I’d like to keep a tab on my credit score since I’m using three credit cards and paying 2 EMIs. At times I skip a EMI and pay it the next month. So my questions are, 1.) Though I’m skipping an EMI, I’m paying it next month without any further due. Despite of it will this late payment affect my credit score? 2.) Are there any specific systematic alerts to keep a tab on my credit score. EX: Mobile alerts, email alerts or any other ways where we can register and get reminders from CIBIL. Thanks in advance.
It is very important to pay repay the EMI on right time. Since you are skipping the EMI occasionally therefore, your credit score would get affected by such practices. A lender not only seeks payment but also wants it timely. An irregular payment would get reflected in your credit profile and hence it could severely affect you at the time of borrowing in future. At present there is no such system available in India but in near future CIBIL has announced for such facility where you can get a real time SMS alert for any change in the credit score. You can also set a due date reminder in the credit card’s alert system to avoid skip in the repayment. It is more important here to change the late payment practice than to keep tab on the credit card score.
Any kind of late payment on your Credit Card bill will affect your Credit Score. Even if you miss a single EMI, it will have a negative impact on your score. There are no alerts that you can receive to track changes in your Credit Score. However, you can check your Credit Score as many times as you want. This will not affect your Credit Score. Click here to check your Credit Score for free - https://www.bankbazaar.com/credit-score.html.