How To Track a Live Credit Score During a Loan Application

When you apply for any kind of loan, the first thing lenders check is your credit score. It is the main indicator of your financial situation, how well you manage money and loans, if any exist. Today, many banks, NBFCs, and fintech companies allow you to get a live credit score check while a loan is processed. This helps you stay updated and alert and be away be sudden shocks.

In this guide, you will learn how to track your live credit score, why it matters, and how platforms like Olyv make it easier.

Why Tracking Your Credit Score Matters During a Loan Application

Before granting a loan, most lenders at least review your score once. But in some cases, they recheck before the final approval. This can affect your loan interest, approval chance, and loan amount.

Tracking your live credit score helps you,

• Know if your score matches the loan requirements
• Spot sudden drops
• Fix issues instantly
• Improve approval chances

How Live Credit Score Tracking Works

During the loan process, lenders use real-time or live credit score monitoring systems. These systems take your score directly from the credit bureaus like CIBIL, Experian, CRIF, or Equifax.

You can also get updates via

• SMS
• Mobile applications
• Loan portals
• Online dashboards

This process makes tracking your score simple.

Steps to Track Your Live Credit Score During a Loan Application

Use The Lender’s Official App Or Platform

Most of the banks show your progress in your credit score online. You can log in anytime according to your convenience and can see the updates. Whereas, some lenders also offer instant credit score updates when a bureau updates data.

Monitor Through Olyv

Olyv helps individuals to track their credit score easily in a span of minutes. During the loan process, you can log in and monitor score changes. They offer real-time credit monitoring beginner-friendly.

Check Through Credit Bureau Websites

You can use,

• CIBIL website
• Experian website
• CRIF High Mark website
• Equifax website

These sites allow you to check your credit score without delays and verify any changes.

Use Third-Party Finance Apps

You can also use apps like PaisaBazaar, Paytm, KreditBee, etc, which offer instant credit score updates. You can also compare lender requirements.

Ask Your Bank For Lender Updates 

Some banks send updates through,

• SMS alerts
• Email notifications
• In-app messages

This helps you stay informed during a loan approval credit score check.

Ways to Track Your Score During a Loan Application

What to Do If Your Score Drops During a Loan Application

A decrease in your score can delay your loan approval. To handle this, try the following steps,

• Regularly check reports for any mistakes
• Clear the outstanding credit card dues
• Pay EMIs on time
• Avoid applying for multiple loans
• Keep credit utilisation below 30%

By following these steps, you can improve your live credit score, and it can, in turn, speed up approval chances.

Pro Tips to Maintain a Good Score While Applying

• Do not miss EMIs
• Don’t make the mistake of cancelling old credit cards
• Use credits minimally
• Settle bills before the due date
• Do not take several loans at a time

With these tips, your credit score tracking is supported during the loan process, and hence, stronger loan approval chances are guaranteed.

Mistakes Most Commonly Made by People

Avoid, 

• Checking credit score through fake or unreliable platforms
• Ignoring what the lender alerts you to
• Making too many loan applications
• Not checking the score before applying

These errors may lead to slower approval or a smaller loan amount.

Conclusion 

Tracking your credit score during a loan application is very important. It helps you stay updated, fix errors, and increase approval chances. You can monitor your score through lender apps, credit bureaus, Olyv, or other trusted finance tools. When you keep an eye on your score and maintain healthy financial habits, getting a loan becomes much easier and faster.