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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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    • SBI Saving Account
      "Good Bank"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have very long relation with SBI, its best bank in the market. Its a nationalized and traditional bank for my family. Its was my zero balance account. It has many branches and ATM all over my area. I am very much fine and happy to hold SBI account.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
    • SBI Education Loan
      "Its Excellent"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have taken the education loan in SBI around Rs. 3.25 lakhs with the interest rate of 13% for the tenure of five years, now my tenure has been increased and my EMI got reduced. I am very much fine with SBI, my whole family is using SBI service always.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Love to Use Bank Bazaar website"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I am happy with Bank Bazaar, whatever the coordination which they gave is great. I love Bank Bazaar website always to use. Its very convenient to use and access. It has all options to check on financial needs. But I would like to suggest, Bank Bazaar executives should be more clear with their process.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Response part has to be improved"
      ICICI BANK
      0.5 2.0/5 "Expected more"
      Due to improper coordination from ICICI, the loan application got closed. From Bank end there was no response on right time. They reached me after three days of my request and collected the documents finally it got closed without any intimation.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
    • IndusInd Bank Credit Card
      "Best card to use"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I am having Indus Ind credit card for the past 1 year. The benefits like rewards points cash back offers and online offers are available with this card. I am happy with the credit limit. The interest rate is nominal with this card. The best the thing is free movie ticket reward points, and the low interest rate on cash transactions. I am happy to use this card.
      Was this review helpful? 1
      , lucknow
      Reviewed on Jun 23, 2017
    • IndusInd Bank Saving Account
      "Customer friendly account"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I have a facility to choose my account number, locker number any thing I want with Indusind savings account. Its applicable for each and every Indusind customer. It is basically introduced because customer will bot forget there account or locker number. I am using this savings account for past 3 years. The service with INDUS IND bank is really good. The benefits like net banking and the mobile application is easy to use and user friendly and simplified to use as customer convenient. In most of the bank We have to visit the branches if we block the net banking or debit card. But with Indusind we have a option called unblock the net banking or the debit card , we have a option in the ATM machine itself.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Credit Card
      "Overall good"
      STANDARD CHARTERED BANK
      0.5 4.0/5 "Great!"
      I hold a credit card with Standard Chartered bank and the offers are good. I earn reward points but I am unable to redeem the points. The credit limit is of 32k, but I am needing a better limit on the card. The customer services and response is good and satisfactory.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • review Other Loan
      "Best trading account"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I was not able to carry out the ICICI bank trading, so that was the reason I have closed this demat account, It is a best platform in the brokerage field and still the brokerage is very high in the market compared to others. I was not able to trade much that was the reason I have closed it. I have used this account for past 2 years. The rate of brokerage is very high with ICICI Bank .
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • review Saving Account
      "Satisfied with the services"
      STANDARD CHARTERED BANK
      0.5 4.0/5 "Great!"
      I hold a savings account with Standard Chartered Bank and the banking services are good. The overall experience has been satisfactory and the phone banking is also good and easy to connect with. I do not get charged for any of the facilities I use.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • ICICI Bank Saving Account
      "Better savings account to use"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I am having ICICI bank savings account and the service is really good. Its only bank which provides EMI option on its debit card itself. There debit card facilities are the premiums in the market in terms of their services and the facilities. I am using this savings account for past 6 years. The rate of interest is high with ICICI bank.
      Was this review helpful? 1
      , lucknow
      Reviewed on Jun 23, 2017
    • HDFC Bank Credit Card
      "Good to Use"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I am using Diner club credit card, whenever I go for any tie up restaurant with the HDFC they are providing some cash back and also I get some reward points. I am happy with credit card service of HDFC. Bill are very transparent and clear about the transaction.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 23, 2017
    • ICICI Bank Credit Card
      "Better card to use"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I have never used this ICICI CORAL credit card properly . I hold this ICICI coral card for past 3 years. When I was using this card I got the reward points, cash back offer and the payback card which is attached with this card. For every transaction I will be some loyalty points which is added to the payback card. I am happy about the credit limit. I am satisfied using this card .
      Was this review helpful? 1
      , lucknow
      Reviewed on Jun 23, 2017
    • HDFC Bank Credit Card
      "Better card to use"
      HDFC BANK
      0.5 4.0/5 "Great!"
      The HDFC bank All miles credit card carries benefits like reward points and cash back offers. The reward points can be redeemed as air tickets, which is very good offer. I am happy about the credit limit. The rate of interest is nominal with this card. I am satisfied using this card.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • HDFC Bank Saving Account
      "Good account to use"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I am having HDFC bank account around past 4 years. Based on this savings account I got a instant personal loan with HDFC bank. I use net banking with HDFC bank which is really great and simplified way of working . I can change the E-mail I'd and mobile phone number with the help of HDFC bank portal.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • review Consumer Durable Loan
      "Convenient to buy Home appliances"
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      I went to nearest showroom and purchase LG TV 49" worth Rs. 1.1 lakhs, I just paid the down payment Rs.26,500 remaining amount convert into an EMI with Bajaj Finserv then I got Bajaj EMI card with some credit limit its good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "Instant loan "
      HDFC BANK
      0.5 4.0/5 "Great!"
      They have started a new process with the HDFC personal loan. We can apply the Personal Loan through net banking and we just need to apply the documents in the portal and within 15 hours they have provided me a credentials id & password where I have tracked my personal loan application . The loan got approved within 24 hours of time. The banking service is really good and giving instant service to the customers. I am happy about the loan amount. The required amount has been given by HDFC bank. The Value added service like vouchers and online purchasing offers were given. The rate of interest is nominal with HDFC bank.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Customer oriented service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      The bank bazaar gives a prompt response and the regular follow to their customers. I really appreciate the bank bazaar effort which was given to the customer in terms the service, follow up in any case. The customer service and the response is really good with bank bazaar. The bank bazaar web site is easy to use and user friendly.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "They be clear about the percentage"
      HDFC BANK
      0.5 4.0/5 "Great!"
      HDFC charged me 14.75% of interest for the amount of Rs.5 lakhs it is higher side compared to other competitor. But Initially they committed they were providing around 11% but finally it was processed it for 14.75%, But I am happy with their service, they done fast loan. process. I would like to suggest them, to clear information about the interest rates.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Overall good"
      ICICI BANK
      0.5 4.0/5 "Great!"
      The customer services are good and very much satisfactory at Bankbazaar. I was contacted instantly and the process is smooth. The website is overall good, it would be better if there are more options of banks on the portal to choose from with a lesser rate of interest.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Below average service"
      ICICI BANK
      0.5 1.0/5 "Really Bad"
      I haven't got any kind of response from the ICICI bank . It was me who took initiative and made a follow up with the ICICI bank executives to get the personal loan but still no one gave proper responsefrom ICICI bank, that was the reason I haven't proceed my personal loan application with ICICI bank. The rate of interest is bit high , when compared with others. I would say it was a below average service.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
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