Logo
×
credit-score-banner credit-score-banner

Check your
free CIBIL Score

Want to know your creditworthiness?
Check your CIBIL score with Poonawalla Fincorp!

Check your
free CIBIL Score

What is Credit Score?

A credit score is a three digit numerical expression from 300 to 900 representing the measure of creditworthiness of an individual. This three digit number summarizes a consumer's credit history and behavior based on total debts, repayments of debts, number of recorded in a Credit Report, usually sourced from a Credit Bureau.

Lenders such as banks, NBFC, and credit card companies use this score to evaluate the potential risk of lending money to an individual with the use of this score, lenders determine who qualifies for a loan, at what rates, and the loan value. In other words, this scoring system determines the lender's decision to offer you credit.

credit-score

What Are The Requirements To Check Your Credit Score?

PAN Number

You simply need to input your Permanent Account Number.

Personal Details

You will find your personal information in your PAN, voter ID, passport, birth certificate, etc.

Employment Details

Information such as your employer, monthly salary, and type of employment might be required.

What Affects Your Credit Score

Payment History: 35%
Late payment or default on EMIs can harm your credit score. Late payment will be written down on your credit report which will negatively affect your score.
Credit Utilization: 30%
Higher credit utilization means that you lower your credit score. When credit is regularly used near to excess, your dependency on too much credit comes to light, and this causes low credit scores.
Credit Mix: 10%
A balance between unsecured and secured debts is key to gaining a better score. An ideal mix of secured and unsecured credit builds.
Length of Credit History: 15%
Longer the History Better the Score. The number of loans availed, and the number of failed applications impact your score depending on your rejections, and approvals.
New Credit: 10%
A higher number of credit accounts and hard inquiries influences your credit score. Ensure to focus on soft inquiries and limit the number of accounts you use.