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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  • Kotak Credit Card
    "Not satified"
    KOTAK MAHINDRA BANK
    0.5 1.0/5 "Really Bad"
    I have recently applied for Kotak mahindra bank credit card , while applying for card they said it is life time free credit card, but after issue the card they said they will be charging annual fee in this card, which was very disappointed me, the said them to cancel for canceling the card they charged 180 rupees,even the credit limit which they have given to me was not good.
    Was this review helpful? 1
    , pune
    Reviewed on May 23, 2019
  • IndusInd Bank Credit Card
    "Good card"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    My experience is good with Indusind Bank, have been using the card for a month. Its Aura Platinum card and the credit limit is average, its only 75K where they need to increase my limit since have expected 1.50L because am having more limit on HDFC card. The process is good and there is no annual fee.
    Was this review helpful? 1
    , hyderabad
    Reviewed on May 23, 2019
  • SBI Cards Credit Card
    "Very Good Service"
    SBI CARDS
    0.5 4.0/5 "Great!"
    It has been close to five years since i am using the SBI Gold Credit Card, the services provided by them had been pretty much good. The card has a good feature of Airport launch access and it also has a good credit limit. There is some annual charges with this card and i am using the card for most of my payments and purchases.
    Was this review helpful? 1
    , bangalore
    Reviewed on May 23, 2019
  • HSBC Bank Credit Card
    "Very Good Service"
    HSBC BANK
    0.5 4.0/5 "Great!"
    I am using the HSBC VISA PLATINUM CARD for the last couple of years, the services with them had been good. There is a good credit limit with this card and it used to provide one plus one movie ticket offers. It does not have any annual charges and i use the card for everything.
    Was this review helpful? 1
    , bangalore
    Reviewed on May 23, 2019
  • HDFC Bank Credit Card
    "Very Good Service"
    HDFC BANK
    0.5 4.0/5 "Great!"
    It has been more than four years since i am using the HDFC Bank DINERS CLUBMILES Card, the services provided by them had been good. There is no annual charges with this card and i am satisfied with the credit limit with this card. There has also been some good benefits in using this card and i use the card for all sort of purposes.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 23, 2019
  • Bank Bazaar Credit Card
    "Very Good Service"
    INDUSIND BANK LTD
    0.5 3.5/5 "Pretty good"
    It has almost been three to four years since i am using the services of Bank Bazaar and the services with them had been quite good so far. I used to check with most of the financial products through them and i had applied for a credit card recently through them. Their customer support team had also been good where they used to do some frequent calls and make follow ups.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 23, 2019
  • IndusInd Bank Credit Card
    "Good Service"
    INDUSIND BANK LTD
    0.5 3.5/5 "Pretty good"
    I had selected the INDUSIND BANK PLATINUM CREDIT CARD since there is a good reward point system with this card, and there has also been some other added benefits as well. The process in getting this card has been good and the card was delivered on the right time. The credit limit with this card is a little less, and there is no annual charges with this card.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 23, 2019
  • review Gold Loan
    "Excellent loan services"
    STATE BANK OF INDIA
    0.5 4.5/5 "Excellent!"
    Interest rates are very less in SBI gold loan. Within an year, i need to get the jewels back. They used to send a letter before the due date. There is no processing fee for the Gold loan. The given gold price is convenient. They are sanctioned the gold loan immediately to the customer.
    Was this review helpful? 0
    , coimbatore
    Reviewed on May 23, 2019
  • review Other Loan
    "Average App"
    PAYTM PAYMENTS BANK LTD
    0.5 3.5/5 "Pretty good"
    I am using the paytm app for doing a recharges, money transfer, booking a movie tickets. I have not received any cashback offers so far. I use the app rarely. I never get chance to speak with their customer care. They are charging highly for the fund transfer.
    Was this review helpful? 0
    , coimbatore
    Reviewed on May 23, 2019
  • HDFC Bank Saving Account
    "Best services"
    HDFC BANK
    0.5 4.5/5 "Excellent!"
    If i don't maintain my balance, they are deducting the non balance maintenance charges. They are deducted lots of hidden charges. HDFC internet banking is easy to use and the mobile app is smooth for fund transfer. The employees are responsive when i visit their branch.
    Was this review helpful? 0
    , coimbatore
    Reviewed on May 23, 2019
  • SBI Saving Account
    "Excellent services"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I opened my savings account from SBI. They are not deducted the charges unnecessarily. Using my account almost for 5 years. I have gone to their branch and the response is fine and they are helpful. I never maintained the minimum balance most of the times even though they have not taken hidden charges. Online banking facility is best.
    Was this review helpful? 0
    , coimbatore
    Reviewed on May 23, 2019
  • Reliance General Two Wheeler Insurance
    "Best policy for two wheeler"
    RELIANCE GENERAL INSURANCE
    0.5 3.5/5 "Pretty good"
    Chosen the two wheeler insurance policy from Reliance. My friends suggested me about this company as its best in the market. I paid the premium amount of Rs. 2000 for a single year. They have given me a coverage value of Rs. 40000. The dealer has done all the formalities. I never had any claim experience.
    Was this review helpful? 0
    , coimbatore
    Reviewed on May 23, 2019
  • review Consumer Durable Loan
    "Best Loan services"
    BAJAJ FINSERV
    0.5 3.5/5 "Pretty good"
    Purchased my washing machine without any down payment by using the Bajaj Finserv. I have just paid the processing fee of Rs. 1500 which is not refundable. I gave the documents of credit card copy and PAN card. Customer care service people are very much helpful.
    Was this review helpful? 0
    , coimbatore
    Reviewed on May 23, 2019
  • review Consumer Durable Loan
    "Best Loan services"
    BAJAJ FINSERV
    0.5 3.5/5 "Pretty good"
    I bought new mobile by using the Bajaj consumer durable loan. I have completed the EMI. 8 months ago got this loan. I have selected the EMI for 6 months. I have paid the down payment of Rs. 10000. They have sanctioned the loan immediately.
    Was this review helpful? 0
    , coimbatore
    Reviewed on May 23, 2019
  • Bajaj Finserv Personal Loan
    "Average Loan"
    BAJAJ FINSERV
    0.5 3.5/5 "Pretty good"
    Taken my personal loan from Bajaj Finance. I purchased the loan 3 months back. The processing of getting the loan is easy and quick hence i have chosen the Bajaj Finance. The given interest rate is high which is 2.5Rs for every 100 Rs. I applied the loan amount of Rs. 1 lakh and they have sanctioned the amount of Rs. 91000 by deducting processing fee and other charges.
    Was this review helpful? 1
    , coimbatore
    Reviewed on May 23, 2019
  • HDFC Bank Credit Card
    "Excellent card"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I am using HDFC bank credit card for long time, they have charged me annual fee in this card, but no idea about waived off option as only for emergency purpose, i am very much happy with the credit limit which they have given me in this card,. so far i am very much happy with the service.
    Was this review helpful? 1
    , vadodara
    Reviewed on May 23, 2019
  • Kotak Credit Card
    "Good"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I was choosen for Kotak credit card , they provide limit credit card is 75 k , while transition rewards point receives. iam particular using for online shopping its easy to do based on credit card i got loan . customer services is good and approach.
    Was this review helpful? 1
    , hyderabad
    Reviewed on May 23, 2019
  • SBI Cards Credit Card
    "Excellent card"
    SBI CARDS
    0.5 5.0/5 "Blown Away!"
    I am very much happy with the credit card of SBI. They have charged me annual fee in this card, based on my eligibility they have given me credit limit, which was okay for me, their service is too good, they use to give good offers on regular basis.
    Was this review helpful? 0
    , vadodara
    Reviewed on May 23, 2019
  • ICICI Bank Credit Card
    "Excellent card"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I am using ICICI bank credit card from long time, I got call from them that i am eligible for credit card so i applied for that, they have charged me annual fee in this card, i do not check waived off option as only for emergency i use it, their credit limit they have given to me was good.
    Was this review helpful? 1
    , vadodara
    Reviewed on May 23, 2019
  • HDFC Bank Credit Card
    "Excellent service"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have been using HDFC bank credit card from long time, they have charged me annual fee as it is life time free credit card, i am happy with the service which they have given to me , their mobile application is user friendly, the credit limit as per my eligibility they have given to me, their overall service is good.
    Was this review helpful? 0
    , vadodara
    Reviewed on May 23, 2019
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