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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

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CIBIL Reviews

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  • Experian
    "Quite friendly and awesome"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    It's amazing.. based on the report towards on my email.. I am able to reach to take further steps to close my dept. It's amazing.. based on the report towards on my email.. I am able to reach to take further steps to close my dept. Regards Francis
    Was this review helpful? 471
    ,
    Reviewed on Nov 11, 2019
  • Experian
    Experian
    "nice"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    Good place to take personal loans and credit cards, fastrack applicationds but simply rejecting applications what the purpose my crdit score is 816 i did not got at least single prpproved they are continl distrub us for uploading but no use
    Was this review helpful? 511
    ,
    Reviewed on Aug 21, 2019
  • Experian
    "Good place to take personal loans and credit card"
    EXPERIAN
    0.5 2.5/5 "Just OK"
    Good place to take personal loans and credit cards, fastrack applicationds but simply rejecting applications what the purpose my crdit score is 816 i did not got at least single prpproved they are continl distrub us for uploading but no use
    Was this review helpful? 478
    ,
    Reviewed on Aug 14, 2019
  • Experian
    "CT"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    I am using KOTAK MAHINDRA bank urban credit card for more than 4 years. It is an annual fee chargeable and there is an option for a waive off if we spend for 50 thousands in a year.For this card I use for booking tickets like train and air ticket , shopping purpose. So based on the usage I have not get reward points and cash back yet.
    Was this review helpful? 490
    ,
    Reviewed on Jul 11, 2019
  • Experian
    "Need to provide reward points and cash back"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    I am using KOTAK MAHINDRA bank urban credit card for more than 4 years. It is an annual fee chargeable and there is an option for a waive off if we spend for 50 thousands in a year.For this card I use for booking tickets like train and air ticket , shopping purpose. So based on the usage I have not get reward points and cash back yet.
    Was this review helpful? 505
    ,
    Reviewed on Jun 26, 2019
  • Experian
    "Good card"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    In Axis bank, i don't get any offers. 2 years ago, i have started using the card and my credit limit very good which is Rs. 90000 after the usage, they have reduced upto Rs. 42000 and every six month they are enhancing the limit. They are not sending the offers hence i'm planning to close the card by next month since lots of cards are not required.
    Was this review helpful? 494
    ,
    Reviewed on Jun 24, 2019
  • Experian
    "SBI bank Credit card"
    EXPERIAN
    0.5 4.5/5 "Excellent!"
    I came SBI card through bank bazar online, I want a best credit cards for me , in bank bazar website I found a SBI card based on my credit score & this card are give me best rewards points , I'm using this card from 2 year & I give best thankful to bank bazar because his customers service is superb.
    Was this review helpful? 545
    ,
    Reviewed on Jun 11, 2019
  • Experian
    "CREDIT REPAIR "
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    I need to share my experience how I evicted all collection on my report. I paid off my hospital bills from the collection agency that the hospital sent me to and the collection refuse to remove from credit. I am trying to get a house. I have called the collection agency and they didn't remove it, so what do i do. It paid off and i want this collection remove. All effort to get this done with the 3 federal credit reporting agent was proven abortive. I did some research and found this credit repairer Global Technologies. I sent a mail to his G mail (globaltechnologies46 at G mail com) how he could get me out of these mess!! He replied and explain in details how he will evict all collection on my report. He did a wonderful job for me.
    Was this review helpful? 505
    ,
    Reviewed on May 10, 2019
  • Experian
    "Credit Report"
    EXPERIAN
    0.5 4.5/5 "Excellent!"
    Credit Report is providing a ease way to understand my cibil score and it is providing me an opportunity to apply for n number of banks. It is super good and i find it very cool and comfortable. Having perfect design, user friendly and accurate with more information..
    Was this review helpful? 511
    ,
    Reviewed on May 08, 2019
  • Experian
    "Review of Credit Report"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    The credit report gives an excellent indication of my credit situation. The reports are updated with a lag. So, the exact credit situation is only reflected after a couple of months. Nevertheless, experience is good. The graphical representations are also good.
    Was this review helpful? 493
    ,
    Reviewed on May 04, 2019
  • Experian
    "Ease of use, quick access and detailed report"
    EXPERIAN
    0.5 3.5/5 "Pretty good"
    Recently I was about to apply for a loan and found bankbazaar through a search engine. Wanted to check my eligibility and credit score before i wanted to proceed further, Bankbazaar made it easy as they have all solutions in one platform. Im extremely satisfied with the services.
    Was this review helpful? 490
    ,
    Reviewed on Apr 30, 2019
  • Experian
    "Credit Report"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    Awesome Service on credit report which is updated all the time. Very accurate and perfect. I could check and apply for various financial products. Keep it Up Bank Bazaar Team........................................................
    Was this review helpful? 497
    ,
    Reviewed on Apr 30, 2019
  • Experian
    "Credit Report"
    EXPERIAN
    0.5 4.5/5 "Excellent!"
    It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
    Was this review helpful? 471
    ,
    Reviewed on Apr 30, 2019
  • Experian
    " My credit card is not show my security is very good"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    Credit card is not show my credit card is very good please help my credit card I have interest credit card please give me credit card I have happy it card miss you me please credit card me I have not credit card please give me credit card thanks give me card
    Was this review helpful? 471
    ,
    Reviewed on Apr 29, 2019
  • Experian
    "credit report"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    It was a great experience to fetch credit report through you guys . now i receive my monthly report which helps me track my credit status. This report helped me to apply for different financial products through bank bazaar. I happy with you guys.
    Was this review helpful? 484
    ,
    Reviewed on Apr 25, 2019
  • Experian
    "Excellent Service by Bank Bazaar"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    I could find bank bazaar to be very convenient in checking my credit score for applying any loan or an application for credit cards. Also after keying all the details the bank bazaar people wont disturb. Whenever there is an offer you will get a text regarding the information. Thanks for getting my accurate Credit score
    Was this review helpful? 485
    ,
    Reviewed on Apr 23, 2019
  • Experian
    "Experian credit report"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    I checked my credit score in bankbazaar web site ,it has given score with in span of seconds. I wondered ,it is free of cost for checking. It is really a wonder. Congrats to bankbazaar team members . Thanks a lot once again to all bankbazaar team members
    Was this review helpful? 519
    ,
    Reviewed on Apr 05, 2019
  • Experian
    "Realiable credit score"
    EXPERIAN
    0.5 4.5/5 "Excellent!"
    I checked my credit score in bank bazar website. It gave instantly with all my banking past history. It was very much useful. It helped me know my credit status report at no cost . It only required few hassle free clicks and that over.Really appreciable!
    Was this review helpful? 530
    ,
    Reviewed on Mar 24, 2019
  • Experian
    "Credit Score Tracking"
    EXPERIAN
    0.5 4.5/5 "Excellent!"
    I am using bank bazaar features from last few years. Service provided by bankbazaar is good when compared to others in the market . Customer service is good and their response is good. One step solution for all you banking needs . A periodic tracking of your credit score is maintained well and kept updated in email as and when new scores arrive .
    Was this review helpful? 602
    ,
    Reviewed on Mar 08, 2019
  • Experian
    "Very nice"
    EXPERIAN
    0.5 5.0/5 "Blown Away!"
    Thanks I visited a number of sites on regards in the above matter, but what ever the response I got through bank bazar was marvellous and extra ordinary.... Thanq for providing such easy platform for getting in touch to obtain the debit cards so easily.
    Was this review helpful? 571
    ,
    Reviewed on Mar 02, 2019
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