What does your CIBIL Score signify?

There may come a point in a person’s lifetime when taking out a big money loan becomes something of a priority in order to acquire certain things of necessity, such as a house or a car. Before doing so, however, it is imperative to understand the huge role your CIBIL score plays in proving your credit eligibility.

A CIBIL score is a three-digit numerical representation or summary of a person’s entire credit history and is generated from the information in your credit report. These scores range between 300-900 points and take into account any information relating to the person’s creditworthiness. While most banks have their own cut-off values, a score of 750 or above is generally deemed good enough to obtain a loan, while anything less than that could make the process a bit more difficult.

To truly understand what your CIBIL score really entails, it is necessary to delve into your credit report. Remember, the more impressive your credit report is, the higher your CIBIL score will be and vice versa.

Probably the biggest component in determining your credit score is your past record when it comes to making your payments. In a nutshell, if you have a history of making timely payments and have shown sound financial management on a consistent basis, then this will be reflected by a high CIBIL score. On the flipside, a credit history littered with late payments, collections, financial negligence or insolvency will most certainly be reflected by a low CIBIL score.

Banks and lenders also place huge importance on how much you owe before they decide to grant you a loan. CIBIL scores can be negatively impacted by the amount of unserviced debt you have acquired and could prove to be a major stumbling block when applying for a loan. This could be in the form of amounts that you owe on credit cards, mortgages or any other loans you have taken in the past. Regular payments of loan installments as well as maintaining a low credit card balance can show you in a positive light in the eyes of the lenders and keep your CIBIL score up.

Credit scores also take into consideration the duration of your credit history. It is always to your benefit to have built up a long history of credit usage and as long as it isn’t dotted with account mismanagement. While it takes a while to build up a substantial credit history, it can certainly contribute to raising your CIBIL score to more-than-satisfactory levels.

Although not as large a factor as some of the others mentioned previously, the number of new accounts you have opened can affect your CIBIL score as well. Opening new accounts while already under financial strain makes you a credit risk, which may put off banks and lenders when the time comes to approach them for loans. It is important to keep in mind that any new account you open creates a credit inquiry on your credit report. Too many of these in a short period of time will inevitably bring down your CIBIL score.

Alternatively, your credit score also reflects whether you have a good mix of various categories of credit. While it may not make a massive difference to your CIBIL score, it can be beneficial to have multiple accounts under different classifications such as mortgages, credit cards etc, as long as they are managed with a good degree of stability and competence.

While there certainly are more factors that go into formulating a credit score, a good CIBIL score usually ticks all the boxes above.

Read More on CIBIL

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CIBIL Reviews

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  • IndusInd Bank Credit Card
    "Good"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    I received a card on time which was applied through an online with INDUSIND bank. It is a life time free credit card. The credit limit is given was okay because I was expecting more than that. So far no issue faced by using this card. Their service is good.
    Was this review helpful? 5
    , mumbai
    Reviewed on Oct 17, 2019
  • HDFC Bank
    HDFC Bank Credit Card
    "Need to enhance the credit limit"
    HDFC BANK
    0.5 3.0/5 "Satisfactory"
    For the past 2 years I am using HDFC BANK credit card for more than 2 years with low credit limit of 21 thousands only for 2 years I am using this card yet they have not enhance it. It is a life time free credit card. EMI option is applicable and charges are nominal.
    Was this review helpful? 2
    , hyderabad
    Reviewed on Oct 17, 2019
  • SBI Cards Credit Card
    "Need to enhance the credit limit"
    SBI CARDS
    0.5 3.0/5 "Satisfactory"
    I have been holding SBI credit card for more than 3 years. It is an annual fee chargeable of 2000 rupees and there is no option for a waiver off. The credit limit is sufficient for 50 thousands only. EMI option is applicable for this card and it is nominal.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 17, 2019
  • ICICI Bank Credit Card
    "Good Service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have ICICI Bank credit card which was taken through Bank directly .I am using this credit card for the past 2.5 years ,The credit limit was very less and there was no difficulties faced so far ,I have got the credit card on time without any hassle and this card is really good to use .
    Was this review helpful? 2
    , hyderabad
    Reviewed on Oct 17, 2019
  • ICICI Bank Saving Account
    "Always excellent"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I am with ICICI BANK for more than 10 years and there was no privilege till today. Their online services are good and easy to operate. They are sending SMS notification and there were no charges. I am holding salary account so there is no need for minimum balance. ATM's are much more convenient to use.
    Was this review helpful? 1
    , chennai
    Reviewed on Oct 17, 2019
  • IndusInd Bank Credit Card
    "Excellent"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    The reason for taking Indusind Bank Ltd credit card because of the higher credit limit. I have used the card and made a payment as well without any difficulty. The credit limit is more than sufficient. They did not inform me about the reward points. The documentation process is easy.
    Was this review helpful? 0
    , chennai
    Reviewed on Oct 17, 2019
  • RBL Bank Credit Card
    "Good Service"
    RATNAKAR BANK
    0.5 3.0/5 "Satisfactory"
    I am holding RATNAKAR BANK credit card for more than 2 years. It is an annual fee chargeable card of 1000 rupees and there is an option for a waiver off for a certain amount of usage. EMI option is applicable and charges are nominal. I use this card for many purposes.
    Was this review helpful? 3
    , hyderabad
    Reviewed on Oct 17, 2019
  • IndusInd Bank Credit Card
    "Excellent Service"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    I have Indusind Bank credit card which was taken through Online .I have got the credit card on delay basis it took 1month time that was the difficulty faced by me .The credit limit was good and this was a free card .I am really satisfied with the service so far .There was no cash back offers and reward points .
    Was this review helpful? 1
    , hyderabad
    Reviewed on Oct 17, 2019
  • Citibank Credit Card
    "Good Service"
    CITIBANK
    0.5 3.0/5 "Satisfactory"
    I have Citi Bank credit card for the past 1 year .I am using this credit card for the past 1year .I have got all the required details about the card process ,I have got this credit card on time without any hassle .The credit limit was pretty good and there was no drawbacks faced .I am satisfied with the service .
    Was this review helpful? 0
    , mumbai
    Reviewed on Oct 17, 2019
  • RBL Bank Credit Card
    "Good Service"
    RATNAKAR BANK
    0.5 5.0/5 "Blown Away!"
    I have Ratnakar Bank credit card which was taken through Bank .I am using this credit card for the past 1 year and it was a chargeable card ,I have got my credit card on time without any delay .The credit limit was really good and there was no drawbacks faced .I am realy satisfied with the service .
    Was this review helpful? 0
    , mumbai
    Reviewed on Oct 17, 2019
  • SBI Cards Credit Card
    "Good Service"
    SBI CARDS
    0.5 4.0/5 "Great!"
    I have State Bank OF India credit card which was taken through Bank direclty.I am using this credit card for the past 6 years .I have got good credit limit and there was no difficulties faced while using tis card .It is very easy to use and very comfortable as well .I am satisfied with this credit card so far.
    Was this review helpful? 1
    , mumbai
    Reviewed on Oct 17, 2019
  • HDFC Bank Credit Card
    "Good Service"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have HDFC Bank credit card which was taken through Bank.I am using this credit card for the past 6 years .I have got all the required details about the card process ,I have got my credit card on time without any details .The credit limit was really good and there was no drawbacks faced .I am totally satisfied with the service .
    Was this review helpful? 3
    , mumbai
    Reviewed on Oct 17, 2019
  • IndusInd Bank Credit Card
    "Good Service"
    INDUSIND BANK LTD
    0.5 4.0/5 "Great!"
    I am using Indusind Bank credit card which was taken through Online .The credit limit was very good it was upto 1 lakh it was sufficient .I have got all the required details about the card process.I have not faced so far on using this card .This was a free card .I am totally satisfied with the service .
    Was this review helpful? 0
    , mumbai
    Reviewed on Oct 17, 2019
  • Kotak Credit Card
    "Good Service"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I have Kotak Mahindra Bank credit card which was taken through Bank .I am using this credit card for the past 4 years ,This card is very easy to use and there was no difficulties faced so far .I am really satisfied with the service .I am comfortable with the service so far.
    Was this review helpful? 1
    , bangalore
    Reviewed on Oct 17, 2019
  • RBL Bank Credit Card
    "Good Service"
    RATNAKAR BANK
    0.5 5.0/5 "Blown Away!"
    I have Ratnakar Bank credit card which was taken through Bank directly. I am using this credit card for the past 1 year and got all the required information about the card process very clearly . This was a chargeable card and the credit limit was really good and it was 1,52,000. I am completely satisfied with the service.
    Was this review helpful? 1
    , bangalore
    Reviewed on Oct 17, 2019
  • IndusInd Bank Credit Card
    "Need to enhance the credit limit"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    I received a card on time which was applied through an online with INDUSIND bank. It is a life time free credit card. The credit limit is given for 75 thousands which was low because I was expecting more than a one lakh. EMI option is applicable. I have been using this card for shopping, fuel and restaurant purpose.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 17, 2019
  • SBI Cards Credit Card
    "Very Nice to use"
    SBI CARDS
    0.5 3.0/5 "Satisfactory"
    In SBI, they are providing a voucher if i pay the annual fee of Rs. 3000 and if i use more than Rs. 5000 yearly, the annual fee is getting waived off. In SBI, i have a prime card. They gave me a credit limit of Rs. 50000. Customer care service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 17, 2019
  • IndusInd Bank Credit Card
    "Very Good to use"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    They have given me a nice offers and the rewards points will be nice when I'm getting in a shopping. I have got the credit limit of Rs. 1 lakhs. There is a annual fee of Rs. 3000 but i can pay this by using the rewards points. I have got the first month bill and i have to pay on 24th of this month. The statement is clear to understand.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 17, 2019
  • ICICI Bank Credit Card
    "Good Service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have ICICI Bank credit card which was taken through Bank directly.I am using this credit card for the past 4 years and got all the required information about the card process very clearly .This was a free card and and there was no difficulties faced so far on using this card .
    Was this review helpful? 1
    , bangalore
    Reviewed on Oct 17, 2019
  • SBI Cards Credit Card
    "Good Service"
    SBI CARDS
    0.5 5.0/5 "Blown Away!"
    I have State Bank Of India credit card which was taken through Bank.I am using this credit card for the past 4 years.This was a free card and there are good reward points as well as cash back offers .I have submitted the required documents very clearly .There are good reward points as well as cash back offers .I am satisfied with the service so far.
    Was this review helpful? 1
    , bangalore
    Reviewed on Oct 17, 2019
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