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  • 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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    • review Health Insurance
      "Its Average"
      IFFCO TOKIO GENERAL INSURANCE
      0.5 3.0/5 "Satisfactory"
      I am holding IFFCO TOKIO health insurance around four years, but I don't have any claim experience as of now. My company is paying for the health insurance, they gave the medical coverage of Rs. 5 lakhs its has covers for me. It got good network hospital with cash less treatment facility.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • ICICI Bank Saving Account
      "Customer's friendly bank"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Its has convenient banking system, my home branch is near to my office they give very good response. ICICI online banking is also very convenient to do the transactions, it has an option to track credit card transaction, I normally use this account to shop with Amazon and Flipkart to get special discount.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • HDFC Bank Credit Card
      "Its Convenient credit card"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I am using HDFC credit card only for the shopping purpose, in my area, many shops are accepting HDFC credit card and I am getting special discounts. I am getting good rewards points for all transaction, I am very fine to use HDFC credit card without any hassles.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • Citibank Credit Card
      "Better card to use"
      CITIBANK
      0.5 5.0/5 "Blown Away!"
      Using IndianOil Citi Platinum card for past 10 years. This card is particularly used for the fuel filling purposes, there is also reward points available in this card, which can be redeemed for the fuel purposes . I am happy with the credit limit with this card. Overall I can say it is a better card to use.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Average "
      ICICI BANK
      0.5 3.0/5 "Satisfactory"
      Due to lacking of documents only especially when it comes to address proof, I have not taken the personal loan with the ICICI bank and the rate of 12%. I would like to say that the customer service needs to improve with the ICICI bank and the response too.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • SBI Cards Credit Card
      "Its Good to hold"
      SBI CARDS
      0.5 3.0/5 "Satisfactory"
      I am getting very good follow up calls from SBI on credit card reminder and they updating good offers on time. I am fine with the credit card its good credit limit. I used to get some offers in online shopping, but I am not much aware of other offers.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • review Saving Account
      "Scope for improvement"
      STATE BANK OF PATIALA
      0.5 2.0/5 "Expected more"
      I am having savings account with State bank of Patiala and its the zero balance account. Net banking services are not really working in a good way, also its very slow. Customer service is not at all really good. I would like to suggest that they need to improve in every aspect.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • Standard Chartered Bank Credit Card
      "Very good card to use"
      STANDARD CHARTERED BANK
      0.5 5.0/5 "Blown Away!"
      Having Standard Charted Super Value Titanium credit card for almost past 10 years. I get benefits like cash back offer, reward points with this card, but I don't use much. This was my first credit card. I am happy with the credit limit. SCB also asked me to upgrade my card but then I haven't accept it. Overall it is very good card to use.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Citibank Home Loan
      "Descent"
      CITIBANK
      0.5 3.0/5 "Satisfactory"
      I got the home loan with the CITI bank and the interest rate was around 8.5% and now they have increased it up to 14% like I got it before thirteen years of time. Tenure is around four to five years of times are remaining. Rest of the rate of interest everything works in the good way.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • ICICI Bank Credit Card
      "Convenient for shopping"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I am using ICICI Ferrari credit card, there was no charges for it. I used to get discounts on movie ticket, fuel surcharges etc. I have accumulated 5000 reward points, I could convert those points into voucher and do the shopping its really good.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • Cholamandalam Finance Car Loan
      "Average "
      CHOLAMANDALAM FINANCE
      0.5 3.0/5 "Satisfactory"
      Currently, I am having the car loan with the Cholamandalam finance and the rate of interest is around 13.5%. Within three days of time, the loan amount got disbursed and there is no collateral. I have not seen any difficulties with them.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • review Saving Account
      "Good service"
      HSBC BANK
      0.5 5.0/5 "Blown Away!"
      For past 5 years I am using HSBC salaried account. I use only net banking to do any kind of transaction with HSBC, I do have a mobile application with HSBC which is very easy use and customer friendly. Overall the HSBC is good at their banking service.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Oriental Insurance Car Insurance
      "Descent"
      ORIENTAL INSURANCE
      0.5 4.0/5 "Great!"
      I have car insurance policy with the Oriental insurance company and the coverage value is around 6 lakh Rupees. Depreciation value is also good one with them and they have provided third party coverage and I have not faced any claims with them till now.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • ICICI Bank Saving Account
      "Good Service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      In 2003 I availed ICICI bank services. I do have savings account, credit card, demat account also I had taken the loans from the bank. My family members also holding account with the same bank. Their services are quite good and approachable.
      Was this review helpful? 0
      , meerut
      Reviewed on May 24, 2017
    • Star Health Health Insurance
      "Descent"
      STAR HEALTH & ALLIED INSURANCE
      0.5 4.0/5 "Great!"
      From the last eight years of time, I do have health insurance with Star health insurance company and its been provided by my friend. I have faced a claim , also they have provided around 80% to 90% of the cost of treatment as reimbursement. Response is good one with them and I got the settlement within twenty days of time.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • SBI Education Loan
      "Worst bank for an Education Loan"
      STATE BANK OF INDIA
      0.5 1.0/5 "Really Bad"
      I had applied to SBI for an education loan for my studies abroad. I had applied 3 months in advance, but they took a very long time to complete the process. I was promised that upto 80% of the loan would be covered by the bank, but finally after 3 months they approved only 57% of the loan amount.
      Was this review helpful? 0
      , thane
      Reviewed on May 24, 2017
    • ICICI Bank Credit Card
      "Good Service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I had taken a credit card from ICICI bank which is free from annual fees. I used to receive reward points and cash back offers from the bank regularly. I did not face any issues for my credit card till date. The customer service is good with ICICI.
      Was this review helpful? 0
      , meerut
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good in Response"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      The interest rate is too high for the personal loan with ICICI bank,which is of 16.5% so I just cancelled my loan application. But from the bank I received very good response for the loan application. I do have multiple account with ICICI bank. All their service are good.
      Was this review helpful? 0
      , meerut
      Reviewed on May 24, 2017
    • ICICI Prudential Life Insurance
      "Descent"
      ICICI PRUDENTIAL
      0.5 3.0/5 "Satisfactory"
      I do have life insurance policy with the ICICI prudential insurance company. Its the term plan and am paying around 3000 Rupees per month and the coverage value is for 12 lakh Rupees. Customer service is good one with them and I have not faced any issues with them till now.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is an excellent one because they have contacted me in couple of times, also I am using it from the last two to three months of time. I would like to say that the response is good one with the Bankbazaar.com and am happy with them.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
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