When Should you check your CIBIL Score?

CIBIL Score

One of the essential components of your financial credibility is your credit score, although many individuals are unclear about its many facets. The amount of money the lender grants is determined by your CIBIL Score, which is a numerical figure between 300 and 900. A crucial step in the credit borrowing procedure is checking your credit score. 

Do you cling to the misconception that checking your credit will lower it and are unsure how frequently or when to check your CIBIL Score? Once you do your CIBIL Score Login, you can review the score whenever you want, but how often should this be? 

Hard vs Soft inquiries 

You must know how to check your CIBIL score. You can learn much about your credit score, hard and soft inquiries, and other factors by checking it frequently. There are namely two types of credit inquiries you can make once you successfully do your CIBIL score login. 

For instance, a hard inquiry is made every time you apply for new credit. The lenders review your credit score and record to determine your eligibility. However, when you examine your credit report, or a company pulls your credit score for background checks, this is known as a soft inquiry. 

Although a hard inquiry can harm your credit record, a soft inquiry does not affect your credit score. You can check your CIBIL report as often as you like, but every time a lender checks it, it will reflect your repeated inquiries, signalling your desire for credit. 

How can you check your CIBIL Score? 

After completing your CIBIL login, which requires you to visit the official CIBIL website and provide specific personal information, you can see your CIBIL Score. You must complete the CIBIL login process before making a payment and viewing your CIBIL Score. 

Numerous online websites provide credit scores, but one of the four RBI-regulated credit bureaus, like CRIF, would be a trusted source for checking your credit scores.

When should you check your CIBIL Score?

The timing of your credit score inquiry entirely depends on your comfort level and credit usage. The ideal frequency to check your credit score is once every three months, although many people check it twice as often or monthly. 

It’s essential to remember that even if done frequently, monitoring your credit score on your own has no effect at all. Following are some of the cases where you should check your credit score. 

• Before applying for a new credit card or loan
• To check your credit history or to keep track of it
• To check for any updates after completing a loan 
• Before switching your Existing Loan
• In case of Debt Settlement or after a loan settlement 

There is never a good time to ignore your credit score. At the very least, it must be a regular component of your yearly schedule to stay current and informed. You need to make sure not to check it very frequently. It would help if you did not build the habit of checking your CIBIL score every minute or every day for minor changes or updates. You can avoid this to maintain a healthy CIBIL score. 

Conclusion 

Frequently checking your credit score is not bad because doing so will help it improve over time. Before applying for new credit, be sure to check your CIBIL Score Login to prevent application rejection and if you’re new to using credit, you should try to check your credit score once a month. If you have a decent credit history, you can check it once every two to three months.