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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
CIBIL™ score is the barometer for loan applications as per many lenders. When the applicant applies for a loan or credit card, the lenders will ask for the credit score of the applicant through CIBIL™.
If the credit score as per CIBIL™ is favourable, i.e., 750 or above, it is considered to be good. This clears the first hurdle for loan sanction for the applicant. The lender will then check other points of eligibility like the income of the applicant, other external liabilities, age of the applicant, EMI to income ratio, relationship with the lender, etc.
If the eligibility of the applicant is proved on all such points of considerations, the loan is sanctioned easily. The applicant can also get the loan at a competitive rate of interest and can also have the benefit of waiver of processing fees.
When the applicant does not check the credit score before applying for the loan and if it is rejected it will further impact negatively on the credit profile of the applicant. It is therefore better to check the credit score before applying for a loan. If the applicant realises that his/her credit score is lower and may result in rejection of loan, he/she can take corrective measures to improve such credit score.
Additional Reading: Good CIBIL™ Score for Loans
Some of the remedial measures to improve the credit score of a person are,
Loans are the easy source of finance that can be availed by a person to meet their financial needs. Today a person has numerous options to get loans from many sources like banks, Non-Banking Financial Companies, Micro Financial Institutions, etc. All such entities provide various types of loans like home loans, personal loans, vehicle loans, education loans, etc. these loans are provided to the person subject to their eligibility.
Each lender has its own set of specific eligibility criteria that the applicants have to meet to be able to get the sanction of loan. One of the main points of eligibility across all such lenders is the credit score of a person.
Additional Reading: What is a good CIBIL™ Score for Home Loan ?
A credit score is a three-digit number that is issued by competent credit rating agencies across the country. This number is the measure of the creditworthiness of a person. This is usually one of the first points of reference for the lenders to check while issuing a line of credit. The credit score is based on the credit history of the person. Any delay or default in payment of liabilities negatively affects the credit score.
There are four primary credit rating agencies in India that issue credit score for any person. These agencies are,
CIBIL™ is one of the most favoured credit rating agencies among the above-mentioned list. CIBIL™ score is issued ranging from 300 to 900. A score of 750 and above is usually considered to be a good credit score and can get the applicant better deals when they apply for loans or credit cards.
1. Can I get loans or credit cards with a low CIBIL™ score?
A. Yes. A person can get loans or credit cards even when their CIBIL™ score is low. The options available for the applicants in such cases are,
2. What is considered to be a good CIBIL™ score according to lenders?
A. A CIBIL™ score ranging from 750 or above is considered to be good by lenders.
3. What are the benefits of checking my CIBIL™ score before applying for a loan?
A. There are many benefits of checking the CIBIL™ score before applying for a loan. Some of such benefits are mentioned below.
4. What are the factors contributing to or influencing the credit score of a person?
A. Some of the factors contributing to or influencing the credit score of a person are,
5. 5. What is a soft enquiry for the CIBIL™ score of the person?
A. When a person checks or makes inquiries for their own CIBIL™ score, it is known as soft enquires for credit score. Checking own credit score is considered a healthy financial habit and it does not hamper the credit score of the person.
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 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,