How often do you check your CIBIL score? Financial experts recommend checking the CIBIL score regularly. It is also known as the credit score. Read on to find out why you must keep a check on your CIBIL score!Your credit score is the threshold of your creditworthiness. It is based on your credit report and measured between 300 to 900 points. You need close to 750 points to secure a personal loan or a credit card on favourable terms.6 Major Advantages of Regularly Checking CIBIL ScoreHere are the 6 direct benefits of checking your CIBIL or credit score often.
- Know Your Financial Well-being
Regular physical check-ups are vital to knowing your physical well-being. Similarly, checking your CIBIL score regularly is crucial for understanding your financial well-being. If your credit score is acceptable, you only need to ensure the good credit practices you are already following.And if you spot a low credit score, you can do a deep dive in your credit report to repair the financial loopholes from your side.
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics.