Learn what a Credit Pass is, how it works, and how it can help you improve and maintain your credit health.
Imagine you’re planning to buy your dream car. You’ve saved enough for the down payment and are confident about getting a loan for the rest of the amount. You approach a bank and apply for a car loan. However, much to your dismay, your application is rejected. Why? Your credit score is too low.
What is a credit score and why does it matter? How can you improve your credit score and avoid such situations going forward? Is there a solution that you can rely on to achieve better credit health? These are some of the questions this article will answer.
What is the Credit Pass?
Your credit score is one of the most important metrics that determine your financial well-being. From getting a loan approved or availing of a new credit card, your CIBIL Score can make or break your chances. That’s why monitoring and maintaining your credit score is so crucial.
Wondering how you can keep tabs on your creditworthiness without it taking a hit? That’s where Bajaj Finserv’s Credit Pass can help you out.
The Credit Pass is a first-of-its-kind subscription service designed to help you monitor and manage your credit health effectively. By signing up for it, you gain access to a range of features that empower you to understand your credit score better and take steps towards improving it.
Credit Pass features
Your credit health is a measure of how responsibly you handle credit obligations and is impacted by your financial habits. Your credit health is reflected in your credit score which lenders use to assess your creditworthiness. The Credit Pass is a comprehensive solution for managing your credit health seamlessly, thanks to these features:
- Monthly CIBIL Score: Check your updated CIBIL Score every month with the help of a pan card as many times as you want without impacting your score. This means you’re always aware of your eligibility for credit and can work to enhance it to achieve your goals.
- Personalised credit dashboard: See all your credit card and loan accounts consolidated in one neat dashboard. This makes it convenient to track your credit obligations closely.
- Credit factors tracking: You can monitor the factors that affect your credit score, including your credit mix, recent enquiries, and credit utilisation. Use it to amend your credit behaviours to benefit your score by maintaining a lower credit utilisation ratio and diversifying your portfolio.
- Credit Health Report: With a summary of your credit history and repayment behaviours, you get real-time insights into your credit health. Leverage it to improve your score proactively.
- Credit Score Simulator (Premium): This predictive tool helps you make informed decisions before you make a credit move. See how your score will change based on different scenarios, whether it’s paying off a loan, applying for a new credit card, or requesting an increased credit limit.
Credit Pass benefits
Regular monitoring is invaluable in building a robust credit profile. Here are some of the key benefits of using the Credit Pass:
- Identify errors early: Reviewing your report regularly improves the chances of spotting and rectifying errors early. This can save your credit score.
- Track loans smartly: The consolidated snapshot of your loans helps you keep tabs on repayment status and prevents missed payments.
- Optimise credit utilisation: The credit health analysis offers insights into credit utilisation. This helps optimise your credit mix.
- Avoid knee-jerk decisions: The credit score simulator prevents hasty financial decisions by predicting implications.
- Build credit responsibly: Regular monitoring helps build credit cautiously by avoiding credit-hungry behaviour.
- Plan future applications: Analysing trends in your report allows you to time credit applications smartly.
Choosing a Credit Pass plan
Bajaj Finserv offers two flexible, wallet-friendly plans for Credit Pass:
- Standard: Priced at Rs. 59 for 6 months of access
- Premium: Priced at Rs. 99 for 12 months of access
Both plans offer the same features and benefits, except the Premium plan provides access to powerful predictive tools like the Credit Score Simulator.
Wondering if the Credit Pass is right for you? Well, if you wish to improve and maintain your credit health, you should consider equipping yourself with the Credit Pass. Whether you’re a first-time borrower or an experienced credit user, the Credit Pass can help you make smarter financial decisions. It can also help you:
- Increase your chances of getting approved
- Negotiate better interest rates and terms
- Save money on interest and fees
- Avoid penalties and charges
- Build a strong credit history and reputation
So, take control of your credit health today with the Credit Pass. It takes just a few minutes to sign up online through a seamless and secure process. With discipline and Credit Pass insights, you can identify red flags early and make prudent financial choices. Get started with the Credit Pass today!
