• 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

    CIBIL Reviews

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    • HSBC Bank Credit Card
      "Good Service"
      HSBC BANK
      0.5 5.0/5 "Blown Away!"
      I bought the HSBC VISA PLATINUM CARD online. I used it Couple of times, really good card to use. The beauty of this card is that it is a lifetime free card and there are no additional charges. Overall the whole application process was smooth and hassle free.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2018
    • ICICI Bank Credit Card
      "ICICI bank credit card"
      ICICI BANK
      0.5 3.0/5 "Satisfactory"
      I hold an ICICI bank credit card were i am not satisfied with the limit. At the process my credit card they promised that i will receive the card with in 3 working days but i got the card after 45 days.Offers are fine. There is no annual charge.
      Was this review helpful? 0
      , pune
      Reviewed on May 26, 2018
    • HDFC Bank Saving Account
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I've been using the HDFC bank savings account for the past 7 years, HDFC is pretty good. Their services are fluent and good. The banking experience has been good and their customer support was also very helpful. The mobile App and the Internet banking platform are pretty much convenient.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 26, 2018
    • American Express Credit Card
      "Good Service"
      AMERICAN EXPRESS BANKING CORPORATION
      0.5 4.0/5 "Great!"
      I chose the THE AMERICAN EXPRESS® MEMBERSHIP REWARDS CREDIT CARD because I liked the card out of the options given to me. I am happy with the features. The card has Cash backs, Discounts. Reward points. The limit is very low and is equal to my pay. They will be increasing the limit based on my transactions.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 26, 2018
    • review Other Loan
      "Good Service"
      PAYTM PAYMENTS BANK LTD
      0.5 5.0/5 "Blown Away!"
      I've been using the PayTM services for a while. I hardly use their services. I use PayTM for paying Uber Ola cab booking charges. Other than that there is no use for PayTM. Their services are good and never faced any issues with the platform.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 26, 2018
    • HDFC Ergo Health Insurance
      "Good Service"
      HDFC ERGO GENERAL INSURANCE
      0.5 4.0/5 "Great!"
      I've a health insurance policy form the HDFC Ergo. I pay an yearly premium of 3000. I never had any claim experience with this policy. Overall their services are good and I never faced any issues with their services. I'll have to wait and see how they respond to my claim requests in future.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 26, 2018
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have a recurring deposit with the HDFC bank. The interest rate is nominal. The EMI is Monthly Debited from the salary account. Opening the deposit was very easy and it was done online. Never had any issues with the service.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 26, 2018
    • review Saving Account
      "Good Service"
      STANDARD CHARTERED BANK
      0.5 4.5/5 "Excellent!"
      I've been using the Standard Chartered bank savings account. They Reduced their branches near my area. Now I have to Travel a lot to visit the branch. Their staff was also very professional . I am not using this account now.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 26, 2018
    • HDFC Bank Saving Account
      "Best Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I've a savings account with the HDFC bank. The branch staff is good, their response is good. The mobile application is very useful carrying out transactions. Overall their banking services are more customer centric and never faced any issues with their services.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 26, 2018
    • SBI Cards Credit Card
      "Good Service Poor Customer support"
      SBI CARDS
      0.5 5.0/5 "Blown Away!"
      I've been using the SBI Mumbai Metro Card for a while. Their service is not good. The card is okay to book metro train tickets but never used it. I use this card for shopping and all other purchases online and offline
      Was this review helpful? 0
      , mumbai
      Reviewed on May 26, 2018
    • HDFC Bank Credit Card
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I've been using the HDFC Platinum Credit card for a while. The limit is also good, I have a savings account with the same account. They provide more offers , cash back and reward points are also there with the card. Overall it is a good card to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 26, 2018
    • Citibank Credit Card
      "Good Service"
      CITIBANK
      0.5 4.0/5 "Great!"
      I chose the CITI REWARDS CARD because of the reputation of Citibank in the market. I am happy about the features. The limit they offered is also good I never had any issues with their services. I'll have to use it more to get a clear idea about the benefits
      Was this review helpful? 0
      , mumbai
      Reviewed on May 26, 2018
    • HDFC Bank Personal Loan
      "Good till date"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I bank with HDFC Bank for the credit card and the offers and limit is good. I am able to access the card all over. There are no charges taken for the card. There are benefits like the cash back and rewards. It has been a good experience till date and I am happy with the services.
      Was this review helpful? 0
      , arrah
      Reviewed on May 26, 2018
    • HDFC Bank Saving Account
      "Banking is good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I bank with HDFC Bank for the savings account and the banking process is good. The customer support is also good and the net banking is very convenient to do all my transactions. There are no charges taken for the transfers. The service at the bank is also good.
      Was this review helpful? 0
      , arrah
      Reviewed on May 26, 2018
    • Bank Bazaar Personal Loan
      "Experience is good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      It was a good experience with Bankbazaar.com and there were no hassles in the overall process. The customer services and response is good and there were no issues to get connected with the banks. There were follow up calls and the website is good.
      Was this review helpful? 0
      , arrah
      Reviewed on May 26, 2018
    • HDFC Bank Personal Loan
      "Overall good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with HDFC Bank and the rate of interest is of 13.99% and the processing fee is of 2400. The document collection was delayed and after the paper work was taken I got the loan after two days. I got the loan amount as needed.
      Was this review helpful? 0
      , arrah
      Reviewed on May 26, 2018
    • ICICI Bank Home Loan
      "Nice experience "
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I also bank with ICICI Bank with home loan. The bank was very transparent and clear in the details. If they were to charge me a fee, they would check with me and then process the same. The rate of interest is also normal. I am happy with the clear process and in all it was smooth.
      Was this review helpful? 0
      , raebareli
      Reviewed on May 26, 2018
    • ICICI Bank Credit Card
      "Satisfied"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      There are good offers on the ICICI Bank credit card and the credit limit is good. The customer services and response is good and there are no hassles in the process. There are no charges taken for the card and the card is accessible all over. Good overall.
      Was this review helpful? 0
      , raebareli
      Reviewed on May 26, 2018
    • ICICI Bank Saving Account
      "Banking is good"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      My savings account is with ICICI Bank and the banking services are good. The online banking is good and there are no issues to complete my transactions. There are no charges taken for the banking features and in all it has been a satisfactory experience.
      Was this review helpful? 0
      , raebareli
      Reviewed on May 26, 2018
    • Bank Bazaar Personal Loan
      "Excellent services"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      It was a good experience with Bankbazaar.com and there were no hassles in the overall process. The customer services and response is good and they were on time to reach out to me and provide me with the necessary details. There were follow up calls too. The website is also good.
      Was this review helpful? 0
      , raebareli
      Reviewed on May 26, 2018
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