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What is the minimum CIBIL™ score needed for HDFC credit cards?

CIBIL™ score is a prime requirement for all types of credit card applications. Banks require the applicants to meet the minimum CIBIL™ score requirement to be eligible for the credit card of the bank. CIBIL™ score is a three-digit number rating the creditworthiness of any person. This number is in the range of 300 to 900. A credit score closer to 900 is considered to be good by the banks and a credit score closer to 300 is considered to be risky by the banks.

HDFC requires the credit card applicants to have a minimum CIBIL™ score of 750 or above to be eligible for any of the credit card.A credit score of 750 or above assures the applicant of the approval of the credit card application without any hassles. The applicant may also be able to negotiate the annual credit card charges with such a favourable CIBIL™ score.

If the CIBIL™ score of the applicant is lower than 750, the applicant may still get the credit card at the discretion of the bank. However, the credit card limit sanctioned in such case may be lower. The applicant may also have to pay interest at a higher rate. Apart from this HDFC bank may also place some restrictions on the use of credit cards issued with low credit scores at its discretion.

Hence, it is essential that the applicants maintain their CIBIL™ score to get the best possible deal for their HDFC credit cards. Any inquiry for CIBIL™ score made by the lender is referred to as hard inquiry and each such inquiry will affect the credit score of the applicant if such application is rejected. Hence, it is advisable that the applicants check their credit score before making an application for HDFC Bank credit cards to avoid the chances of rejection.

Eligibility Parameters for HDFC Bank Credit Cards

HDFC Bank is the topmost name in the private sector banking industry in India. The bank has its reach even in the remotest parts of the country as well as a huge international presence. The credit cards of the bank are among the most popular credit cards today and are accessed by millions of customers.

The bank has set many eligibility parameters for the customers to be eligible for the credit cards. These eligibility parameters include conditions like age restrictions or minimum income requirements. Apart from such conditions, the bank also considers the credit score of the applicants while reviewing their credit card application.

What is a credit score?

A credit score is the credit rating issued by authorised credit rating agencies. These agencies provide credit score for individuals or business entities. Such credit score is the first point of reference for lenders when they receive any loan application or credit card application from any person.

India has four credit rating agencies that are charged with proving credit score. These credit-rating agencies are mentioned below.

  • CIBIL™
  • Equifax
  • Experian
  • CRIF Highmark

FAQs

1. What are the benefits of a good CIBIL™ score?

A. There are multiple benefits of a good CIBIL™ score. Some of such benefits are mentioned below.

  • The applicant can be eligible for a higher limit on credit cards on account of due to a better credit score.
  • A good credit score can also lower the applicable interest rate for the applicant.
  • The applicant may be able to negotiate the annual credit card charges levied for the credit card.
  • The applicant can get faster approval of credit cards and the chances of rejection of application are greatly reduced.

2. What are the measures to improve the CIBIL™ score of a person?

A. The CIBIL™ score of a person is quite essential for any loan application or credit card application. The measures for improving the CIBIL™ score of a person are highlighted below,

  • Timely payment of the credit card dues or loan EMIs
  • Reduction of the external liabilities significantly
  • Refrain from applying for loans or credit cards through multiple lenders at the same time.
  • Payment of past credit card dues or loan EMIs to reduce liabilities
  • Maintaining the credit utilization ratio and not utilizing it beyond 30% of the total credit limit
  • Reporting of any errors or fraudulent entries in the credit report

3. Is a CIBIL™ score of 500 good for an HDFC Bank credit card?

a. A CIBIL™ score of 500 good for HDFC Bank credit card is considered to be poor for HDFC credit card application.

4. Can a person check their CIBIL™ score online using their passport?

A. Yes. A person can check their CIBIL™ score online using their passport through the website of CIBIL™.

5. Can a person apply for multiple HDFC Bank credit cards?

A. A person can apply for multiple HDFC Bank credit cards but the sanction for the same will be at the discretion of the bank.

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