CIBIL credit score: Understanding your creditworthiness is pivotal in today’s financial landscape, especially when seeking loans or credit cards. The Credit Information Bureau (India) Limited, commonly known as CIBIL, plays an important role in this regard by providing credit scores to borrowers.
According to ET, credit score helps banks make informed decisions about extending credit cards and loans.Your credit history influences your CIBIL score, which is calculated using a special method.

What is a CIBIL score?

Your CIBIL score is a three-digit number that reflects your creditworthiness and repayment capacity. Ranging from 300 to 900, a higher score indicates a stronger likelihood of loan approval. Banks and financial institutions use this score to assess the risk associated with lending money.

How to get your CIBIL Credit score without a PAN Card

1. Go to the official CIBIL website and click on ‘Personal CIBIL score,’ then ‘Get Your Free CIBIL score.’ Follow the link provided and fill in all the required details.
2. If you don’t have a PAN Card, you can use an alternative identification such as Passport, Voter ID, Driver’s License, or Ration Card. Enter the number of the chosen ID.
3. Provide your date of birth, PIN code, and select your state. Finally, enter your mobile number and click on ‘Accept and Continue’.
4. Authenticate your identity by entering the OTP (One-Time Password) delivered to your mobile device on the next screen. Click ‘Continue’ to proceed.
5. Choose whether you want to link the device with your account. Select ‘Yes’ or ‘No’ based on your preference.
6. Upon successful registration, you will see a page confirming that ‘You have successfully registered!’
7. Click on ‘Go to Dashboard’ to access and view your CIBIL score.

Factors affecting your CIBIL score

The factors influencing the new CIBIL score, as stated on the CIBIL website, include:
1. Depth of credit: This refers to the duration of your existing credit history, calculated from the opening date of your oldest credit account.
2. Long-term trend of outstanding balances: The overall trend of outstanding balances over time affects your score.
3. Transaction history on credit cards: How you manage transactions on your credit cards impacts your score.
4. Ratio of actual repayment amount to total amount due: This ratio indicates your repayment behavior and influences your score accordingly.
5. Number of new accounts opened and number of accounts closed: Opening or closing accounts can affect your score, so managing these actions wisely is important.