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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  • LIC Life Insurance
    "Good Service"
    LIFE INSURANCE CORPORATION OF INDIA
    0.5 4.5/5 "Excellent!"
    I have taken life insurance policy directly through LIC agent .This was a maturity benefit policy and the premium was paid on quarterly basis around Rs.1800 to the agent. This policy tenure is 15 years ad taken for family benefits only. The process was very smooth and the agent clearly shared the whole process of this policy .
    Was this review helpful? 0
    , thrissur
    Reviewed on Feb 19, 2020
  • review
    review Personal Loan
    "Good service "
    SHRIRAM CITY UNION FINANCE
    0.5 4.0/5 "Great!"
    I have applied a personal loan directly from SHRIRAM FINANCE. The loan amount was Rs. 50k and the rate of interest was medium 18%. I am paying monthly EMI Rs. 3085 this is a second month, they called me directly regarding the loan offer and given all my documents then it was approved within 1 week. Customer service and response was good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 19, 2020
  • HDFC Bank Personal Loan
    "Good Service"
    HDFC BANK
    0.5 4.5/5 "Excellent!"
    I have applied for HDFC Bank personal loan through online .I have not availed this loan since got the update someone will come and collect the documents but no one turned up to take documents hence have cancelled the plan. But the rate of interest and the processing fee is okay.
    Was this review helpful? 0
    , thrissur
    Reviewed on Feb 19, 2020
  • review Other Loan
    "Good service "
    INDIABULLS
    0.5 4.0/5 "Great!"
    From INDIA BULLS, they approached me a personal loan. The loan amount was Rs. 32k i got this loan based on my CREDIT score. The rate of interest was medium 22% with the tenure of 2 years, i already paid 9 EMI and the amount was Rs. 1817. Customer service was good and i receive this loan within a week.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 19, 2020
  • Tata capital Personal Loan
    "Excellent Service"
    TATA CAPITAL LIMITED
    0.5 5.0/5 "Blown Away!"
    The rate of interest was 18.99%, it was quite nominal according to me .I have got personal loan from Tata Capital Ltd through online .There was a delay on document process and it took more than 2weeks to sanction this loan other than this the process was much comfortable .
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 19, 2020
  • HDFC Bank Personal Loan
    "Satisfied"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have availed personal loan through HDFC Bank .The rate of interest and the processing fee was very nominal .The loan process was done very quickly and this loan was sanctioned on proper time frame.Bank agent shared all the information about this loan and it was taken only for my personal use
    Was this review helpful? 1
    , secunderabad
    Reviewed on Feb 19, 2020
  • IndusInd Bank Personal Loan
    "Very Good Service"
    INDUSIND BANK LTD
    0.5 3.0/5 "Satisfactory"
    I have applied for Indusind bank personal loan through online .I have not taken the loan since arranged the amount by myself and the requirements are fulfilled. The rate of interest and the processing fee was was not an issue .I have not given any of my documents to the bank.
    Was this review helpful? 1
    , new delhi
    Reviewed on Feb 19, 2020
  • review Other Loan
    "Excellent Service"
    PAYTM PAYMENTS BANK LTD
    0.5 5.0/5 "Blown Away!"
    I am using paytm service very frequently for food purpose, shopping ,recharge and movie ticket booking .There are cash back offers sometime .I am using this service almost 1 year and this transactions are done on a fraction of seconds . I have been receiving proper notifications also it is helpful to track if have any query.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Feb 19, 2020
  • HDFC Bank Personal Loan
    "Service was Good"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have applied for personal loan directly through HDFC Bank. Everything was good to me when applied for this loan but it was not processed from bank end. They didn't provide me any reason regarding the process. The documents are uploaded online and got a proper acknowledgement from bank end .
    Was this review helpful? 1
    , gurgaon
    Reviewed on Feb 19, 2020
  • Axis Bank Saving Account
    "Best Account"
    AXIS BANK
    0.5 5.0/5 "Blown Away!"
    Currently I'm holding a salary account from Axis bank which I am operating from the year of 2015. Its mandatory to maintain a minimum balance of Rs. 20000. When i visited their branch the response is good and the staffs are very helpful. The branch is not that much crowded and hardly I need to wait only for 15 minutes.
    Was this review helpful? 0
    , chittorgarh
    Reviewed on Feb 19, 2020
  • HDFC Bank Saving Account
    "Best Account"
    HDFC BANK
    0.5 4.0/5 "Great!"
    In my office location and home location only HDFC branch was available thats the reason i have selected the savings account from HDFC bank. In my family also most of the people are holding account from this bank. I need to hold a minimum balance of Rs. 5000. Internet banking facility is really good. I'm getting OTP immediately whenever i do the online transaction.
    Was this review helpful? 0
    , chittorgarh
    Reviewed on Feb 19, 2020
  • Axis Bank Credit Card
    "Better Card"
    AXIS BANK
    0.5 5.0/5 "Blown Away!"
    Earlier i was having a salary account with Axis bank based on that they have provided me a credit card. In Axis bank, I'm holding a previlege card for that they are providing a Yatra voucher worth of Rs. 5000. I got the credit limit of Rs. 1.31 lakhs. I need to pay the annual fee of Rs. 1000. When i use upto Rs. 4 lakhs yearly they will send Rs. 1000 to my credit card account.
    Was this review helpful? 1
    , chittorgarh
    Reviewed on Feb 19, 2020
  • HDFC Bank Credit Card
    "Good Card"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    In 2017, i have purchased the credit card from HDFC actually this is the offer given by HDFC bank without charging me any annual fee and joining fee. I don't get any special offers. They sent a representative to my office to collect all the documents. Within 15 days, they have sent me a credit card to my office address. Overall, the process was good!
    Was this review helpful? 1
    , chittorgarh
    Reviewed on Feb 19, 2020
  • Tata capital Personal Loan
    "Good process"
    TATA CAPITAL LIMITED
    0.5 2.5/5 "Just OK"
    Since I'm working for TATA project, i have selected the personal loan from TATA capital and they are offering me a interest rate of 11.5%. I can do a pre-closure after 6 months and the charges are less when i compared to others. First they have asked me to provide the existing foreclosure documents due to that my loan got rejected.
    Was this review helpful? 0
    , chittorgarh
    Reviewed on Feb 19, 2020
  • HDFC Bank Saving Account
    "Best savings account"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I am using savings account from HDFC Bank more than 8 years. This is salary cums savings so no need to maintain minimum balance. If i do shopping or cash withdrawal i am getting alert message. Customer service was good and i got international debit card.
    Was this review helpful? 0
    , srikakulam
    Reviewed on Feb 19, 2020
  • SBI Cards Credit Card
    "Good "
    SBI CARDS
    0.5 5.0/5 "Blown Away!"
    Recently 3-4 weeks back, i have taken a SBI credit card. I met a person from mall and i applied this card and the credit limit was okay. SBI has some annual charges of Rs.499 wavier is there but not sure about terms and conditions. I have started using this card mostly for groceries and shopping.
    Was this review helpful? 1
    , srikakulam
    Reviewed on Feb 19, 2020
  • review Other Loan
    "Good Service"
    PAYTM PAYMENTS BANK LTD
    0.5 3.0/5 "Satisfactory"
    I am using this service very frequently for shopping, recharge, money transfer. There are cash back offers which is very useful .Transaction can be done on faster basis and I like cash back offers on this service .I am feeling much comfortable by using Paytm.
    Was this review helpful? 0
    , pune
    Reviewed on Feb 19, 2020
  • HDFC Bank Credit Card
    "Good card"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I am using HDFC Bank credit card more than 1 year. This is a life time free card and i am happy with the credit limit what they given. This is a money back card i am getting more cash back offer, mostly i use this card for dinning, shopping and their service was good.
    Was this review helpful? 1
    , srikakulam
    Reviewed on Feb 19, 2020
  • SBI Cards Credit Card
    "Good Service"
    SBI CARDS
    0.5 4.0/5 "Great!"
    I have SBI credit card which was taken through bank directly .The credit limit was 90,000, it was really sufficient .This card is easy to use. This was a chargeable card and the card was delivered on exact time frame .The process was really good and there was no difficulties faced so far on using this credit card .
    Was this review helpful? 1
    , ranchi
    Reviewed on Feb 19, 2020
  • HDFC Bank Personal Loan
    "Instant loan approval"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have taken a personal loan from HDFC Bank and the loan amount was Rs.3L , the rate of interest was nominal. I am paying EMI 10500 with the tenure of 3 years. Customer service was good, there is no pre closure charges. I applied this through my net banking and i received this amount within 30minutes.
    Was this review helpful? 0
    , srikakulam
    Reviewed on Feb 19, 2020
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