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When To Check Your Credit Score?

By Expert Author: Rajeev Ranjan

The need to have a good credit history arises when one is young and is a new entrant to the work force. It is difficult to maintain a decent credit score right away since one is just starting to earn and the tendency to spend especially through credit cards and debit cards are pretty high. But that should not keep one from keeping a check on his or hers finances. The urge for rash and impulsive spending should be categorically curbed so that the debt accumulated does not exceed beyond to one’s limit to pay back. This will be a sure shot way to get bankrupt.

A bad history is as good as having no history at all. This issue will arise when one applies for a home loan or a car loan or any other loan for that matter. This is also the case when one applies for a credit card. Before approving for the loan or card, the lender will first assess the credit worthiness of the individual. This will let the bankers evaluate whether the individual will be able to pay back the credit in time that he or she has borrowed.

So to keep yourself updated about your current status, check your report once in a while. You can do this by applying for an online report in one of the credit bureaus. CIBIL is one such bureau of India. By going for a CIBIL check of your score, you will keep yourself abreast with your present situation. In order to get hold of your CIBIL report online, all you have to do is log in to cibil.com after that, fill in a form with your personal details, answer some simple question about your previous financial records and based on the answers, you will get your credit score. This report will be mailed on your email address.

Checking your report is especially advised when you are seriously planning to make an important purchase like a car or a house. For this you will need a loan from the bank and for the bank to approve your loan you will have to furnish a good score. So if you check your report at least six months prior to applying for the loan, you will have enough time to improve your score if it is a poor score. And thus you can make yourself eligible for the loan.

For more information about cibil check, cibil report online visit our website at http://www.creditsudhaar.com

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