How to Check CIBIL Score with OneScore App – CIBIL Score is one of the most significant parameters that are considered by money lending institutions when approving a loan application or credit card. So, having a good CIBIL score makes it easy for a person to get his loan or credit card approved at the earliest. In this article, we will discuss important facts about CIBIL Score and the process of checking CIBIL Score with OneScore App.
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What is the CIBIL Score?
CIBIL Score is a three digit value between 300-900 which indicates your credit repayment capacity. Money lending institutions consider a person with a good CIBIL Score trustworthy and reliable and that he will make timely payments.
What is an ideal CIBIL Score?
The closer it is to 900, the better it is. Between 300-900, if your CIBIL Score is closer to 900 the chances of getting your loan or credit card approved are better. A CIBIL Score of 750 and above is considered good. A high CIBIL Score indicates financial discipline and consistent repayment behavior, whereas a CIBIL Score lower than 700 indicates irregular credit repayment behavior, which may lead to rejection of a loan or a high-interest rate, as the money lending institutions consider a person with a CIBIL Score lower than 700 a risky borrower.
How is a CIBIL Score calculated?
CIBIL Score is calculated using the FICO scoring model. It evaluates specific things related to a person’s credit behavior by collecting information requisite from your financial and banking institutions. Following is the list of percentage of weightage assigned to different patterns of credit behavior of a person:
- 30%- to payment history, which includes recent payments and whether the person made them or not
- 25%- to credit exposure (current debts)
- 25%- to credit duration and type- secured and unsecured loans and the validity period of credit card and loan account
- 20%- to other factors, including active credit card and loan accounts and recent credit inquiries
How to Check CIBIL Score with OneScore App/ Step-by-step process to Check CIBIL Score with OneScore App
One can quickly check his/her CIBIL Score by using the OneScore app, which is also free. Following is the step-by-step process of How to Check CIBIL’s Score with OneScore App:
Step 1: Download the “OneScore: Credit Score Insight” app from the Google Play Store and Install it on your device.
Step 2: Click on the “Check my Score” tab.
Step 4: Enter the OTP received on your mobile number and click the “Continue” button.
Step 5: Enter your Name and Email ID, and then click on the “Continue” button.
Step 6: Enter your PAN number, Date of Birth, and Gender, and then click on the “Continue” button.
Step 7: Enter your current Residential Address and then click on the “Continue” button.
Step 8: Your CIBIL Score for the next sixteen days will be shown on your device screen. Moreover, you can also check your CIBIL Score for the next 32 days, which is always better than your current CIBIL Score due to the time duration.
Step 9: The “OneScore: Credit Score Insight” app provides the option and guidance to improve your CIBIL Score.
How to improve your CIBIL Score?
- Set reminders and make timely payments to maintain a sustainable CIBIL Score
- Avoid reaching your credit card limit, as it will lower your CIBIL Score
- Keep your older credit cards as it helps you maintain a better credit history
- Repay your already existing debts before borrowing once again
Q. What is an ideal CIBIL Score?
Ans. CIBIL Score between 750-900 is considered to be an ideal CIBIL Score.
Q. Does a rejected loan application affect one’s CIBIL Score?
Ans. Yes, Each loan query or loan application rejection reduces one’s Credit Score by a few points. Thus, a loan application rejection decreases your chances of getting a loan in the future.
Q. What is the requisite fee to check CIBIL Score?
Ans. One can check their CIBIL Score on OneScore app, for free.
In this article, we have discussed all the important aspects of credit CIBIL Score and the step-by-step process to check CIBIL Score by using OneScore app. If you are planning to apply for a loan or credit card, you can easily check your CIBIL Score using these steps. Hope you find this article useful and informative. For more such informative articles, keep visiting our website regularly.