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Get answers to commonly asked questions related to credit bureaus
Life is full of surprises and uncertainties. At some point, you may require a loan or an additional credit card for supporting your financial needs, be it for personal or business purposes. The main criteria considered by banks and financial institutions while granting credit is a good credit score.
CIBIL™ is a leading credit bureau in India which is authorized to generate credit report and credit score CIBIL™ score for assessing the borrower’s creditworthiness and risk appetite. So, a good CIBIL™ score ensures that you get your loan or credit card approved easily by lenders without any hassles.
Additional Reading: What is the best CIBIL™ Score
CIBIL™ score is integral to the lending framework in India. It is a three-digit numeric value depicted in the credit report having a range between 300-900 and is calculated based on your existing and past overall debt repayment history.
A CIBIL™ score of 750 and above is considered a good score indicating sound financial prudence and behaviour on the part of the borrower. CIBIL™ score between 550 – 700 is considered as average score signifying a certain risk element with respect to the creditworthiness of the borrower. A CIBIL™ score between 300 – 549 indicates poor financial discipline and a high-risk category which could imply loans/credit card application getting rejected by the lenders.
When you have a high credit score, lenders are assured of your sound credit health and your capability to repay potential debts in a timely manner. The higher the credit score, the better are your chances of getting a loan/credit card approved.
A good CIBIL™ score has various benefits for a borrower.
Greater chance of loan approval
CIBIL™ score is one of the key criteria considered by lenders while approving or granting loans/credit cards. As such, the higher the CIBIL™ score, the better are your chances of getting your loan/credit card approved without any hassles.
A good CIBIL™ score ensures the lender of your healthy credit history and capability to repay future loans in a timely manner. A good CIBIL™ score also ensures that you are not debt hopping or piled up huge debt making it difficult to process their timely repayments
Low rate of interest
Another major benefit of a good CIBIL™ score is your chances of getting a loan at a lower rate of interest is very high. A good CIBIL™ score entails your sound creditworthiness and minimal likelihood of potential loan defaults. Lenders are thus more confident in such a scenario and reward your financial prudence with a better rate of interest terms on the loan approved.
Higher debt amount sanctioned
A good CIBIL™ score also increases your chance of getting a higher loan amount or credit card limit sanctioned. As the higher CIBIL™ score reflects your sound creditworthiness and low-risk appetite for loan default, lenders are confident in your potential capability as a prudent borrower.
Longer loan tenure
A high CIBIL™ score could also lead to better loan terms in respect of longer tenure for repayment of your loans. This would also mean a reduction in your monthly EMIs thus giving you more money at your disposal.
CIBIL™ calculates your CIBIL™ score based on your current and past credit information like past loan repayment timelines, current outstanding loan, defaults etc. Weightage is applied to each of these factors resulting in the final CIBIL™ score. Credit report and CIBIL™ score are continuously generated by CIBIL™ for providing borrower specific credit information.
Additional Reading: How is the CIBIL™ Score calculated?
Reasons for low CIBIL™ score could be due to :
You can improve your CIBIL™ score by managing sound financial discipline.
Pay all outstanding debts
Always ensure that you do not have any debts outstanding be it loan EMIs or credit card. This would ensure that you can avoid any late payment charges leading to improvement in your CIBIL™ score.
Restrict credit utilization
At any time, your credit utilization should not be 30% or more than the sanctioned credit card limit. Going overboard on your credit limit signifies a high debt appetite, implying you could be a high-risk category for lenders. So, be very careful while spending on your credit card.
Avoid applying for multiple debts within a short-timeframe
Going in for multiple debts also entails your high-risk appetite impacting your CIBIL™ score negatively. So, manage your debt prudently and keep gaps between multiple debts to improve your CIBIL ™ score.
Additional Reading: How Can I Check My CIBIL™ Credit Score
Check your CIBIL™ score regularly
Check your CIBIL ™ credit report and CIBIL ™ credit score regularly for any errors or omissions. Get the same rectified to increase your chances of getting a good CIBIL™ score.
1. What is considered a healthy CIBIL™ score?
A score between 700 to 900 is considered a good one. It gives confidence to the lender and proves your sound creditworthiness to the lender.
2. Is 600 a good CIBIL™ score?
A CIBIL™ score of 600 is considered below the average credit score. By some lenders and this may lead to the rejection of the credit application.
3. Is 650 a good CIBIL™ score?
With a CIBIL™ score in the range of 561 to 650, lenders may not have much confidence to offer you credit. You are viewed as a credit risk but you may be given loans at excessive interest rates. You may also not receive any pre-approved loans or credit card offers. This CIBIL™ indicates that you have not been responsible for credit in the past. It may mean that lenders have rejected your loan application and you have applied for loans without analyzing your credit situation. It will also mean that you are not staying in jobs with stability and have changed jobs often.
4. How can I reach a CIBIL™ score of 900?
It generally takes a few months to improve your CIBIL™ score. To get to a score of 900, make sure to pay your bills on time and that too completely. Maintain a low credit utilization ratio, keep the right mix of secured and unsecured loans, and avoid making too many credit inquiries in a short time.
5. What is the frequency of the CIBIL™ score update?
Credit institutions submit data at the frequency of 30 to 45 days to CIBIL™. If you happen to purchase your score and report within 45 days of closure/pay-off of your accounts, it may not be updated in CIBIL™ records.
The 4 credit bureaus- CIBIL™, Equifax, Experian, and CRIF highmark offer credit scores in India. The points mentioned above are true for credit scores from any bureau, not just CIBIL™ .
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
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Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
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It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
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In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
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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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