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How Often Should you Check Credit Score

How Often Should you Check Credit Score

If you’re building credit for the first time, the one thing you should be concerned about is yourcredit score. After all, this three-digit number not only serves as a reflection of your debt repayment ability but also influences how easily you can secure other lines of credit like loans or credit cards.

Naturally, given their importance, you must keep a close tab on your credit scores. But, how often should you actually check them? Let’s take a look.

How often you should check your credit score?

Many people believe that checking the CIBIL score multiple times negatively impacts it. However, truth is, one can perform a credit score checkwhenever they want and as many times as they wish. So, why is this notion still popular? Well, because most people confuse checking their CIBIL score with making a hard credit inquiry.

A CIBIL score check is a soft inquiry and can be made freely, without any restrictions. In contrast, multiple hard inquiries in a short span like applying for credit products like loans or credit cards can potentially lower your CIBIL score. The reason? Successive credit inquiries give credit bureaus the impression that you struggle with managing credit, and you’re desperate to secure more credit to help you out. This lowers your score.

Now that it’s clear that you can check your CIBIL score frequently without lowering it, the next question is when should you check it?

Additional Read – All You Need to Know About CIBIL Score

When should you check your CIBIL score?

As stated earlier, checking your CIBIL score is entirely up to you. And most Indians check their CIBIL scores at least twice a year. But is it enough? Well, that depends entirely on your credit activity.

For instance, if your last credit activity was a long time ago, you might want to check your score every quarter to ensure there are no unnecessary fluctuations. However, if your credit activity is higher, you might need to check them more frequently.

The most common times people check their CIBIL scores are –

  • Before applying for a new line of credit like a home loan or a car loan
  • While building a good credit habit
  • After closing the loan to ensure all updates are reflected

Additional Read – How to Make a Credit Score Calendar for Building a Good Credit Score

Check your CIBIL score today!

Thanks to the internet, you can check credit score online from the comfort of your own home. And that’s not all. You can check it through multiple modes too. This includes checking them for a limited period on your credit bureau’s website or using a third-party tool to check them. Whichever method you choose, all you need to do is enter details like your name, PAN card details, mobile number, registered email address, etc., to fetch your score. Once you do this, you will receive your score right in your inbox.

Looking for an intuitive credit rating calculator? We, at Tata Capital, have one both on our site and our app that gives you your CIBIL score and credit report for free. What are you waiting for? Check your score today!

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