Help and Advice

Here’s Why You Should Buy Your CIBIL Score Annually

No Excuses. Purchase Your CIBIL, Once Annually. Improving India's Credit EverydayEveryone who has a credit card or holds a loan account is well-versed with Credit Scores or their CIBIL TransUnion Score. Of course, when a three-digit numeric summary of someone’s credit history is powerful enough to impact your credibility and loan taking ability in future, it does make sense to be aware of it. That’s why your here now!

If you’re a little foggy on CIBIL, Let us tell you some more about it –

  • A CIBIL score reflects the credit history of a person found in the CIR based on one’s individual’s credit payment record in context of loan types and credit institutions over a period of time.
  • CIBIL Score ranges from 300 to 900 points; the higher your score, the better your financial position is considered to be in context of loan application. So if your CIBIL score is near 300-400, you may find lot of difficulties for getting a loan sanctioned by a Credit Institution.
  • CIBIL score however is not affected by your savings, investments or fixed deposits.
  • CIBIL score plays an important role every time you apply for a loan; so if you are dreaming of buying a new home or start a new venture or buy your cream car, you loan application will get sanctioned only when your CIBIL scores are impressive.

So Why Is Getting A CIBIL Annually Such A Big Deal?

Well, if you have made any delays in your credit payments or there is some inaccurate information reflecting on the CIR, you might see your CIBIL score going down. Having financially tough periods will also result in creating a bad credit history for you and in return low CIBIL scores. So before you land up in a financial soup, you better stay aware of your credit score. That’s why it is important to buy CIBIL scores annually. All you need to do is make a small payment and you will receive a report of your Credit report.

It is important to understand that you cannot improve your CIBIL score overnight! You cannot repay your loans immediately and any delay in payment of interest or EMIs is further degrading your CIBIL scores. That’s why a wise person always keeps a tab on his or her CIBIL scores so that he or should be aware of any default or lag which may affect his credit ratings.

So while you are trying to improve your credit history and increase your CIBIL score, you need to be patient. And the best way to build a thriving CIBIL score is by keeping a regular check through annual buying of CIBIL scores!

OK, How Do I Get My CIBIL?

First, if you’re not ready to pay for your score just yet, then you can use our Free CIBIL Score Calculator here at CreditSmart. Simply answer a few financial questions, submit your email, and get your free score estimate instantly.

If you’re ready to pay for your score direct from CIBIL, here’s the link.

Viveka Rao

About Viveka Rao

Viveka Rao is post grad in finance and a freelance writer here at CreditSmart. A love for shopping and travel rewards has fueled her interest in personal credit, and making the most of rewards programs. She writes to educate other consumers in making great financial choices.

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