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Get answers to commonly asked questions related to credit bureaus
You might have come across the word ‘CIBIL™ score’ while forwarding your loan or credit card application at the bank. CIBIL™ score is integral for lenders while granting approval for your loan or credit card. CIBIL™ is one of the main credit bureaus operating in India which provides a credit report and CIBIL™ score for helping lenders evaluate your creditworthiness based on your past credit information. Therefore, having a good CIBIL™ score ensures you can get your credit card approved easily by the bank.
The minimum CIBIL™ score required for getting a credit card approved is generally 750. This implies that credit card applicants may get their approvals rejected by top credit card companies if their CIBIL™ score is less than 750. Applicants having a low credit score below 700 are usually not approved for premium credit cards from the top credit card issuing companies.
However, that does not mean applicants with a low CIBIL™ score cannot get a credit card approved by banks. Banks do issue credit cards to lower CIBIL™ score applicants, which comes at some cost. Such applicants would get credit cards at a higher interest rate and a lower credit limit. This is because banks consider applicants with a low CIBIL™ score as high-risk. Banks will always conduct a thorough check on your past credit information and CIBIL™ score before granting you the credit card.
It is, therefore, considered prudent to maintain a CIBIL™ score of 750+ to get faster approval and better terms on the credit card.
Additional Reading: How much of a CIBIL™ score is required for a credit card
CIBIL™ generates CIBIL™ score refers to a 3-digit numeric synopsis of your creditworthiness, i.e., a credit score which is in the range of 300 - 900.
In India, four credit bureaus - CIBIL™, Equifax, Experian and CRIF High Mark, are authorized by the Reserve Bank of India (RBI), to generate credit reports and credit scores. CIBIL™ score holds wide relevance amongst the lender fraternity in India for evaluating your financial well-being.
A CIBIL ™ score of 750 and above is deemed a good CIBIL™ score. A CIBIL™ score getting nearer to the maximum credit score limit of 900 is deemed as an excellent credit score warranting very sound financial behaviour on the part of the borrower with respect to repaying debt. Lenders consider you a trustworthy borrower and are assured of your capability to repay the balance on time. The higher the credit score, the greater are your chances of not only getting a loan or credit card approved but also being able to negotiate better terms with your lender.
Any score in the range of 550-749 signifies a not so good financial prudence on the part of the borrower and even entails a risk of default on loan or credit card payments, to the lender. A score of 350-549 indicates the high-risk borrower category leading to loans or credit card approvals getting rejected by the lender.
Additional Reading: What Is A Good CIBIL™ Score
In India, credit cards are considered equivalent to an unsecured loan by banks as these are provided entirely on the basis of an applicant’s creditworthiness. As such, banks run a high risk of default on credit card payments leading to losses which makes them be very careful while scrutinizing and granting approval. CIBIL ™ score and credit report generated by CIBIL ™ thus form an integral part of the credit card lending framework for checking the borrowers’ credit track record to prove the genuineness of the borrower’s financial capability while repaying credit card dues. CIBIL ™ score also helps banks to analyze and evaluate applicant’s record of late payments and defaults on other credit cards or loans and their diligence in paying the dues. As such, a good CIBIL ™ score is considered very important for lenders before issuing a credit card.
Key benefits for a credit card holder with a good CIBIL ™ score are
1. How much CIBIL™ score is required for a credit card?
It is ideal to maintain a CIBIL™ score of at least 750 in order to qualify for better deals on credit cards and faster approval. CIBIL™ score is one of the eligibility criteria before getting your credit card approved. There are other factors that influence the approval of your credit card application and the final decision is with the lender.
2. With a good CIBIL™ score, what are the benefits you can get on credit cards?
You will be able to get the following benefits with a good CIBIL™ score:
3. Can I get a credit card with no CIBIL™ score?
Banks and other lending institutions are providing credit cards to people without a credit history. This is because there are other factors that determine a credit card issuer’s decision to provide you with a credit card. For example: Even if you don’t have a credit history, if you are working in a reputed firm and if you have a stable monthly income, you will get a credit card. But if your CIBIL™ score is good and if you have a good credit history, you will be eligible for the best credit cards with a higher credit limit and lower interest rates.
4. How can you establish a good CIBIL™ score with a credit card?
You can create a good CIBIL™ score with a credit card by doing the following:
5. How can I get a credit card with a bad credit score?
Credit card users have increased and so have credit card defaulters. Lenders are hesitating to give credit cards to people with a low credit score and credit history. Although tough, it is not impossible for people to obtain credit cards with a low credit score and bad credit history. Start with a secured credit card that has a reasonable credit limit. The secured credit is backed up by the cardholder’s cash deposit. If the cardholder is unable to make payments, then the deposit acts as a collateral for the credit card issuer. It is essential to build a good credit score. Once you buy a secured credit card, stick to making timely payments and build a good credit score and credit history.
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
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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
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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
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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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