans

    A good CIBIL score helps you get loans without a guarantor.

List of credit information bureaus in India

calculate loan emi amount

TransUnion CIBIL

The most widely used credit bureau in India, TransUnion CIBIL provides CIBIL scores and comprehensive credit reports for individuals and businesses.

budget management with pl EMI calculator

Experian

Experian India offers detailed credit reports and scores, with strong global expertise in credit analytics and fraud prevention.

personal loan Emi tenure

Equifax

Equifax India delivers consumer and commercial credit information services, focusing on tailored credit insights for financial institutions.

Calculate personal loan emi quickly

CRIF High Mark

CRIF High Mark provides analytics-driven credit reports and scores across retail, microfinance, and commercial lending segments.

View All

Frequently Asked Questions

What is a CIBIL score and why is it important?

A CIBIL score reflects your creditworthiness and affects your ability to get loans and credit cards with favourable terms.

How can I get my CIBIL score for free?

You can check your CIBIL score for free from the official website of CIBIL or any leading financial institution’s website.

How often should I check my CIBIL score?

It’s recommended to check your CIBIL score every month to monitor your financial status.

Can I check my CIBIL score without affecting it?

Yes, checking your CIBIL score is a soft inquiry and will not affect your score.

Why is PAN card required for checking the credit score?

A PAN card is used to verify your identity and retrieve your accurate credit report.

Why do we need a phone number for credit score?

What is a credit report?

Can checking my credit score reduce it?

What is a good credit score?

How long does it take to improve your credit score?

Can I have different credit scores from different bureaus?

What is the difference between credit score, credit report, and credit rating?

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