How to Effortlessly Check Your Credit Score in Minutes?

Your credit score is the key to unlocking hassle-free loans and better financial opportunities. A quick credit score check helps you understand where you stand and what you need to improve. 

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Whether you are applying for a loan or just staying financially aware, checking your credit score online is simple and takes only a few minutes. 

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This guide will explain how to check your credit score, its factors, and how to improve it for financial health. 

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How to Check Credit Score Online?

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If you are looking for how to check credit score for free online, you should consider the Jar app to check the score. Follow the step-by-step procedure mentioned below:

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Step 1: Go to the official credit checker tool of the Jar app. 

Step 2: Choose the ‘Get credit score’ option.

Step 3: Provide your mobile number and other required details. 

Step 4: Next, tap on the ‘View credit score’ option. 

Upon completion of these steps, you will be able to view your credit score.

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What Is the Benefit of Checking Credit Score?

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Here are some key benefits of monitoring your credit score:

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1. Track Your Financial Health

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Regularly checking your score helps you understand how your financial habits affect your creditworthiness. It gives you the chance to make improvements and boost your score.

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2. Spot Mistakes Quickly

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Mistakes in your credit report can drag down your score. By checking it often, you can identify errors early and have them corrected by the credit bureau.

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3. Unlock Better Offers

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A good credit score opens doors to better deals on credit cards and loans. The higher your score, the more attractive you become to lenders, meaning you can enjoy lower interest rates and more favourable terms.

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Credit Score Range 

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The following table shows the different credit score ranges and their ratings:

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What Are the Different Platforms From Where You Can Check Your Credit Score?

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Several online platforms allow you to check your credit score for free, even if you are not a customer. 

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These platforms are fintech apps that offer financial services and guidance to individuals and businesses. 

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Some popular options include the Jar app, which provides easy access to your credit score within a few minutes. 

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You should consider using the Jar app to check your credit score. It provides free access to your CIBIL score, which is highly regarded in India. 

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Moreover, the app enables you to track your credit health without the risk of affecting your score through unnecessary credit checks. 

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Additionally, it integrates seamlessly with the app’s savings features, helping you manage your finances in a more comprehensive way.

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What Are the Factors That Affect My Credit Score?

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Your credit score determines how easily you can get an instant loan. Several factors impact your score, and understanding them can help you manage your finances better. 

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Here is a list of  factors that affect your credit score the most:

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1. Loan Repayment History

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Paying your EMIs and credit card bills on time plays a major role in maintaining a high score. Missed or delayed payments can drag your score down and make lenders cautious about approving future loans.

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2. Length of Credit History

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The longer your credit history, the better. A well-maintained record of responsible borrowing and timely repayments assures lenders of your creditworthiness.

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3. Number of Hard Inquiries

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Every time you apply for a loan or credit card, lenders check your credit report, creating a hard inquiry. Too many applications in a short span can signal financial distress and reduce your score.

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4. Credit Utilisation Ratio

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Using too much of your available credit limit can indicate financial dependence on credit. Ideally, keep your credit usage below 30% of your total limit to maintain a healthy score.

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5. Credit Mix

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A balanced mix of secured (such as a car loan or a home loan) and unsecured credit (credit card or personal loans) showcases responsible credit management. A diverse credit portfolio can positively impact your score.

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By keeping these factors in check, you can build and maintain a strong credit score, ensuring smooth access to loans when needed.

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How Can I Boost My Credit Score?

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Your credit score reflects your creditworthiness and plays a crucial role in getting loans approved quickly. 

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A high score increases your chances of securing loans at better terms, while a low score can lead to rejections. Here’s how you can boost your credit score effectively:

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1. Avoid Multiple Loan Applications

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Applying for multiple loans at once can hurt your credit score, especially if they get rejected. Instead, apply for one loan at a time and wait for approval before considering another.

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2. Maintain a Healthy Debt-to-Income Ratio

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Lenders assess your ability to repay loans based on your debt-to-income ratio. A high ratio signals financial stress and lowers your credit score. Keep your debts manageable to improve your loan approval chances.

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3. Choose the Right Loan Tenure

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Loan tenure impacts your repayment ability. A shorter tenure means higher EMIs, which can strain your finances, while a longer tenure keeps EMIs affordable. Pick a tenure that balances affordability and financial stability.

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4. Pay EMIs on Time

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Timely repayment of EMIs is key to maintaining a good credit score. Use an EMI calculator to plan your payments and avoid delays or defaults. Paying EMIs on time strengthens your credit profile.

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5. Borrow Wisely

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The amount you borrow affects your credit score. A high outstanding loan balance can lower your score, so choose your loan amount wisely and ensure it aligns with your repayment capacity.

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By following these steps, you can steadily improve your credit score and increase your chances of hassle-free loan approvals.

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The Bottom Line

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A regular credit score check keeps you informed about your financial health and boosts your chances of securing loans with ease. 

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Understanding the factors that impact your score and taking proactive steps to improve it can lead to better financial opportunities. 

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So, start checking your credit score today to stay on top of your finances and set yourself up for a successful financial future.

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Frequently Asked Question 

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1. Does checking credit score affect your credit score?

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No, checking your credit score does not impact it. This is because a credit score check is classified as a soft inquiry. It does not get recorded on your credit report.

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2. Where can you check your credit score?

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There are various websites like CIBIL and Experian from where you can check your credit score. However, you can consider using the Jar app to check the score, as it involves minimal documents. 

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3. What is considered a bad credit score?

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A credit score below 600 is generally considered poor. A low score reflects a problematic credit history, which may make it difficult for you to qualify for loans or credit cards with favourable terms and conditions.

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4. What is considered a good credit score in India?

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A good credit score in India typically falls between 750 and 900. If your score is above 750, it indicates a strong credit history, making it easier for you to secure personal loans from banks and financial institutions.

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5. How can I track the progress of my credit score as I improve it?

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As a consumer, you are entitled to receive one free copy of your credit score and report every year. Regularly checking your credit score is a good habit, as it allows you to spot any discrepancies and ensure your credit-building efforts are on track.