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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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    • Bank Bazaar All Products
      "Good service"
      ALL BANKS
      0.5 4.0/5 "Great!"
      Easy one click application made applying credit card easy and the process is really so easy and smooth you just have to upload the documents and the the agent will ccome to you for verification and that's it is as simple as it is really a good service
      Was this review helpful? 0
      ,
      Reviewed on Jul 18, 2018
    • review Other Loan
      "Best Service"
      PAYTM PAYMENTS BANK LTD
      0.5 5.0/5 "Blown Away!"
      Paytm provides good services when compared to other sources in the market. Offers like cash back are good in paytm services and there are no transaction issues. I use this service for multipurpose like shopping and making payments.The mobile application is easy to use in paytm.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 18, 2018
    • SBI Saving Account
      "Best banking service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      My salary account is with SBI from last 6-7 years, it was a good experience so far and i did not face any issues with this bank. The banking services are very good in this bank and their response is on time. Net banking is easy to use and there are no issues on transactions.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 18, 2018
    • Bank Bazaar Credit Card
      "Good service"
      CITIBANK
      0.5 4.0/5 "Great!"
      I know bankbazaar.com from last 1-2 years, my experience was good so far with bankbazaar. The services provided by bankbazaar is good when compared to others in the market. Customer service was good and they responded on time. I check for offers on bankbazaar website.
      Was this review helpful? 1
      , vadodara
      Reviewed on Jul 18, 2018
    • SBI Cards Credit Card
      "Best card to use"
      SBI CARDS
      0.5 5.0/5 "Blown Away!"
      I hold a signature credit card with SBI from last 3 years, i have to pay annual charges every year for this credit card. I am happy with the credit limit provided by SBI credit card. I get 2 free movie tickets and reward points in this credit card. Net banking is easy to make bill payments.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 18, 2018
    • ICICI Bank Credit Card
      "Average card"
      ICICI BANK
      0.5 3.0/5 "Satisfactory"
      I have a credit card with ICICI bank from last 3 years, an annual fee of Rs 499 has to be paid for this credit card. I have a coral credit card and the benefits are very limited in this credit card like 1+1 movie tickets from book my show. The credit limit is less in this credit card.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 18, 2018
    • Indian Bank Home Loan
      "Excellent Service"
      INDIAN BANK
      0.5 5.0/5 "Blown Away!"
      The process in getting this Home Loan had been very smooth and easy and within 3 days i had got this loan. The interest rate which they had been charging had been 8.3% and it was convenient and normal. The loan amount had been satisfactory and there has not been any issues faced with the banking services of them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 18, 2018
    • Citibank Credit Card
      "Best card to use"
      CITIBANK
      0.5 5.0/5 "Blown Away!"
      My experience was very good with CITI bank credit card, an annual fee of Rs 499 has to be paid for this credit card. It is a cash back credit card and i use this for multipurpose. Customer service was good and they followed up on time. I received my credit card within 2 days and the process was smooth.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 18, 2018
    • Canara Bank Personal Loan
      "Excellent Service"
      CANARA BANK
      0.5 5.0/5 "Blown Away!"
      It has been a very good service which they had provided so far. The process in getting this loan had been very good and the loan amount which they had provided had been satisfactory as well. After applying the loan has been disbursed immediately, and there hasn't been any hassle faced with the banking services.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 18, 2018
    • Star Health Health Insurance
      "Best policy"
      STAR HEALTH & ALLIED INSURANCE
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy with Star health from last 15 years and it is a good policy. It is a family policy with the coverage value of Rs 7 lakhs for this insurance. I have no claim experience so far from this insurance and i pay a premium of Rs 4000 for this insurance.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 18, 2018
    • Bharti Axa Two Wheeler Insurance
      "Best policy"
      BHARTI AXA GENERAL INSURANCE
      0.5 5.0/5 "Blown Away!"
      I have my two wheeler insured with Bharti Axa from last 11 years, i am happy with the coverage an plan benefits of this insurance policy. A premium of Rs 1100 has to be paid for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 18, 2018
    • review Saving Account
      "Very Good Service"
      INDIAN BANK
      0.5 4.0/5 "Great!"
      I had been holding this Savings account for the last seven years and it had been a good service which they had been providing so far. There has not been any sort of charges which they had been making with any of the banking services. Their staff response and the customer support had been very good and there hasn't been any hassle faced with the banking services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 18, 2018
    • review Saving Account
      "Best banking service"
      INDIAN BANK
      0.5 5.0/5 "Blown Away!"
      I am banking with Indian bank from last 10 years, the banking services and their facilities are pretty good with this bank when compared to other banks. Customer service of Indian bank is good and they responded on time. ATM branches are working fine in Indian Bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 18, 2018
    • Bank Bazaar Credit Card
      "Best Service"
      CITIBANK
      0.5 5.0/5 "Blown Away!"
      This was my first time experience with bankbazaar and it was good, i came to know about bankbazaar through advertisement. Customer service was fine with bankbazaar and their response was on time. Website of bankbazaar is user friendly and easy to navigate.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 18, 2018
    • Canara Bank Saving Account
      "Good service"
      CANARA BANK
      0.5 4.0/5 "Great!"
      I had been holding this Savings account from the year of 2015 and the services which they had been providing had been good. The daily withdrawal limit with them had been 40 thousand. There has been some small charges which they had been making for more than 5 withdrawals. Other than that everything has been good with them like the customer support and the staff responses had been prompt.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 18, 2018
    • Citibank Credit Card
      "Good Card to use"
      CITIBANK
      0.5 5.0/5 "Blown Away!"
      I have got my CITI bank cash back credit card, the process was smooth and i received my credit card on time. I have to pay an annual fee of Rs 499 for this credit card. Customer service was good and they followed up on time. I use this credit card for shopping and business purpose.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 18, 2018
    • HDFC Bank Credit Card
      "Good service"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      I had been using this card till the year of 2005 and the experience with the card has been good. They had given me with a good credit limit of 75 thousand, and i am not sure there has been any annual fee was there with the card. I have discontinued with them for some personal reasons.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 18, 2018
    • Bank Bazaar Credit Card
      "Good service"
      CITIBANK
      0.5 3.5/5 "Pretty good"
      Bankbazaar provides good services when compared to others in the market. I am using the services of bankbazaar from last 6 months. Customer service was good and they responded on time. I check my credit score on bankbazaar website, it is user friendly and easy to use.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 18, 2018
    • ICICI Bank Credit Card
      "Best card to use"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have a coral credit card with ICICI bank from last 2-3 years, an annual fee of Rs 499 has to be paid for this credit card. I use this credit card for shopping and movie tickets. I get 1+1 movie tickets from bookmyshow and i am happy with the credit limit in this credit card.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 18, 2018
    • Citibank Credit Card
      "Good Card to use"
      CITIBANK
      0.5 4.0/5 "Great!"
      My credit card was approved with CITI bank and the experience was good, i received my credit card within 1 week. I am happy with the credit limit in this credit card and there was no annual fee charged. I use this credit card for shopping purpose. The only issue i found is, i am not getting monthly statement.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 18, 2018
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