738 CIBIL Score: Is it Good or Bad

The terms ‘CIBIL score’ and ‘credit score’ are often used interchangeably, but there is a technical distinction. TransUnion CIBIL, one of India’s four major credit bureaus, calculates the CIBIL score based on your credit history and repayment behaviour. 

So, the CIBIL score refers to one type of credit score. If your score is 738, and it is generated by TransUnion CIBIL, then it is both a CIBIL score and a credit score.

Whereas a credit score is a broader term used to describe scores provided by any credit bureau, such as Experian, Equifax, or CRIF High Mark. Lenders use these scores to evaluate how responsibly you manage credit and repay loans. 

A higher score suggests you can manage the limits of your credit cards well. This increases your chances of loan or credit card approval.

This score reflects responsible credit behaviour and qualifies you for various financial products. Under most credit scoring models, including those used by lenders in India, scores between 700 and 749 fall into the 'good' range.

With a score of 738, you are likely to qualify for credit cards and loans with favourable interest rates and terms. However, lenders also assess other factors such as your income, employment status, and repayment capacity.

A 738 credit score is a strong indicator of responsible financial behaviour and solid credit management. It typically falls under the good category across credit bureaus, making it easier to access financial products like loans and credit cards with favourable terms. 

With a higher score, you can improve your chances of securing loans at lower interest rates. This can lead to significant savings throughout your loan term.

Personal Loan Available for a 738 Credit Score

A credit score of 738 typically qualifies you for personal loans from most lenders. Along with your score, lenders will assess your income, existing debt, and overall credit history before making a decision.

With a good score like 738, you may be eligible for a personal loan of up to ₹55 Lakhs from multiple lenders through %$$BrandName$$. 

Credit Card Options with a 738 Credit Score

With a credit score of 738, you can qualify for premium credit cards that offer benefits such as cashback, travel rewards, introductory 0% APR, and balance transfer features. However, approval also depends on your overall financial profile and the issuer’s specific criteria. 

For instance, over 10 credit card partners on Bajaj Markets offer credit cards with this score. 

Home Loan Available for a 738 CIBIL Score

A credit score of 738 is considered good and supports your eligibility for various home and property-related loans. With this score, you can apply for home loans of up to ₹15 Crores from multiple lending partners on Bajaj Markets.

Business Loan Available for a 738 CIBIL Score 

A score of 738 typically strengthens your chances of business loan approval, helping you access capital for expansion, operations, or upgrades. Several lenders on Bajaj Markets offer business loans of up to ₹80 Lakhs to meet your business financing needs, subject to lender approval and your financial profile.

Vehicle Loan Available for a 738 CIBIL Score

A 738 credit score allows you to qualify for vehicle loans at competitive interest rates. Several lenders on Bajaj Markets offer two-wheeler loans with up to 100% loan-to-value (LTV), making it easier to finance your purchase. 

Disclaimer: Credit approval is subject to the lender’s internal policies, eligibility criteria, and documentation.

Lenders typically consider a CIBIL score above 700 ideal for extending pre-approved loan and credit card offers. With a score of 738, you are likely to receive favourable terms. However, final approval also depends on factors such as income stability, employment history, and existing financial obligations.

A credit score of 738 indicates good credit health, but it does not guarantee approval. Lenders also evaluate your broader financial profile before making a decision. Common reasons for rejection include:

• Irregular Income: Frequent job changes or inconsistent earnings

• High Debt Burden: A high debt-to-income ratio reflected in your credit report

• Recent Credit Applications: Multiple recent enquiries may raise concerns

• Credit Report Issues: Errors, defaults, or negative remarks in your report

• Guarantor or Co-Applicant Risk: Acting as a guarantor for a defaulted loan or applying with a low-score co-applicant

A 738 CIBIL score indicates strong credit health. To keep it steady or improve it, go through your detailed credit report on the Bajaj Markets app:

1. Score History

Check how your score has changed over six months using a line graph. If you are new to the app, only your current score may be shown.

2. Factors Affecting the Score

Get clarity on the elements affecting your score:

• Repayment History: Shows the ratio of timely vs late payments

• Card Limit Use: Using less of your credit limit is marked positively

• Credit Age: A longer credit history usually improves your score

• Loan Mix: Having only unsecured loans might reflect limited diversity

• Credit Inquiries: Too many recent applications can lower your score

3. Loan Account Details

Find information on your existing loans, such as:

• Lender and loan category

• Last EMI payment made

• Sanctioned vs outstanding balance

• EMI amount and transaction history

4. Credit Card Summary

View the following credit card details:

• Total credit limit and utilised limit

• Issued date

Maintaining or improving a CIBIL score of 738 requires consistent financial discipline and smart credit practices. Here are some practical strategies to consider:

• Pay Bills on Time

Timely payments on all financial obligations, such as EMIs, utility bills, and credit card dues, ensure a strong payment history. Set up automatic payments or reminders to ensure timely bill payment.

• Monitor Credit Utilisation

Keep your credit utilisation ratio below 30% of your total available credit limit. It will showcase responsible credit usage.

• Regularly Check Credit Reports

Reviewing your credit reports allows you to identify and address discrepancies that may affect your score negatively. Even minor inaccuracies in your credit report can impact your score. Regularly reviewing the report helps ensure it remains accurate and error-free. 

• Avoid Frequent Credit Applications

Limit applications for new loans or credit cards to reduce hard inquiries. These hard inquiries can temporarily lower your score.

• Maintain a Healthy Credit Mix

Use a balanced combination of secured loans (like home loans) and unsecured credit (like credit cards or personal loans) to diversify your credit portfolio.

• Lower Outstanding Debts

Paying off existing debts will help to lower your debt-to-income ratio. This will positively impact your credit score.

• Keep Older Accounts Active

Retaining older credit accounts contributes to a longer credit history. This improves your credit profile.

• Set Up Payment Alerts

Set up automatic payments or reminders to ensure you never miss a due date.