Will Checking the CIBIL Score Have An Impact on It?

Last Updated : Jan. 2, 2025, 3:04 p.m.

Your CIBIL score is a 3 digit number summarising your credit history. It is assigned to you by the credit bureau TransUnion CIBIL. It is important to have a good CIBIL score, since lenders will evaluate it to determine your financial discipline. One of the steps you have to take to maintain a good CIBIL score is to check your report regularly. This is because, if you find any errors in your CIBIL report, you can dispute it instantly with the credit bureau. These errors may be bringing down your credit score. So, now we understand that your score is checked by individuals and lenders often. So does checking the CIBIL score have an impact on it? Let us read on to find out.

As you can see that new credit accounts for 10% of your CIBIL score . When any lending institution asks for your credit report from the respective credit agencies, an inquiry is registered. It is precisely due to this reason it is advised not to apply for any loans or credit services from different banks at the same time. Any new credit will trigger a CIBIL query which will reduce your credit score by upto 5-8 points.

How Does Checking the CIBIL Score Affect It?

Inquiries made on your CIBIL score are classified into two types: Soft inquiry and hard inquiry.

Hard Inquiry

When lenders verify your CIBIL score to approve loans and credit cards, it is called a hard inquiry. Hard inquiries can bring down your credit score for the time being by a few levels.

However, if you are applying for multiple credit cards or loans in a short duration of time, you will be seen as credit hungry, and this will drastically bring down your CIBIL score.

Soft Inquiry

When you check your own CIBIL score or when your employer checks your score with your permission, then it is called a soft inquiry. Soft inquiries will not harm your credit score, so it is absolutely fine to check your CIBIL score and report to keep a track and also before applying for a loan.

How Frequently Should I Check My CIBIL Score?

You can check your CIBIL score as frequently as you wish. In fact, it is ideal to check your CIBIL score regularly. Also, checking your score before applying for loans or credit cards is good. This ensures that your applications will be approved quickly and easily. It is advisable to check your CIBIL score a few months before applying for credit so that you can take essential steps to improve your CIBIL score.

Will checking my CIBIL score on Wishfin affect my score in any way?

You can check your CIBIL score and report on Wishfin without having to worry about any kind of point loss. This is because Wishfin is an official TransUnion CIBIL partner and so when you check your CIBIL report, you will not loose any points.

Is there any way to restrict/curtail the number of hard queries?

The best way is to stay informed about your CIBIL before applying for any type of new credit. This way you will know beforehand about banks that won’t have any problem in passing your credit application. In case your CIBIL comes out to be low, you can always work and improve it as per your credit requirement.

Conclusion

Checking the CIBIL score is very important, since it enables you to maintain a good CIBIL score. Before applying for a loan or credit card , ensure that you have the necessary score required for the approval of credit and avoid the rejection of applications.