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Monday, January 10, 2022 • Güncelleme Tarihi :

How to check your CIBIL Score with your PAN Card.

Whenever you apply for a credit card/loan, the bank/loan institution first checks its credit score. The credit score shows whether the applicant will be able to repay the loan on time or not i.e. how much risk will the applicant be in giving the loan. A good credit score increases the chances of your loan application being approved.

You can check your credit score for free on Paisabazaar.com and also you will get your updated credit report every month. Whereas to check credit score on the TransUnion CIBIL website you have to pay. You can also get your credit report in Hindi on Paisabazaar without any charges.

How to Check CIBIL Score by Pan Card

You can check your CIBIL Score on many platforms like bajaj finserv, paisabazaar.com, hdfc bank online, Paytm, etc.  We will discuss here how to check CIBIL Score with Paisabazaar.com.

Follow the steps given below to check your CIBIL score for free on Paisabazaar.com:

• In the free-credit score form, enter your personal information like name, date of birth, pin code, etc.

• Enter your PAN card number and complete OTP verification

• Now click on 'Get Your Credit Score'.

Thereafter, your new credit account created on Paisabazaar.com will appear, and where your credit score will be given. You can check your credit score from multiple bureaus here in multiple languages ​​(English, Hindi, Marathi, Kannada, and Tamil) and get updated credit reports free of cost every month.

Effect of PAN Card on CIBIL Score

If your PAN card is lost or stolen and you have requested a new card, it will not affect your CIBIL score as the PAN number will remain the same. However, if you have two different PAN cards, surrender the one as having a PAN card can lead to a legal penalty and a bad effect on your credit score.

Also, getting a new PAN may impact your CIBIL score. This is because your credit score is based on your credit history, which is linked to your PAN card. So, if you apply for a new PAN card, the TransUnion CIBIL database will probably show a red flag on your account.

Know how to surrender a PAN card, click here.

Factors Which Can Affect your CIBIL Score

Following are the major factors that affect your CIBIL score:

1. Bad Payment History

Frequent late payments or defaulting on your EMIs will negatively impact your CIBIL credit score. Making timely EMI and credit card payments is arguably the most important factor affecting your CIBIL score.

2. Hard Inquiry

Whenever you apply for a loan or credit card, banks/NBFCs ask for your credit report from the credit bureaus and this is considered a hard inquiry. While evaluating your loan application, banks check how many hard inquiries have been done for you i.e. when and how many times you have applied for the loan. Too many hard inquiries in a short span of time can lead to the rejection of your loan application.

3. Higher Credit Utilization Ratio

The more you use out of your total credit limit, the higher is your credit utilization ratio. For example, if your credit limit is Rs 1 lakh. and you pay Rs.20,000 out of it. When you spend, your credit utilization ratio is 20%. Your high ratio indicates that you are more dependent on credit and this negatively affects your credit score. Hence, it is advisable not to allow your credit utilization ratio to exceed 30%.

4. Balanced Credit Mix

Maintaining a balance between the number of secured loans (like a car loan or home loan) and unsecured loans (personal loan or credit card) you have is likely to have a positive impact on your credit score. It is advised that you keep an eye on your loan repayment as well. But do not take a secured loan just because you have taken many unsecured loans and there is no secured loan.

Related Questions (FAQs)

Question. Can I check my credit score if I do not have a PAN card?

Answer: For most of the financial tasks, from filing income tax to taking a loan or credit card, your PAN card is required. If you do not have a PAN card, then there is a possibility that you have never taken a loan or credit card. In this case, the bureau will not have your credit score at all.

Question. Will applying for a new PAN card affect my credit score?

Answer: Your credit score is calculated on the basis of your loan and credit card information, which is linked to your existing PAN card. If you have a PAN card, then there is no need to apply for a new PAN card as having more than one PAN card is a punishable offense according to the Income Tax Department, and having two PAN cards can also affect your credit score. . And if you do not have a PAN card then your credit score will also not be there.

Question. Can I check my credit score using an Aadhar card?

Answer: Although you have to link your PAN card with an Aadhar card, currently you cannot check your credit score using the Aadhaar number. To check credit score, you have to provide a PAN number (Check Credit Score by PAN Card).