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credit score is a 3 digit number that represents the evaluation made on a person's capability to repay loan amounts and other debts like credit card payments. Credit bureaus like CIBIL™, Experian, Equifax, CRIF HighMark provide credit scores that are calculated based on their credit history. Having a good credit score is a must as banks and NBFCs provide you the top credit cards or loans based on your credit score. Lenders like American Express may use any one or more of the bureau scores to approve or reject your credit card application.

Maintaining your credit utilization ratio with your given credit limit might be a challenge if you are not aware of managing your spends properly. Thus lenders would want to check whether you have a credit score of more than 750. A good credit score tells lenders that you are a credit responsible person. Your lender can check your credit score from any of the credit bureaus (CIBIL™/ Experian/ Equifax/ CRIF HighMark). With a low credit score, you might get a credit card but you would have to pay higher interest rates. If you have a good credit score, you would also be able to bargain for a higher credit limit.

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