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Get answers to commonly asked questions related to credit bureaus
There is no fixed minimum credit score to be eligible for a credit card. Each bank/credit card company has its own criteria for approving an application for a card. In general, however, if you have a credit score of 750 or above, you stand a good chance of being approved for a card.
It is possible to be approved for a card with a score of less than 750, but you may be subject to less favourable terms and conditions like, for example, a higher interest rate or added fees. The lower your score, the greater your chance of being rejected. If you have a score of less than 650 it will be very difficult to be approved for a card.
Another disadvantage of applying for a credit card with a low score is that each time your application is rejected, it causes your score to drop. Applying for credit cards when you have a low score means that you face the possibility of repeated rejections and a continuous drop in your score.
Therefore, it is a good idea to check your credit score before you apply for a new credit card so that you have time to improve your score and ensure that your application is approved.
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.
When you apply for a credit card, lenders want to know if you will make your monthly payments on time. They will access your credit report and credit score to check if you have a good track record of making your payments on time. If you have a good score, they are satisfied that you are a low risk customer with a low probability of defaulting on your obligations and will be inclined to approve of your application.
Conversely, if you have a low score, it signifies that you might not have demonstrated responsible repayment behaviour – lenders might be unwilling to lend to customers with a poor credit score, as they want to safeguard their money against potential default.
Do not exceed 50% of your credit limit : Not only should you never exceed your credit limit, you should ensure that you do not exceed 50% of the limit. Consistently spending more than 50% signifies that you have a problem with spending discipline and might not have enough money left over from your income to fulfil your repayment obligations.
Make timely payments : On time and full payments are one of the best ways to maintain a good credit score and history. Try and pay off your monthly card bill in full and on time - this one action itself will have a substantial positive impact on your credit score.
Do not apply for multiple cards within a short period of time : If you apply for too many credit cards in a short period of time, lenders may also consider you to be ‘hungry’ for credit. If you have too many applications without corresponding approvals, your credit score will be affected.
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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