• 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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    • review Other Loan
      "Nice experience"
      PAYTM PAYMENTS BANK LTD
      0.5 4.5/5 "Excellent!"
      I use paytm and actually the cash back is very good. When ever I do a recharge or purchase through them it is always a little bit less than the market value, if not always most of the time it is. I can use what ever amount I want and there is no limitation.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 24, 2018
    • ICICI Bank Personal Loan
      "ROI and charges are high"
      ICICI BANK
      0.5 4.5/5 "Excellent!"
      My personal loan is with ICICI Bank. The customer services and response is good. The rate of interest is of 16% which is high now. The processing charges is also high. At the moment when I was taking it, the rate was okay as I needed the loan and there was no other bank offering me a loan at that moment. If I want to pre pay my loan there is a charge of 5%.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 24, 2018
    • Bank Bazaar Personal Loan
      "Best service"
      FULLERTON
      0.5 5.0/5 "Blown Away!"
      I came to know about bankbazaar through one of my friend, the services provided by bankbazaar is very good when compared to all other banking websites. I know bankbazaar.com from last 1 year. Customer service was good and their response was prompt. The mobile application of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 24, 2018
    • Fullerton Personal Loan
      "looking for less rate of interest"
      FULLERTON
      0.5 5.0/5 "Blown Away!"
      I have applied for the Personal loan from Fullerton, my loan application was closed because the rate of interest was way high when compared to all other sources in the market. When it comes to customer service, it was very good, they responded on time and followed up correctly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 24, 2018
    • ICICI Bank Credit Card
      "Satisfactory"
      ICICI BANK
      0.5 4.5/5 "Excellent!"
      I bank with ICICI Bank for the credit card and the credit limit is good. There are good offers of cash back and rewards as well. There are no annual charges taken for the card. The customer services and response is good and there are no issues in the process.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 24, 2018
    • review Saving Account
      "Excellent banking services"
      YES BANK
      0.5 4.5/5 "Excellent!"
      YES Bank is really good, it is a saving account. They treat me very well and they are very polite and wen ever I go to the bank, I do not spend much time, the process is fast if I am making a demand draft or deposit or withdrawal, be it anything I am done within 15 minutes. I like going to the bank because I know my work gets done without any delay. The net banking is also good and the ATM services as well, I can use any bank ATM.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 24, 2018
    • HDFC Bank Saving Account
      "Charges are taken for everything"
      HDFC BANK
      0.5 2.0/5 "Expected more"
      I bank with HDFC Bank as well for the savings account and it is like I am going to close the account as I am not happy with the services. Every time the are taking charges for every thing. If I deposit or take money from my home bank or from another branch I am charged.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 24, 2018
    • Bank Bazaar Credit Card
      "Satisfactory"
      HSBC BANK
      0.5 4.5/5 "Excellent!"
      I am quite satisfied with Bankbazaar.com, the customer services and response is good and there were follow up calls as well. The website is easy to use and to check and compare the bank offers and also the insurance policies. When ever I need to check about any product, I visit the portal.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 24, 2018
    • HSBC Bank Credit Card
      "Good. Can be more careful in the details"
      HSBC BANK
      0.5 4.5/5 "Excellent!"
      I have taken a visa platinum credit with HSBC and the process is good. The credit limit is also good. The charges are not there and the offers are good as well. The only drawback is my email address was mentioned wrong in their system and all the emails was going to another person until that person made a complaint. After which the customer care called me and verified my right email address and sorted out the issue.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 24, 2018
    • review Other Loan
      "Fast process"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have taken a jumbo loan from HDFC Bank and the process to get this loan was five minutes. There is no documentation involved and it is a very supportive experience. The customer services and response is good and the rate of interest and charges are normal.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 24, 2018
    • HDFC Bank Credit Card
      "Beneficial services"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I bank with HDFC Bank for the credit card. They are good in the offers and the credit limit and there are no hassles using the card. There are cash back deals and rewards as well. There is also a jumbo loan facility as well. The card is beneficial to me.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 24, 2018
    • Axis Bank Saving Account
      "Good banking service"
      AXIS BANK
      0.5 4.0/5 "Great!"
      Axis bank provides good banking services when compared to all other banks. I am a customer of Axis bank from last 5 years and i hold a salary account with this bank. The facilities are also good in this bank. Customer service is good and they responded on time. I use net banking for all the services i require.
      Was this review helpful? 0
      , vadodara
      Reviewed on Feb 24, 2018
    • Bank Bazaar Home Loan
      "Good service"
      HDFC LIMITED
      0.5 4.0/5 "Great!"
      I know bankbazaar.com from last 5 years, my experience was good so far with bankbazaar. The services provided by bankbazaar is good when compared to all other sources in the market. Customer service was good and their response also good. Both mobile application and website is easy to navigate and is user friendly.
      Was this review helpful? 0
      , vadodara
      Reviewed on Feb 24, 2018
    • HDFC Limited Home Loan
      "Good service"
      HDFC LIMITED
      0.5 3.0/5 "Satisfactory"
      My home loan application was approved with HDFC LTD and the experience was good. The process was smooth and i received my loan amount on time.I have taken loan for Rs 9.4 lakhs with the rate of interest of 8.5% which is nominal rate. I pay an EMI of Rs 11150 and tenure of this loan is 12 years. Customer service was good and they collected documents on time.
      Was this review helpful? 0
      , vadodara
      Reviewed on Feb 24, 2018
    • HDFC Bank Saving Account
      "Till date no hassles"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC Bank is good overall in the banking process. I hold a savings account and the customer services and response is good. The internet banking is good and there are no issues to bank with them online as the transactions are smooth and there no charges for the same.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 24, 2018
    • ICICI Bank Credit Card
      "Nice experience"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I also use a credit card with ICICI Bank. The customer services and response is good and there has been no hassles till date. The credit limit is also good and the transactions are smooth when ever I use the card. The statements are also clear and on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 24, 2018
    • ICICI Bank Saving Account
      "Excellent "
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      ICICI Bank is overall good in the banking services. I hold a savings account and the online banking is convenient to use. There are no charges taken for the transactions are smooth. The customer support and response is on time. It is a easy to bank with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 24, 2018
    • SBI Saving Account
      "Charges are high"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I bank with State Bank of India for the savings account. The customer services and response is good. The net banking is also satisfactory and the phone banking is good. The major drawback is the charges, they are very high for the non maintenance of balance.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 24, 2018
    • review Other Loan
      "Best service"
      PAYTM PAYMENTS BANK LTD
      0.5 5.0/5 "Blown Away!"
      I am using Paytm from last 6 months, my experience with paytm was good so far and i did not face any transaction issues. The services provided by paytm is good when compared to other sources. I use this service for recharge and bill payments. I get cash back offers on paytm and the mobile application of paytm is user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 24, 2018
    • Star Health Health Insurance
      "Best service"
      STAR HEALTH & ALLIED INSURANCE
      0.5 4.0/5 "Great!"
      I have a health insurance policy is Star health from last 8 months and it is a good insurance policy to use. I pay a premium of Rs 14000 on annual basis and has to be renewed every year. I do not have claim experience so far with this insurance. I have a coverage of Rs 3 lakhs which is satisfactory.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 24, 2018
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