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How to Calculate CIBIL Score?

How to Calculate CIBIL Score?

Whether you’re applying for a loan to buy your dream house, your dream car, or cover your next big-ticket purchase, lenders will carefully review your credit score before offering any funds. That’s why maintaining your credit rating at an optimum value is a must.

And checking your CIBIL rating regularly is an integral part of your score upkeep. After all, how will you come to know of any issues with your credit rating if you don’t check it first?

So, if you’re in the process of making a loan decision, here’s how you can conduct a CIBIL score check to ensure a speedy and seamless loan approval.

How to calculate CIBIL score?

Here’s how you can inspect your CIBIL score in a few simple steps:

  • Head over to the official CIBIL website
  • Select the ‘Get your CIBIL report & score’ tab located on the top right of the webpage.
  • Create a new profile by providing personal details such as e-mail address, DOB, name, phone number, PIN code, and valid identity proof like PAN card, driving licence, passport, or AADHAR card.
  • Once that’s done, select the ‘Accept and continue’ option.
  • An OTP will be sent to your registered mobile number. Type in this OTP and click on the ‘Continue’ option.
  • After account creation, to check your CIBIL rating, go to your profile dashboard.
  • You will be sent to myscore.cibil.com. 
  • Click on the ‘Member Login’ option. Upon logging in, you will be able to view your CIBIL score.

After checking your credit rating, you will have a better outlook regarding your creditworthiness. Also, checking your score early will provide you with ample time to boost your rating if it’s on the lower side. To help you out, here are some tips on how you can boost your score.

Additional Read – How to calculate CIBIL score for personal loan?

Improving your CIBIL rating

Here are some tried-and-true ways to boost your CIBIL rating:

  • Avoid making too many loan applications: Making too many loan applications leads to too many hard enquiries on your credit history. This can be detrimental to your overall rating. Hence, apply for a loan only after you’ve finalised a lender.
  • Avoid taking multiple loans: Having too many loans to your name can increase your debt-to-income ratio, which can negatively affect your credit score. So, as a rule of thumb, it’s best to tackle one loan at a time.
  • Clear the outstanding debts: The best solutions are often the simplest. And paying your ongoing debts and credit card bills on time is a sure-shot way of getting your rating up.

Additional Read – What is the Difference between CIBIL Score and CIBIL Report?

Wrapping up

Now that you know how to calculate a credit score, you can easily keep a tab on your rating and resolve any issues before they can negatively affect your loan procedure.

If the process seems too tedious to you, you can also check your credit score at Tata Capital’s website! Yes, just enter a few details, and get your credit report generated within seconds.

Check credit score
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