CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, 2nd Floor, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
CIBIL™ score range between 300-900. A CIBIL™ score of 750 and above is taken as a good credit score in India with the best CIBIL™ score would be anything nearing the maximum limit of 900.
A Higher CIBIL™ score gives you a better chance of getting your loan/credit card approved by lenders at the earliest with minimal fuss. Lenders are assured of the genuineness of the borrower based on his past credit history and potential debt repaying capability. They consider a borrower with a high credit score as very less likely to default on loans or credit card payments.
On the other hand, a CIBIL™ score in the range between 550 – 700 is considered an average score indicating the borrower is prone to a certain amount of risk in repayment of loans or credit cards due to not following proper financial prudence. A CIBIL™ score ranging between 300 – 549 signifies a poor CIBIL™ score which entails the lender rejecting your loan or credit card approval on the basis of your poor past creditworthiness and risky financial behaviour.
The need for a new loan or an additional credit card arises when you require money to meet any of your financial requirements. The main criteria considered by lenders while lending you the loan or approving an additional credit card is your CIBIL™ score.
CIBIL™ score is generated by CIBIL™, one of the four credit bureaus operating in India. The credit report and CIBIL™ score provided by CIBIL™ is crucial to the lending scenario in India across different debt mediums like personal loan, business loan, credit cards, loan against property etc. CIBIL™ score refers to a 3-digit numeric summary based on your past credit information, depicting your creditworthiness and debt repaying financial prudence.
CIBIL™ generates the credit report and CIBIL™ score based on your credit history with respect to loan or credit card repayment. The credit information is provided by lending institutions on a regular basis to CIBIL™.
CIBIL™ then undertakes evaluation of your various credit information like past loan repayment patterns, default on loan or credit card payment, outstanding debt etc. It then allocated weightage to each of these factors to generate the final CIBIL™ score and the credit report. Generation of the CIBIL™ score and credit report is a regular process undertaken by CIBIL™ to evaluate a borrower’s creditworthiness and risk appetite.
A best CIBIL™ score gives you an edge in negotiating your loan terms as below.
Higher possibility of loans getting approved
CIBIL™ score is very important for lenders while evaluating their whole lending process. It helps them in assessing a borrower’s creditworthiness based on their past and current credit behaviour and helps to evaluate potential repayment capability. The higher your CIBIL™ score, the greater are your chances of getting the loan approved quickly and easily by the lenders. Having the best CIBIL™ score has the lender assured that you don’t have excessive debts which could otherwise increase your risk of default.
Better rate of interest
A best CIBIL™ score improves your chances for negotiating the rate of interest for the loan in your favour. As you have given the lender proof of your financial discipline and creditworthiness based on your high CIBIL™ score, you could put your point through to bargain for a lower rate of interest resulting in cost savings.
Loan/credit card sanctioned for a higher amount
Having a high CIBIL™ score gives your benefit in the form of availing a higher loan amount or credit card limit. Lenders consider you a low-risk category and are confident about your potential debt repaying capability.
Extension of loan tenure
Another benefit entailed by a high CIBIL™ score would be with respect to the extension of the original loan tenure applied for. Such a benefit would help you to consider your loan monthly repayments not only in a timely manner but also reduce your EMI costs over the years, giving you excess money to utilize it elsewhere.
Plan your financial needs prudently to get a high CIBIL™ score
Pay all your Loan EMIs/Credit Card Dues on Time
The first step to achieving a high CIBIL™ score is to repay all your debts on time. Doing so also helps you to avoid unnecessary late payment fees.
Restrict your credit utilization
Your credit utilization limit should not be over 30% of the sanctioned credit card limit as lenders consider over-utilization of the credit limit as a high-risk appetite.
Avoid multiple Credit Cards/Loans at one time
Avoid going in for multiple loans or credit cards at one time or try to keep the gap between multiple debts. Having multiple loans/credit card gives an impression of a debt hungry appetite which is not favourable to lenders, who then consider you a risky category adversely impacting your CIBIL™ score.
Tracking CIBIL™ report regularly
Regularly tracking your credit report will help you verify any errors and their immediate rectification so as to get you a higher CIBIL™ score.
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,
Credit Report Analysis,very good website ....easy process
Get loans starting from 11.25% interest rate
Know how to improve credit score
FREE credit analysis for 1 year
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.