A good credit score is now an essential requirement for obtaining loans in today's globalised world. Banks and Financial institutions use credit scores as a way of evaluating borrowers' creditworthiness, with higher scores increasing loan approval chances. But maintaining such a score can be a daunting task if you have any missed EMI payment or high credit utilisation ratio. That's why it's essential to monitor your credit health and do everything possible to improve it.

Bajaj Finserv Credit Pass is an effective tool that can assist in monitoring your credit health with unlimited checks on credit scores, personalised insights, and exclusive loan and credit card offers. Credit Pass allows you to monitor your score, identify areas for improvement, and take steps towards improving it.

What is Bajaj Finserv Credit Pass and how to buy Credit Pass?

Credit Pass is a subscription service offered by Bajaj Finserv that grants you unlimited access to your credit score and credit health report. With Credit Pass, you can track credit health reports in real-time, identify areas for improvement, as well as receive customised offers on loans and credit cards.

Below are the steps to buy Credit Pass subscription

To buy Credit Pass subscription, follow the below steps:

Step 1: Visit official Bajaj Finserv website and search for the "Credit Pass" tab to buy Credit Pass.
Step 2: Click on the "Get It Now" option to buy a credit pass.
Step 3: Enter your mobile number to receive an OTP via text message.
Step 4: Confirm your mobile number by entering an OTP.
Step 5: Fill in personal information such as name, phone number, PAN card number, email address, date of birth etc.
Step 6: Accept the terms and conditions.
Step 7: Pay a one-time subscription fee of INR 99 to buy a credit pass.

Once you subscribe to Credit Pass, you can access your Credit Health Report and its other beneficial features.

How does Credit Pass help improve your credit score?

Unlimited Access to Your Credit Report

Credit Pass offers unlimited access to both your credit score and report, giving you full control over how your finances are being managed. By regularly monitoring your score, you can stay abreast of any changes to your profile and take necessary actions when necessary.

Credit Score Simulator

Credit Pass offers a Credit Score Simulator that allows you to simulate various financial scenarios and assess their effect on your credit score. With this knowledge, you can make more informed financial decisions and avoid actions which could negatively affect your score.

Real-time credit alerts

Credit Pass provides real-time alerts about any modifications to your credit report, such as new loan accounts, inquiries and missed payments. This feature helps you detect issues quickly so that you can take necessary actions to improve them.

Customised loan and credit card offers

Credit Pass offers customised loan and credit card offers based on your credit score and history. By taking advantage of these opportunities, you can find the loan or card that best meets your financial needs while saving money on interest and fees.

Factors Affecting Credit Score

Payment History

Your payment history is the most influential factor that affects your credit score. It shows how consistently you pay back loans and credit card bills on time, regardless of what the situation may be. Late payments, missed payments or defaulting on a loan negatively affect your score - even one late payment can have an immense effect. It's essential to stay abreast of payments in order to maintain good credit standing.

Credit Utilisation

Credit utilisation is the ratio of your credit card balance to its available limit. A high utilisation indicates that you may not have enough funds available to pay off debts, which could negatively affect your credit score. For best results, keep your utilisation below 30% in order to maintain a healthy credit score.

Length of Credit History

Your credit history plays an important role in determining your credit score. The longer it has been active, the better; this shows you have been responsibly managing debt for an extended period. Lenders prefer borrowers with a long credit history since it shows they've demonstrated their worthiness to lenders.

Credit Mix

Your credit mix refers to the different types of accounts you have, such as credit cards, personal loans, mortgages and auto loans. Having a variety of these accounts is beneficial for your credit score since it shows you can manage different kinds of debt responsibly. On the contrary, having too many accounts or opening multiple ones quickly could negatively affect your score.

Conclusion

If you're looking to improve your credit score, then you should buy a credit pass subscription plan. With its comprehensive credit monitoring features, Credit Pass provides all the tools you need to understand and improve your credit score. By regularly checking your credit score and report, you can stay on top of any changes or discrepancies, and take the necessary steps to improve your credit health. With Credit Pass, you can access personalised insights, tips and recommendations to improve your credit score, and exclusive loan and credit card offers tailored to your credit profile.