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A credit score of 622 is considered to be below satisfactory or fair in India. The approval of loans or credit cards for this score is very difficult. Even if they are approved, you will have to pay a high interest rate. A good credit score falls between 720 to 900. It is calculated just based on your credit history. It helps in quicker loan approvals, lower interest rates, and a higher loan amount. For an unsecured loan, a credit score of 750 or above is considered good.
Credit Score Range
The credit score range shown below indicates your creditworthiness and your chances for loan approval.
|
Credit Score |
Creditworthiness |
Chance of approval |
|
Less than 600 |
Poor credit score. Take urgent steps to improve it |
Low |
|
600 to 649 |
Below average credit score. Take steps to improve |
Difficult |
|
650 to 699 |
Average or satisfactory |
Possible |
|
700 to 749 |
Good |
Good |
|
750 to 900 |
Excellent |
Very high |