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Understand and Interpret CIBIL Score Ranges

Your CIBIL score is an extremely important factor considered by lenders prior to approving your loan application. It is reasonable to equate the credit score to the marks achieved on the school report card. However, unlike school reports, the base algorithms for your credit score are determined, giving various weightings and importance to each parameter of the credit report. 

The score assesses your capacity to meet financial obligations as a person or an entity. In addition, through historical trends of credit use and loan settlement behaviour, the CIBIL score offers necessary insights into your credit history. But a good CIBIL score doesn't mean that the moment you apply, lenders will just part with funds. To assess your capacity to repay, they will look at your financial portfolio and sources of income as well.

Understanding CIBIL score ranges

CIBIL scores can range anywhere between 300 and 900, with 900 denoting maximum creditworthiness. In other words, if your CIBIL score is inching towards 900, then just by arriving at banks and financial institutions’ doorstep, they can roll out the red carpet for you.

  • What is an excellent score? (700-900)

This score range places you in the top creditworthiness bracket and, if you approach lenders, they will be generally very optimistic. The score indicates that you have wisely used your credit cards, paid your card fees, repaid loans on time, did not run up huge debt, and are typically a financially responsible person. You are a low default risk in trade parlance. The best rates will be offered to you as well, interest wise.

  • What is a good score? (600-700)

You're not in the top tier as well as you will get the loan at a higher rate of interest comparatively. Those with credit scores ranging from 600 to 700 are commonly seen as "subprime borrowers," which means that qualifying for better loan terms could be more difficult to find. This range implies that payment has been delayed or defaulted a number of times in the past. Personal loans can be hard for a bank to approve and hefty interest can be charged by a private financier.

  • What is an average score? (500-600)

A little bit of free spending on your money? You may need to focus on the practicality of your finances. Although your credit score might mean that having a loan would be really hard, you should work on improving your CIBIL score. Pay credit card bills on time, repay loans on time, maintain the correct credit mix, and generally avoid activities with lenders or credit agencies that raise red flags.

  • What is a bad score (below 500)?

Has your application been rejected? Your loan or credit card application is unlikely to be approved by banks or financial institutions because your past is likely to be riddled with defaults and delayed payments. You're going to have to work hard to increase your ratings. It's going to take time, but not impossible.

Each time an individual applies for a personal loan, a credit check on the financial health of the potential borrower is performed by the bank or lending institution. That is, they are seeking a high credit score from CIBIL. In most cases, a CIBIL score of 750 plus is considered suitable for making use of a personal loan. If you wish to avail a Bajaj Finserv Personal Loan on Finserv MARKETS, your score should preferably be above 700.

It pays to have a good score. A high credit score will get you loans that are better and faster. However, for those individuals who have an immediate need for capital, a low CIBIL score can be terrifying as this can adversely affect their borrowings. All isn't lost, however. With these smart moves, you can build up your credit score.

  1. Pay your dues on time.

  2. Maintain a healthy credit mix.

  3. Apply for new credit within your limit.

  4. Review your credit history frequently throughout the year.

  5. Build up a good history gradually.

Credit Score Video

CIBIL Report

Ever considered quantifying your financial health in specific parameters? With the Financial Health Check Report (FHCR) on Finserv MARKETS.

FAQs

  • ✔️What is an excellent score in CIBIL?

    An excellent CIBIL score is a CIBIL score above 700. A good CIBIL score will be followed by many benefits such as quicker approval, a low-interest rate on the credit facility, higher loan amount, longer repayment period, and more.

  • ✔️What is the CIBIL score range?

    The CIBIL score ranges from 300 to 900 and reflects the creditworthiness of an individual. The score of 600 and below is considered Poor, while the score of 800 and above is considered 'Excellent'. Credit score or CIBIL score is one of the first factors checked by lenders when they receive a loan application.

  • ✔️Is 750 a good CIBIL score?

    A CIBIL score of 750 or above in your credit report is ideal and will aid in qualifying you for Personal Loans and Credit Cards.

  • ✔️How can I get a 900 CIBIL score?

    To move the CIBIL score closer to 900, make sure to pay your bills on time and in full, keep credit utilization low, maintain the right mix of secured and unsecured loans and avoid making too many credit inquiries in a short span of time.

  • ✔️Is 800 a good CIBIL score?

    Yes, scores above 800 are considered high and you can easily ask for a lower rate on Personal Loans and Credit Cards.

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