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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
What is a CIBIL™ Score?
CIBIL™ is one of the four authorized credit bureaus in India which provide a credit score, the others being Equifax, Experian and CRIF High Mark.
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders an accurate idea of your credit-worthiness. The CIBIL™ score ranges from 300 to 900. If a person has a credit score 750 or above, it reflects a good history of repayment behaviour and lenders are reassured that the individual is at high probability of fulfilling all their debt obligations. They are more willing to approve of a loan to individuals with such a score.
There is no set standard on what constitutes a good or bad credit score. A CIBIL™ credit score is based on past and present credit behaviour and gives lenders a snapshot idea of a customer’s credit health and loan repayment record. A credit score above 750 is highly desirable as it denotes a consistent track record of timely payments and demonstrates financial maturity over a long period of time. Lenders feel comfortable lending money to customers with such a credit score.
Banks and other financial institution not only look at the credit score and credit report of a person but also take in to consideration the person’s age, employment, annual income and other factors that influence their payment ability. However, your credit score and credit report are two very important factors in the loan-approval process.
A good CIBIL™ Score means any score of 750 and above. A good score not only ensures a much better chance of loan approval, it also has several other advantages. For instance, a good score means that you might be offered a lower rate of interest, a longer repayment period, a larger loan amount, quicker documentation and loan-approval process. This is because lenders think that you are at low risk of defaulting on your payments and will offer you attractive terms and conditions on your loan that might not be available to individuals with a low credit score. Thus is always advisable to have a good credit score when applying for a loan.
These are some of the reasons for a low credit score:
Past payment history : Even a single late or missed payment can negatively affect your credit score, so it is important to make all repayments on time and in full in order to maintain a good score.
High utilization of credit limit : If you use more than 50% of your credit limit on a regular basis, it serves as a warning signal that you might not be able to manage your finances and spending. This has an adverse impact on your credit score. To ensure a good score, make sure that you do limit your monthly spending to less than 50% of your total credit limit. This will have a positive impact on your credit score.
Too many credit accounts recently opened : If an individual applies for multiple loans and credit cards in a short period of time without corresponding approvals, it signifies that they are ‘hungry’ for credit and may not be able to fulfil their loan obligations. This has a negative impact on their credit score.
Therefore, while there is no fixed minimum CIBIL™ score to apply for a loan, it is recommended that you ensure that you have a score of at least 750 before you apply. If you have a low score, there is a high chance that your application will be rejected, and each rejection causes your credit score to drop even further.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A CIBIL™ Score is an indicator of an individual’s credit worthiness. It impacts the individual’s ability to borrow
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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