How much of a CIBIL™ score is required for a credit card

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CIBIL™ score is an important parameter assessed during your credit card application. Credit card companies expect a good CIBIL™ score to give you a credit card with a considerable credit limit and other attractive benefits.

In general, a CIBIL™ score of 750 and above is considered good and can get you a credit card with favourable terms.

You can also get a credit card with a low CIBIL™ score but may end up with not so attractive terms like low credit limit, higher interest rates and other additional fees.

Another disadvantage of having a low CIBIL™ score is that every time your application gets rejected, your credit score is affected too. So it is prudent to avoid credit card applications without improving your CIBIL™ score.

It is important to check your credit score regularly to understand your credit standing. Your CIBIL™ score is the way for bankers and financial institutions to learn your creditworthiness. So it is an important factor in determining your credit card eligibility, or any other loan for that matter.

What is an ideal CIBIL™ score to get a credit card?

To apply for a credit card, there is no set minimum credit score. To accept an application for a card, each bank/credit card company has its own conditions. In general, however, you have a fair chance of being accepted for a card if you have a credit score of 750 or above.

A card with a score of less than 750 may be accepted, but you may be subject to less favourable terms and conditions, such as a higher interest rate or extra fees, for example. The lower your credit score, the greater the chance of getting denied. It will be very difficult to be accepted for a card if you have a score of less than 650.

Another downside to applying for a credit card with a low score is that it causes your score to decrease each time your application is denied. If you have a low score, applying for credit cards means that you face the risk of repeated rejections and a persistent decline in your score.

Therefore, when applying for a new credit card, it is a good idea to review your credit score so that you have time to boost your score and ensure your application is approved.

CIBIL™ is one of India's four approved credit bureaus that provide a credit score, with Equifax, Experian and CRIF High Mark being the others.

Additional Reading: What Is The CIBIL™ Score Required For Credit Card

Why do banks check your CIBIL™ score before issuing a credit card?

Lenders want to know if you are going to make your monthly payments on time when you apply for a credit card. To verify if you have a strong track record of making your payments on time, they use your credit report and credit score. They are confident that you are a low-risk client with a low likelihood of defaulting on your commitments and would be willing to accept your application if you have a good score.

On the other hand, if you have a low score, it means that you may not have shown a responsible repayment habit. Lenders may not be able to lend to consumers with a bad credit score because they want to protect their money against future defaults.

Can I improve my CIBIL™ Score? How do I do it?

If you find out that your CIBIL™ score is low, you can take a few steps to improve it. You can apply for a credit card once you have improved it to avoid getting rejected:

Do not exceed 30% to 50% of your credit limit: Not only should you never exceed your credit limit; you should ensure that you do not exceed 30% to 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.

Additional Reading: Is it possible to improve my Credit Score?

CIBIL™ score is required for a credit card FAQs

1. What is a good CIBIL™ score for a credit card?

A CIBIL™ score of 750 and above is considered an ideal score to get a credit card. This score helps you to land better approval rates on your credit card applications. It assures the banker that you have maintained a healthy credit history by making timely repayments, and that you can are responsible with your credit, which means you are creditworthy.

2. Can I get a credit card with a low CIBIL™ score?

One may get a credit card with a CIBIL™ score even as low as 650. Though it is difficult, it is not impossible. It depends on the discretion of the bank. However, when you get a credit card with such a low credit score, you may get unfavourable terms with respect to the interest rates, credit limit and other benefits on the card.

3. Can I get a credit card with a 700 credit score?

Yes, you can get a credit card with a credit score of 700. However, the interest rates, credit limit and other fees & charges may not be very advantageous for you. Try to get your credit score to 750+ to enjoy the best deals on credit cards and loans.

4. What is the minimum credit score required for an Axis Bank credit card?

Axis Bank expects a minimum CIBIL™ score of 750 to offer you a credit card.

5. What is the minimum credit score required for an HDFC credit card?

While a score of 750 and above is ideal, people with a lower CIBIL™ score can also be eligible for a credit card. As the risk for individuals with a lower score is higher, the interest rate is relatively high and the credit limit could be lower opposed to those with a high CIBIL™ score. They might also face some restrictions relating to the use of a credit card for certain transactions.

6. What is the minimum credit score required for an ICICI Bank credit card?

The credit score is an important factor used by ICICI Bank to determine whether or not a credit card should be issued. A high credit score makes it easier, to get a credit card and vice versa. A score between 750 and 900 is considered acceptable for a credit card by ICICI Bank.

7. What is the ideal CIBIL™ score for credit card eligibility?

There really isn't a fixed minimum credit score to qualify for a credit card. Each bank/credit card company has its own conditions for accepting an application for a card. In general, though, if you have a credit score of 750 or above, you have a fair chance of being accepted for a card. A credit score of less than 750 may be accepted, but less favourable terms and conditions may apply to you, such as a higher interest rate or additional fees, for example. The lower your credit score, the greater your likelihood of being denied. If you have a score of less than 650, being accepted for a card will be very difficult.

8. Is it possible to get a credit card if I have no CIBIL™ score or Zero CIBIL™ score?

Yes, it is possible. Even if you don’t have a CIBIL™ score due to no credit history, you can get a credit card from the bank provided you hold your salary account with them. Some of the banks that offer credit cards for zero CIBIL™ score holders are Citibank, SBI, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and a few more. You can also go for secured credit cards that offer credit limits based on an FD held with the bank.