Track The Factors That Impact Your Credit Health With The Bajaj Finserv Credit Pass

Your credit score reflects your credit health and affects your financial journey. But have you ever wondered what lies beneath the surface of your credit score? The Bajaj Finserv Credit Pass is a game-changing innovation that helps you to track and analyse the key factors impacting your credit health. Before we delve into how that works, let’s have a quick look at the five most important elements that determine your CIBIL Score.

What are the factors that affect my credit health?

5 key factors act like puzzle pieces that, when put together, form a complete picture of your creditworthiness:

1. Repayment history: Punctual repayment of your dues positively impacts your credit score because it shows that you’re a reliable borrower. Late payments can leave a dent in your credit health, and payments that are later than 60 days can stay on your report for seven whole years, seriously damaging your reputation as a borrower.
2. Credit utilisation: Using 30% or less of your available credit demonstrates responsible credit management, which impresses lenders. Maxing out your credit cards, however, makes you seem incapable of properly handling your finances and drags down your CIBIL Score.
3. Length of credit history: The longer your credit history, the better. It provides a solid track record for lenders to assess your ability to handle credit over time, and it positively contributes to your credit score.
4. Credit mix: A diverse portfolio comprising a healthy mix of different credit types is good for your CIBIL Score. It shows lenders you’re capable of managing different financial obligations efficiently. 
5. Credit enquiries: Every time you apply for credit, it leaves a mark on your credit report for up to 2 years. Too many such ‘hard’ enquiries, especially within a short time, can raise concerns for lenders. The lenders may interpret the situation as you being desperate for credit. This drags down your credit score.

Importance of tracking credit health factors

The table below outlines the weightage of each of the five key factors in calculating your three-digit CIBIL Score:

Tracking the factors that affect your credit health, much like tracking the factors that affect your physical health, is essential. Ensuring your credit health is in good standing is crucial to your financial life. It affects your ability to secure loans and get approved for credit cards. Your credit health even impacts the interest rates offered to you. By monitoring the factors that contribute to the calculation of your all-important CIBIL Score, you gain valuable insights that can help you make smart financial decisions and proactively work towards achieving your financial goals. 

Bajaj Finserv Credit Pass: What is it, and how can it help?

The Credit Pass is a user-friendly subscription service brought to you by Bajaj Finserv that gives you real-time access to your credit health report. Powered by CIBIL, you can think of it as a fitness tracker for your credit health. 

Its personalised credit dashboard provides you with a comprehensive overview of all your credit accounts in one place so that you can access real-time updates to your credit health and monitor the factors that impact it. 

• Maintain old credit accounts in good standing,
• Track upcoming deadlines so you never miss or default on a payment,
• Monitor your credit utilisation so you can effectively keep it in check, and 
• Analyse your credit mix.

The monthly CIBIL Score check with Credit Pass ensure you’re always up-to-date on your credit status and have the tools to interpret areas for improvement. 

Credit Pass comes with interactive tools. These tools enable you to make informed choices that can help you improve your credit score and secure your financial goals. Use the Credit Score Simulator to understand how a new credit product (loan or credit card) can potentially impact your CIBIL Score and the EMI Calculator to plan your monthly instalments for a clear picture of your future financial obligations. 

With these tools, you can gauge your eligibility for credit products while bypassing any ‘hard’ enquiries that might bring down your score. 

Free and unlimited access to all these features and tools, plus handy tips to improve your CIBIL Score, is available for free for the first 12 months when you sign-up for your Credit Pass. This is a limited-period offer.

Registration process

The easy three-step registration process for Bajaj Finserv Credit Pass will only take a few minutes of your time:

• Go to the Credit Pass page and click on ‘UNLOCK NOW’
• Use the one-time password to verify your mobile number
• Enter the requested personal information, like your name and PAN details and click ‘Submit’

Your unique 12-digit Credit Pass number can now be used to log in and access your dashboard! Remember to make the most of the Credit Pass features and benefits to plan and execute your dream of a brighter financial future.

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