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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  • review Personal Loan
    "Need to decrease interest rate "
    BAJAJ FINANCE LIMITED
    0.5 4.0/5 "Great!"
    BAJAJ FINANCE has offered a pre approved personal loan offer and I accepted for the same. I have taken this loan 2 months back. The process was smooth and submitted required docuemtns within 1.5 hrs amount was credited to my account with 1.64L with tenure period of 4 years. The rate of interest is 18% which is high. Fee was deducted of 9K. There is pre closure option after 30 days with charge of 4%. EMI need to pay the amount of 4K. The best which I would like to say is online process was done with short term.
    Was this review helpful? 25
    , chennai
    Reviewed on Mar 21, 2020
  • ICICI Bank
    ICICI Bank Personal Loan
    "Good service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    The tenure for ICICI personal loan is for 3 years, I have taken the loan for some personal purposes. I got my loan statements on time but the interest rate of the loan is 12% which is bit high for me. I wish the bank can reduce it up to 10%. Otherwise everything is good about the loan.
    Was this review helpful? 19
    , hyderabad
    Reviewed on Mar 21, 2020
  • RBL Bank Credit Card
    "Easy to convert for EMI "
    RATNAKAR BANK
    0.5 4.0/5 "Great!"
    I got RBL card offer from BAJAJ Finance. I have been using this card past 10 months which is a life time free card. The credit limit is sufficient of 55K. EMI conversion is avail and I can convert via mobile app whenever required with nominal charge. I use this card for general purpose. Based on usage I get points but not yet redeem it.
    Was this review helpful? 56
    , chennai
    Reviewed on Mar 21, 2020
  • SBI Cards Credit Card
    "Good service"
    SBI CARDS
    0.5 4.0/5 "Great!"
    SBI credit card have offers and reward points but I have not redeem them yet, this is a domestic card, the credit limit is of 50000 which I am very much satisfied as per my need. I got my statement on time. I used this card for personal purposes.The card is very user friendly.
    Was this review helpful? 60
    , hyderabad
    Reviewed on Mar 21, 2020
  • SBI Cards Credit Card
    "Ok service"
    SBI CARDS
    0.5 5.0/5 "Blown Away!"
    I am using SBI credit card for more than three months, there are some reward points and offers in the card. I used this card for online shopping, fuel surcharge and groceries.The credit limit of the card is sufficient and I like the most about the card is that it is a life time free card and very good to use.
    Was this review helpful? 53
    , hyderabad
    Reviewed on Mar 21, 2020
  • IndusInd Bank Credit Card
    "Ok service"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    The bank agent suggest me to take credit card from INDUSIND and I have taken it because it doesn't have any annual fee. The offer and reward points are available in the card are good. I am satisfied with the limit of the card. I used the card for general purposes. But it will be nice, if the offers and reward points will be more.
    Was this review helpful? 41
    , jaipur
    Reviewed on Mar 21, 2020
  • IndusInd Bank Credit Card
    "Good service"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    I am using INDUSIND credit card for 3 months. The card have no offers available and also there is no rewards. The only benefit is that its a life time free card and the credit limit is only for 75000 I am not that satisfied as i expected to get around 1.5 lakh. Apart from the limit over all experience is good.
    Was this review helpful? 40
    , chennai
    Reviewed on Mar 21, 2020
  • IndusInd Bank Credit Card
    "Excellent card"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    I have got INDUSIND credit card few months ago and I have used it for two months now ,the credit limit of the card is Rs.70000 which is a life time free card. The bank have informed me every details about the reward points and offers but I have not got any time check it. I am satisfied with their card service.
    Was this review helpful? 41
    , hyderabad
    Reviewed on Mar 21, 2020
  • ICICI Bank Credit Card
    "Good service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    Am having ICICI credit card for two years, I feel good and have not face any issues. The best part about the card is its a life time free card. I used to get my card statement on time. I used this card for shopping, groceries and for many other personal purposes.I am using the bank mobile app which function smooth and simple.
    Was this review helpful? 51
    , faridabad
    Reviewed on Mar 21, 2020
  • SBI Cards Credit Card
    "Good service"
    SBI CARDS
    0.5 5.0/5 "Blown Away!"
    I have used SBI credit card for 2-3 months, but I have not got any time to check about the offers available in the card. The limit of the card is 38000 and I am satisfied because its a life time free card. I used to get my card statement on time and the net banking is also working very well.
    Was this review helpful? 57
    , faridabad
    Reviewed on Mar 21, 2020
  • IndusInd Bank Credit Card
    "Good service "
    INDUSIND BANK LTD
    0.5 4.0/5 "Great!"
    Since it is a life time free card offer from INDUSIND so I chosen it and applied through online. I received a call on time and they have done the verification process. Hence I received the card by 7 days, the credit limit is okay for me. Its easy to use for all purposes.
    Was this review helpful? 38
    , chennai
    Reviewed on Mar 21, 2020
  • Citibank Credit Card
    "Good "
    CITIBANK
    0.5 4.0/5 "Great!"
    CITI has provided good offers and benefits on 2 months before. So I chosen this card and applied through online. It is annual fee chargeable of 500 rupees bu there is waiver off option if I spend 30K within a year. The credit limit is 65K. There is EMI conversion avail for this card.
    Was this review helpful? 37
    , coimbatore
    Reviewed on Mar 21, 2020
  • HDFC Bank Credit Card
    "very good"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have used credit card from HDFC bank for 1 year which is very good and also very comfortable, its a life time free card and lots of offers are available in the card. This card was suggested to me by my colleague. Mobile banking also functions very smooth.
    Was this review helpful? 63
    , bangalore
    Reviewed on Mar 21, 2020
  • IndusInd Bank Credit Card
    "Average service"
    INDUSIND BANK LTD
    0.5 4.0/5 "Great!"
    INDUSIND bank credit card have an credit limit of of Rs.75000, there is no offers available in the card and it also have a charges of 3000 along with GST. I hardly receive any remainder messages for my bill payment due to that some time I could not pay my bill on time. I would advise them send my bill on time before the due date.
    Was this review helpful? 40
    , bangalore
    Reviewed on Mar 21, 2020
  • Axis Bank Car Loan
    "Average"
    AXIS BANK
    0.5 4.0/5 "Great!"
    Through showroom got suggestion to take a car loan from AXIS bank. I taken this loan on 3 years back. I got the loan amount of 4L with tenure period of 4 years. The rate of interest was okay. I done the down payment of around 1.5L. EMI need to pay of 10,500 rupees. The car model is Swift Dzire. I taken for commercial purpose based on amount which I get on monthly doing the EMI payment.
    Was this review helpful? 25
    , kolkata
    Reviewed on Mar 21, 2020
  • ICICI Bank Credit Card
    "Need to increase the credit limit "
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have been using ICICI card for more than one year. They have provided an annual fee chargeable card and waiver off option is applicable. The credit limit is okay of 50K. Since I need to do purchase about 45K on some of the month so this limit is not sufficient. I swipe the card for travel, shopping and fuel purposes. I have not opted for EMI conversion.
    Was this review helpful? 41
    , kolkata
    Reviewed on Mar 21, 2020
  • Axis Bank Credit Card
    "Good card"
    AXIS BANK
    0.5 4.0/5 "Great!"
    I have been using AXIS bank credit card for 3 years, Its a life time free card so I applied the card through bank. The agent have informed me everything about the card. I used to get offers of 10% on petrol bunk and shopping.The limit of the card is Rs.45000 and I used to pay my bill directly through bank.I am also using their net banking which is very good.
    Was this review helpful? 54
    , kolkata
    Reviewed on Mar 21, 2020
  • IndusInd Bank Credit Card
    "Good service"
    INDUSIND BANK LTD
    0.5 4.0/5 "Great!"
    I got INDUSIND credit card from few months ago.The card have an EMI conversion. I used the card for multi purposes like shopping, online payment, ticket booking. This is annually chargeable card, I am not satisfied with the credit limit of Rs.75000 as I am expecting more than than 1 lakh.
    Was this review helpful? 43
    , kolkata
    Reviewed on Mar 21, 2020
  • IndusInd Bank Credit Card
    "Excellent"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    I got a life time free card offer from INDUSIND bank hence applied through online on three months back. I received the call on time and the process was done on smooth. I got the card on exact time frame. The credit limit is sufficient and they provided good offers and benefit as well.I use this card for shopping and travel purpose.
    Was this review helpful? 30
    , kolkata
    Reviewed on Mar 21, 2020
  • RBL Bank Credit Card
    "Average service"
    RATNAKAR BANK
    0.5 1.0/5 "Really Bad"
    RBL credit card is a chargeable card, I always have to go to Bajaj Finance to pay my credit card bill. I am not satisfied with the customer service which has to be improved. I used this card when ever needed for shopping, fuel surcharge and bill payment.The limit of the card is fine.
    Was this review helpful? 66
    , ranchi
    Reviewed on Mar 21, 2020
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