CIBIL Score -1 - Everything You Need To Know (2024)

FAQs

CIBIL Score -1 - Everything You Need To Know? ›

A good CIBIL score is usually 750 or above. This number tells lenders you're responsible with credit. The better your past behavior with loans and credit cards, the higher your score climbs. Lenders find a CIBIL score of 750 or more appealing, making them more likely to approve loans.

Your CIBIL score, calculated based on your credit behavior as reflected in the 'Accounts' and 'Enquiries' section of your CIR, ranges between 300-900. A score above 700 is generally considered good. Monthly or annual income details as reported by the Members (Banks and Financial institutions).

A good CIBIL Score is a score between 700 to 900, which means the borrower has a higher chance of getting a higher loan amount at a low-interest rate. CIBIL has access to the credit information of around 600 million people and has 2,400 members that include lenders of all varieties.

The minimum CIBIL score for a personal loan is between 720 and 750. Having this score means you are creditworthy, and lenders will approve your personal loan application quickly. They may also offer you your chosen loan amount at a nominal interest.

TransUnion CIBIL is among the oldest and most reputable Credit Information Companies in India. Nearly all leading organisations are members of the bureau.

A 700 CIBIL Score is considered to be in the "Good" range. While it may not be the highest possible score, it still reflects a commendable credit history. Most lenders consider a score of 700 or above as a positive indication of a borrower's creditworthiness. However, 750+ is viewed as the ideal credit score.

Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

Steps to take to improve the CIBIL score:

Pay down existing loan and make sure all your EMIs and credit card dues are paid on time going forward. Even one missed payment can significantly impact your score. 2 Bring your credit utilisation lower: This refers to the amount of credit you're using compared to your limit.

One of the most impactful ways to improve your CIBIL score and achieve a score as near as a credit score of 900 is by consistently paying your credit card bills on time. Late payments can have a negative impact, so setting up reminders or automatic payments can help ensure you never miss a due date.

Your 771 credit score puts you in an excellent position to qualify for these. It's also worth mentioning that interest rates can vary significantly among lenders, even for borrowers with the exact same credit score. So, if you're buying a home or car, it's important to shop around for the best loan terms.

Can you buy a house with a credit score of 720? ›

Home loans

Assuming you have enough income, a 720 credit score is likely high enough to help you get a government-backed mortgage such as an FHA for VA loan. However, it's probably not high enough to get the lowest interest rates available.

Absolutely. Your 720 credit score will qualify you for an auto loan, assuming your income justifies it. However, it's important to realize that your credit score can make a big difference in the interest rate you get. And this is especially true in auto lending.

A credit score of 800 means you have an exceptional credit score, according to Experian. According to a report by FICO, only 23% of the scorable population has a credit score of 800 or above.

CIBIL offers a detailed credit report. Equifax also offers a detailed report but it also provides a pictorial representation of the credit report which is easier to understand. CIBIL has a larger network of clients and partner banks and financial institutions when compared to Equifax.

However, the credit scores issue by Equifax and CIBIL™ and the other two companies all have the same validity. The CIBIL™ score might be more well-known because CIBIL™ has been in operation for a longer time and has many more years of historical data.

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.

This score ranges between 300 and 900. The higher the score, the better the eligibility. Usually, a score of 550 to 600 is considered low and insufficient to meet the personal loan eligibility criteria. Therefore, availing of a personal loan with a CIBIL Score of 550 is difficult.

Is a credit score of 650 considered bad? No, you can still get loans on a credit score of 650. But it is a good idea to work on your credit score before it drops below 600. A score of below 600 needs immediate attention.

Your score falls within the range of scores, from 750 to 900, that is considered excellent. A 769 CIBIL Score is a significantly above the average credit score. A 769 CIBIL Score is a significantly above the average credit score. Borrowers in this range are likely to receive easy approvals when applying for new credit.