699 CIBIL Score: Is it Good or Bad

A 699 CIBIL score is very close to the good range and indicates that you have a relatively healthy credit profile. While it’s not considered “excellent,” this score is high enough to increase your chances of securing loans and credit cards at competitive interest rates. 

 

With a 699 credit score, you’re in a good position to access a variety of financial products, though improving your score slightly could give you access to even better terms.

A CIBIL score of 699 is classified as fair but is very close to the “good” category. It suggests that you’ve demonstrated responsible credit usage, with minor areas of improvement needed to secure the best loan and credit card offers. With this score, you may face slightly higher interest rates and lower loan amounts compared to individuals with a score above 700, but overall, you are seen as a lower-risk borrower compared to those with lower scores.

A 699 credit score is evaluated differently by various credit bureaus in India. While it may be classified as fair by some bureaus, others might consider it on the lower side of good. Each bureau has its own scoring scale, which determines where your score stands.

Yes, it is possible to get a personal loan with a 699 CIBIL score, as it is just one point away from the “good” range. You may qualify for a loan, but the terms may not be as favourable as those offered to individuals with higher scores. Expect slightly higher interest rates and stricter conditions, but overall, approval is likely as long as your income and financial stability meet the lender's criteria.

• Offer Collateral

If you’re applying for a larger loan, offering collateral (e.g., property or car) may help reduce the risk for lenders.

• Apply with a Co-applicant

If your co-applicant has a higher score, it can improve your approval chances and help you secure better terms.

• Provide Income Proof

Ensure you have clear and strong income documentation to show lenders your financial stability

• Reduce Debt

Lowering your outstanding debt will improve your debt-to-income ratio and increase your loan approval chances

• Maintain a Low Credit Utilisation Ratio

Keeping your credit utilisation below 30% will demonstrate responsible borrowing habits to lenders.

A 699 CIBIL score opens up the possibility of securing a credit card, but the terms may not be as generous as those offered to individuals with scores above 700. You may be approved for a card with a lower credit limit and higher interest rates, but there are still options available. 

With this score, you're likely to qualify for entry-level or basic credit cards that can help you further build your credit over time. Responsible usage of these cards can help you qualify for better cards in the future.

Credit Card Types for Fair Scores

For individuals with a 699 CIBIL score, the following types of credit cards may be available:

• Secured Credit Cards

These cards require a fixed deposit as collateral. They are a good option for rebuilding credit.

• Entry-level Credit Cards

Many banks offer basic credit cards with low limits and moderate annual fees, designed for individuals with fair credit.

• Retailer-Specific Cards

These are store-specific credit cards that usually offer low credit limits and are easier to qualify for.

What to Expect: Limits, Charges & Conditions

When applying for a credit card with a CIBIL score of 699, you can expect:

• Credit Limits

Typically low limits, ranging from ₹10,000 to ₹50,000, depending on the issuer

• Annual Fees

The annual fee may be higher than for premium cards and might vary depending on the card type

• Interest Rates

Interest rates are likely to be higher than for individuals with a higher credit score, making carrying a balance more costly

• Rewards

Cards designed for fair credit scores typically come with fewer rewards or no rewards at all

How to Improve Eligibility

Improving your eligibility for a credit card with a 699 CIBIL score can be done by following these steps:

• Maintain Timely Payments

Ensure all your payments are made on time, including loans, credit cards, and utility bills

• Improve Your Credit Score

Working on increasing your score can help you qualify for better terms

• Start with a Secured Card

If your score is at the lower end of the fair, a secured card might be an excellent way to start

• Use Credit Responsibly

Avoid maxing out your credit card limits and keep your balance well below the credit limit.

Your CIBIL credit report is made up of several key components that influence your credit score:

• Credit Utilisation

This is the percentage of your total available credit that you're currently using. Keeping this ratio low is important for a healthy credit score.

• Personal Information

Includes your name, address, and other personal details. These details are important for identity verification.

• Accounts

This section shows your active and closed credit accounts, including loans and credit cards.

• Repayment History

This section records your on-time payments, missed payments, and late payments.

• Credit Inquiries

When a lender checks your credit report, it is logged here. Too many inquiries can hurt your score.

Although a 699 CIBIL score is still considered fair, it is essential to keep working towards improving it. With consistent financial habits, you can increase your score and secure better terms on loans and credit cards. 

Here’s what you can do:

Stay Calm – Scores Are Repairable

A 699 CIBIL score is not a bad score, but there’s room for improvement. Stay calm and focused on improving your credit score. With time and consistent effort, you can increase your score and move into the “good” range. Avoid making drastic changes to your credit habits and focus on manageable steps, such as paying bills on time and reducing debt.

Check Credit Reports Regularly for Errors

It’s essential to regularly check your CIBIL credit report for any errors. Mistakes in your report, such as outdated information or incorrect payment history, can lower your score unnecessarily. Take advantage of your right to access your credit report and dispute any errors promptly to ensure your score reflects accurate information.

Dispute Errors on Credit Report

If you spot discrepancies in your credit report, such as missed payments that were actually on time or accounts that should have been closed, dispute these errors with the credit bureau. Correcting these mistakes can improve your score and increase your chances of getting better loan and credit card terms.

Avoid Applying for Multiple Loans or Credit Cards

Frequent applications for loans or credit cards in a short period can hurt your 699 CIBIL score. Each time you apply for credit, the lender conducts a hard inquiry, which can slightly lower your score. Apply for new credit only when necessary and avoid excessive credit applications in a short time frame.

Keep Older Credit Accounts Active

The age of your credit accounts plays an important role in your CIBIL score. The longer your accounts have been open and well-managed, the better your score. Keep older credit accounts active, even if you don’t use them often, as they help to show a long, stable credit history.

Timely Payments

Making timely payments is one of the most important factors in improving your credit score. Ensure that you never miss a due date for any bills, including credit cards, loans, and utilities. Setting up reminders or automatic payments can help you stay on track and avoid damaging your score.

Reduce Credit Utilisation Ratio

One of the most effective ways to improve your 699 CIBIL score is by lowering your credit utilisation ratio. Ideally, you should keep your credit utilisation below 30% of your available credit limit. High credit utilisation can indicate over-reliance on credit and can negatively affect your score.

Improving your 699 CIBIL score to 750+ will require consistent effort and good financial habits. By making smart financial choices and focusing on improving key areas of your credit profile, you can move closer to the "good" credit range.

Payment Consistency and Its Impact

Making timely payments is essential to improving your credit score. Even small delays can negatively impact your score. Set up reminders or automate payments to ensure you never miss a payment, which will help raise your score over time.

Managing Credit Responsibly: Utilisation and Mix

Keeping your credit utilisation ratio below 30% and maintaining a balanced credit mix (e.g., credit cards, personal loans, and mortgages) can help boost your credit score. Lenders like to see that you can handle various types of credit responsibly.

How Long to Improve from 699 to 750+

Improving your 699 CIBIL score to 750+ can typically take anywhere from 6 to 12 months, depending on how effectively you manage your finances. The key is to maintain consistent habits like paying bills on time, reducing credit card balances, and avoiding unnecessary credit applications.