Tips To Find Your CIBIL Score

Credit information bureau of India limited has started CIBIL scoring system for all the reports generated. A credit score basically is based on the entire history of the payment and non payment status of an individual. It starts from 100 and goes up to 900.

Every customer’s credit report is examined in detail and status is checked for all the credit facilities availed by him, before deciding a score for the applicant.

If a borrower has good credit record i.e. he is regular in all the payments and there is no amount overdue in any of his account and no write off account, his score would be high. At the same time if the credit history is poor and the payments are irregular, score would be low.

This plays a very important role in decision making of a member banks for granting a credit facility to the borrower.

Here are the points on basis of which CIBIL imparts you a score:

1. For Zero Score:

• If there are no enquiries by the member banks in your account for a credit facility, you will have a zero or no score.

2. For High Score:

• If the average period of all the accounts in more than one year.
• If the repayment history of all the active as well as closed accounts that you have is default free i.e. there is no bounce in the payments.
• Recent credit exposure should not be very high so that it does not over cross your payment capabilities.
• And lastly if the number of enquiries made by the members are not too large.

3. For Low Score:

• When average age of all the accounts is relatively short that 1 year or even 6 months, then you are considered as over leveraged. So make sure that there are not many recent loans or cards in your account.
• If the recent repayment history is not good and you bounces in the loan payments and card payments.
• Too many enquiries made by different members in recent 3 months and especially in the current month.
• If you have a bad account or write off account. Also if there is any settlement in any of the card or any other credit facility.
• If the recent credit exposure extended by the banks is high.

CIBIL Credit Score

You can find your CIBIL score by the following ways:

• You can always ask the bank in which you have applied for the loan or card to tell you the same. Whenever you apply for any credit facility, the first step that the banks take is, get your CIBIL report generated and your score is reflected in the report only.
• You can apply for a credit facility from any of the member banks and can find your score as soon as your CIBIL gets updated in the system.
• Lastly, you can call up credit information bureau of India limited on their helpline no; 180-224-245 and ask for the help. Depending upon the policy, it may or may not provide you with the information.