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What is the minimum credit score needed for Yes Bank Credit Card?

Yes bank has set many eligibility parameters for a person to be able to get a sanction of the credit card. These eligibility parameters include various criteria like age restrictions, minimum income restrictions, employment status, etc. The credit score of a person is one of the main eligibility parameters for the sanction of credit cards.

The bank requires the applicants to have a minimum credit score of 750 to be eligible for the credit cards of the bank. If the credit score of the applicant is lower than 750, the credit card application of the person can be rejected. The bank may sanction the credit card application of a person having a low credit score if they meet the other eligibility criteria set by the bank. Also, such applicants need to provide additional documentation that proves the eligibility of the applicants and the sufficient income level to sustain the credit limit.

What is a credit score?

A credit score is a three-digit number that is awarded to a person or a business entity for quantifying their creditworthiness. This allows the banks to provide credit cards to applicants that have a sound repayment capacity and a good credit score. India has four credit rating agencies that provide the credit score for any individual or any business entity. These agencies are mentioned below,

  • CIBIL™
  • Equifax
  • Experian
  • CRIF Highmark

CIBIL™ is a preferred credit agency that is referred by Yes Bank when considering a credit card application of any person.

What are the benefits of having a high credit score?

A high credit score is essential for applicants to avail the facility of external finance in the form of loans or credit cards at any point without any hassles. There are several benefits attached to having a high credit score. This makes it essential for every person to maintain a healthy credit score.

Some examples of the benefits of a higher credit score are mentioned below.

  • Better chances of getting a loan or a credit card
  • Applicants can be eligible for loans at a better rate of interest 
  • Applicants get a chance to negotiate better with respect to charges related to loan processing like processing charges or documentation charges.

About YES Bank Credit Cards

YES Bank is a very popular private sector bank in India. The bank has grown from its humble roots to reach every corner of the country and provide competitive banking solutions for its customers within the country and as well as abroad. YES Bank provides many products and services that range from, credit cards, deposits, NRI banking, digital banking, corporate banking solutions, loans and much more. The Bank has an extensive network of 1000 branches catering to its customers across the country. Apart from that, the bank also has set up special branches for women and Small and Medium enterprises.

The bank has multiple variants of credit cards that the customers can avail to meet their financial needs. The bank has set many eligibility parameters for these cards. The prime requirement among these is a healthy credit score.

FAQs

1. What are the factors that affect the credit score of a person?

A. There are multiple factors that affect the credit score of a person. Some of these factors are mentioned below,

  • Outstanding Debts
  • Debt to income ratio
  • Timely credit card/loan payments
  • Number of hard inquiries
  • Length of credit history

2. How can a person maintain a good credit score?

A. The credit score of a person is one of the crucial factors in determining the loan eligibility or the credit card eligibility of a person. Hence it is essential to maintain a healthy credit score. Some measures to maintain a healthy credit score are,

  • Keeping the credit utilization ratio in check
  • Clearing overdue liabilities
  • Paying the credit cards and loan EMI on time
  • Reporting any errors or fraudulent entries in the credit report of the person
  • Avoiding multiple loan applications or credit card applications at the same time

3. Can a person check their credit score every year?

A. Yes. RBI in the year 2017 has mandated that the credit rating agencies provide free credit score to any person once every year. You can check your credit score for free any number of times using CreditMantri’s free credit score check.

4. What are the documents needed for checking the credit score of the applicant through an online portal?

To check your credit score via an online portal like CreditMantri all you need is your PAN card and mobile number for authentication purposes.

5. Is a credit score of 750 considered to be good?

A. Yes. A credit score of 750 and above is considered to be very good by lenders for credit card application or loan application.

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