Credit Card CIBIL Score - What is a Good CIBIL Score | Bajaj Finserv (2024)

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Credit Card CIBIL Score - What is a Good CIBIL Score | Bajaj Finserv? ›

A CIBIL score of 750 or above is generally required to qualify for a credit card. This score reflects good creditworthiness, increasing your chances of approval and access to better credit card offers and benefits.

A CIBIL score of 750 or above in your credit report is ideal. It will aid in qualifying you for personal loans and credit cards. However, if your CIBIL score is below 685, you will find it harder to borrow funds from banks and NBFCs.

Your score falls within the range of scores, from 580 to 669, considered Fair. A 587 FICO^® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.

Your score falls within the range of scores, from 750 to 900, that is considered excellent. A 765 CIBIL Score is a significantly above the average credit score. A 765 CIBIL Score is a significantly above the average credit score.

If you consider CIBIL scores, 750 is an excellent score to have. You can easily get any loan at good interest rates. If you further want to improve your CIBIL score, you can follow these steps consistently. The higher your credit score, the easier negotiation power you will have while taking loans.

750-900. If the borrowers pay all their credit card dues and loans on time, their credit score ranges from 750 to 900. CIBIL scores in this range are considered excellent. An applicant with this credit score has a greater chance of getting approved for a loan at the best interest rate.

Your credit score helps lenders decide if you qualify for products like credit cards and loans, and your interest rate. A score of 750 puts you in a strong position. Roughly 48% of Americans had a score of 750 or above as of April 2023, according to credit scoring company FICO. FICO Blog.

Can I get a mortgage with an 587 credit score? Yes, your 587 credit score can qualify you for a mortgage. And you have a couple of main options. With a credit score of 580 or higher, you can qualify for an FHA loan to buy a home with a down payment of just 3.5%.

Is a 900 credit score possible? ›

While achieving a CIBIL Score of 900 is technically possible, it is extremely rare. Scores above 760 are considered very good or exceptional, providing significant benefits such as lower interest rates and higher chances of loan approval.

Most lenders consider a score of 740 or higher to be excellent. However, the credit score needed to buy a house using a conventional loan can be as low as 620.

You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

CIBIL vs Experian - FAQs

Is Experian better than CIBIL? Both the Experian credit score and the CIBIL credit score are good and trustworthy. But the CIBIL has an advantage over the Experian score in India, as over 90% of Indian credit companies use the CIBIL score as the standard.

A 750 credit score generally falls into the "very good" range, which shows lenders that you're a very dependable borrower. People with credit scores within this range tend to qualify for loans and secure the best mortgage rates. A 750 credit score could help you: Qualify for a mortgage.

A CIBIL score is a quantifying scale that ranges from 300 to 900. The higher the score, the better your creditworthiness. A score of 750 or above is generally considered good, while a score below 600 is considered poor.

Usually, the minimum CIBIL score considered by various lenders for credit card approval is 700 or above. However, the generated credit scores shall vary, as per various credit bureaus, such as TransUnion CIBIL, Experian, Equifax, and CRIF High Mark.

The minimum credit score for most credit cards is 640-700+, but you can get some cards with bad credit or no credit score at all. Some credit card companies won't even check your credit history when you apply, making it easy to get approved as long as you have enough income to afford the monthly bill payments.

Unfortunately, a score of 670 is not a good credit score. You will need a co signor to get any loan and almost impossible to get a credit card. You may be able to obtain credit, but the rates will likely be much higher.

Cards for those with an average credit

If you have an average credit score (around 650), you may have more options than someone with no credit history. You may be able to get approval for premium cards—which have additional perks and benefits—but these could come with a lower credit limit and higher interest rates.