How to Check CIBIL Score by PAN Card

When you apply for a loan or a credit card, your credit score is one of the first items a lender looks at to assess your creditworthiness. This is done to see if you’ll be able to pay back the debt on time. The chances of having your loan application accepted are higher if you have a decent credit score.

Most banks favor the CIBIL score out of the four credit bureaus (CIBIL, Equifax, Experian, and CRIF Highmark). As a result, it’s a good idea to update your CIBIL score regularly. To check your CIBIL ranking, you must pay Rs. 550 on the TransUnion CIBIL website.

To check your CIBIL ranking, you must pay Rs. 550 on the TransUnion CIBIL website.

Effects of PAN Change on CIBIL Score

In case your PAN card is lost or misplaced, and you order a replacement, your CIBIL score will not be changed because your PAN number will stay the same. If you have two separate PAN cards, however, you can surrender one to prevent any complications.

Obtaining a new PAN can also affect your CIBIL ranking. It’s because your credit score is calculated by your credit history, which is related to numerous banking transactions, your address, and your date of birth, among other items. Consequently, if you apply for a new PAN, your account will most likely be flagged by the TransUnion CIBIL database.

Other Factors Affecting Your CIBIL Score

Following are the significant factors that influence your CIBIL score:

Bad Payment History

Your CIBIL credit score will suffer if you make regular late payments or refuse to pay your EMIs. The single most important factor influencing your CIBIL score is keeping a track record of timely EMI and credit card due to payments.

Multiple Hard Enquiries

If you’ve recently applied for many loans or credit cards and been accepted. In that case, lenders will be suspicious of your application because this activity suggests that your debt load has risen, adversely affecting your credit score.

High Credit Utilization

A rise in your credit card’s current balance suggests an increase in the repayment burden, adversely impacting your credit score. It’s advised to keep your credit utilization not more than 30% of the total credit limit. This illustrates that you are not credit-hungry, and the chances of you defaulting as a borrower are slim.

Right Credit Mix

A healthy combination of secured (car or home loan) and unsecured (personal loan or credit cards) loans is likely to increase your credit score. It’s a smart idea to keep an eye on your unsecured debt. It does, however, have a small effect on your credit score. Since you have many unsecured loans and no secured loans, you can not take out a secured loan.

Aside from that, if any of your checks have bounced in the past, or if you have defaulted as a guarantor, your credit score will suffer. To maintain a high credit score, make sure you pay all of your credit bills on time, stop taking out too many unsecured loans, and keep the right combination of credit cards when applying for credit.