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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
      "Very good"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have my salary account with SBI for about 8 years back . They have offered maestro International card and the daily withdrawal limit was 40,000. The interest rate and charges are low than other banks in the market . The customer service and responses was satisfactory .
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 09, 2017
    • ICICI Bank Credit Card
      "Good to hold"
      ICICI BANK
      0.5 4.0/5 "Great!"
      My credit card was taken with ICICI bank 3 years back . They have offered me a Coral International card and Its a pay back points. The credit limit was 90,000 which was satisfactory . The charges are bit high in case of late payment . My overall experience was pretty good.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 09, 2017
    • ICICI Bank Saving Account
      "Better service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have my salary account with ICICI bank for about 7 yeas . They have offered platinum International card . The withdrawal limit was 40,000. Its a 0 balance account and I have 24/7 helpline number . My overall experience good and I would like to recommend to others.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 09, 2017
    • Bank Bazaar Personal Loan
      "Good online platform"
      TATA CAPITAL LIMITED
      0.5 5.0/5 "Blown Away!"
      Bank bazaar is a very good online platform for all financial products. The website's options on banks and interest rate was amazing . The website was unfriendly and easy to navigate. The customer service and responses was also up to the mark so I would like to recommend to others.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 09, 2017
    • Tata capital Personal Loan
      "Satisafctory"
      TATA CAPITAL LIMITED
      0.5 4.0/5 "Great!"
      My personal loan was taken with TATA CAPITAL. The loan process was very good and the loan amount was 3.5 lakhs. The rate of interest was 13% which was bit high than other banks in the market and the EMI period was 5 years. Here the pre closer is after 6 months and the processing fee was nominal.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 09, 2017
    • Citibank Credit Card
      "Good"
      CITIBANK
      0.5 3.5/5 "Pretty good"
      My credit card was taken with CITI bank 1 year back . The credit limit was 2 lakhs which was satisfactory and I hold cashback International card . I have no idea about the interest rate and charges . The customer service and responses was up to the mark so my overall experience was good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 09, 2017
    • Citibank Saving Account
      "Good"
      CITIBANK
      0.5 3.0/5 "Satisfactory"
      My salary account was taken with CITI Bank 1year back. They have offered titanium International card and the daily withdrawal limit was 1 lakh . The customer service and responses was good. The validity of the card is up to 2020 and Its a 0 balance account also so I would like to recommend to others.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 09, 2017
    • Bank Bazaar Personal Loan
      "Good online platform"
      STANDARD CHARTERED BANK
      0.5 4.0/5 "Great!"
      I have approached BANK BAZAAR for the first time. The customer service and responses was up to the mark. The website's option was amazing with many features.I have not faced any run time error and down time error so Its recommendable.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 09, 2017
    • Standard Chartered Bank Personal Loan
      "Good"
      STANDARD CHARTERED BANK
      0.5 4.0/5 "Great!"
      I have my personal loan with STANDARD CHARTERED Bank . The loan amount was 2 lakhs and the rate of interest was 11.49% which was bit high than other banks in the market.They have sanctioned the loan with the committed time and satisfied with the customer service here so I would like to recommend to others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 09, 2017
    • HDFC Bank Credit Card
      "Good"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have my credit card with HDFC Bank for about 2 years back . The credit limit was 75,000 and I hold money back International card. The customer service and responses was up to the mark. I have not made late payment here so there is no idea about the charges in case o late payment.
      Was this review helpful? 2
      , mumbai
      Reviewed on Dec 09, 2017
    • HDFC Bank Saving Account
      "Good experience"
      HDFC BANK
      0.5 4.0/5 "Great!"
      My salary account was taken with HDFC Bank 4 years back . They have offered visa International card and the daily withdrawal limit was 50,000. The rate of interest and charges was satisfactory here. Their online banking system was also good so I would like to recommend to others .
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 09, 2017
    • Bajaj Finserv Personal Loan
      "Dissatisfactory"
      BAJAJ FINSERV
      0.5 1.0/5 "Really Bad"
      Bajaj Finserv sanctioned Rs.1.80 lakh, in that 15,000 got deducted for processing fee and insurance. Bajaj Finserv charged me 29.54% of interest for the tenure of 36 months. It was very high compared to other bank hence I am going to do balance transfer.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 09, 2017
    • Kotak Saving Account
      "Good Bank"
      KOTAK MAHINDRA BANK
      0.5 2.0/5 "Expected more"
      Before three months, I have opened Kotak Mahindra salary account, at the time of opening the executive told it was a zero balance account. Now they told to maintain Rs. 10,000, hence I was not deposited any money in account. Whenever salary gets credit I will do online transaction.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 09, 2017
    • SBI Saving Account
      "Recommendable Bank"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      Since 15 years, I have saving account with SBI, their service is very prompt but they take many charges. SBI has the minimum around Rs. 1000 on monthly average, they are good in ATM service, wherever I go, I could find SBI atm centers its very convenient.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 09, 2017
    • Bank Bazaar Credit Card
      "Easy Website"
      SBI CARDS
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar is really good they helped 99% on credit card application. When I approached for the credit card I got a call from Bank Bazaar person they helped to receive the card within 10 days. The application is very friendly and easy to access.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 09, 2017
    • SBI Cards Credit Card
      "Good Credit Card"
      SBI CARDS
      0.5 4.0/5 "Great!"
      I purchased some product around Rs. 14,999 on SBI credit card, I have already converted that amount into an EMI, I left remaining amount of Rs. 2000. but for that amount they added extra charges of Rs. 599. Still I didn't clear any clarification regarding this amount.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 09, 2017
    • LIC Life Insurance
      "Good policy to use"
      LIFE INSURANCE CORPORATION OF INDIA
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 15 years and it is a term policy. I am not sure about the tenure of this policy. I pay my premium once in 6 months through online and the payment options are convenient for me. Customer service was good and they were very helpful. The coverage and benefits are also good in this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 09, 2017
    • HDFC Bank Car Loan
      "Better service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with HDFC bank and it was overall a good loan experience. The loan amount was for Rs 8 lakhs with the rate of interest which is nominal when compared to other banks. The process was very quick, it took 2-3 days for the loan amount to get approved. Customer service was good, they provided door step service to collect the documents. My car loan was based on ex-showroom price and it was a good service from HDFC.
      Was this review helpful? 2
      , mumbai
      Reviewed on Dec 09, 2017
    • HDFC Bank Saving Account
      "Best banking service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I am banking with HDFC bank from more than 7-8 years, the banking services provided by HDFC bank is good when compared to all other banks. Customer service was good and they responded on time. A minimum balance of Rs 5000 has to be maintained for this savings account and the net banking service is working fine.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 09, 2017
    • Bank Bazaar Credit Card
      "Best service"
      SBI CARDS
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 1-2 years, the services provided by bankbazaar is good when compared to all other banking websites. It was a good experience with bankbazaar so far. Customer service was good and their response was prompt. I am using the mobile application of bankbazaar, it is user friendly and is easy to use.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 09, 2017
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