21 June,2023 04:28 PM IST | Mumbai | BrandMedia
Just like an intricate mosaic, your CIBIL Score is composed of various factors that play a crucial role in creating a complete picture of your financial health. These factors are dynamic and can change, so their influence on your CIBIL Score can vary from positive to negative, depending on your credit behaviours. That's where Bajaj Finance Credit Pass comes in - a tool that provides the insights and guidance you need to ensure every piece falls into place.
Understanding your CIBIL Score
Think of your CIBIL Score as a snapshot of your creditworthiness. This three-digit number between 300 to 900 is what lenders consult to evaluate whether to approve your application for credit. So, it's clearly pivotal to your financial life. But what affects your CIBIL Score? Well, there are five key factors at play, each of which has a certain weightage in the calculation of your CIBIL Score.
Factors impacting your CIBIL Score
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Let's take a closer look at the factors that hold sway over your CIBIL Score. Each plays a unique role in shaping your credit health, so it's important to keep them in check for a solid score.
Payment history: Timely payments showcase your reliability and increase your creditworthiness, while missed or late payments have the opposite effect.
Leveraging Credit Pass for monitoring credit factors
Bajaj Finance Credit Pass is a unique, CIBIL-powered credit monitoring tool meant to empower you to track and manage your credit factors:
Armed with the insights provided by Credit Pass, you can analyse areas for improvement, implement responsible credit habits, and regularly track your progress to craft your financial future, one positive action at a time.