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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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    • Bank Bazaar Credit Card
      "Awesome"
      INDUSIND BANK LTD
      0.5 4.0/5 "Great!"
      Bankbazaar.com is really nice one for me and I have started to use it before two months of time. I would like to say that the response is nice one for me with them till now. I felt that their customer service is better one with the Bankbazaar.com.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 17, 2018
    • IndusInd Bank Credit Card
      "Excellent"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I got the Indusind bank credit card and the response is really nice. Approximately, I am using it from the last one month of time. Credit limit value is around sixty thousand Rupees with the Indusind bank credit card. For general purpose, this credit card works in better way.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 17, 2018
    • SBI Cards Credit Card
      "Good card to use"
      SBI CARDS
      0.5 5.0/5 "Blown Away!"
      I have to repay the credit card bill with in 40 days of time with the SBI SIMPLY SAVE Credit CARD. I have got the SIMPLY SAVE CREDIT CARD from past 5months. I have got the credit limit value of Rs,46,000. I use this card for shopping, purchases and for other bill payments.
      Was this review helpful? 0
      , guntur
      Reviewed on Jan 17, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Average service"
      BAJAJ ALLIANZ GENERAL INSURANCE
      0.5 4.0/5 "Great!"
      I got the BAJAJ ALLIANZ Two wheeler insurance policy around a year ago. I have paid Rs, 1500 to renew the policy this year. The customer support is not giving any intimations to renew the policy on time. They need to improve when it comes to response part.,
      Was this review helpful? 0
      , guntur
      Reviewed on Jan 17, 2018
    • SBI Saving Account
      "Good service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      It is good to use the Salaried account with the State bank of India. They give immediate response to the customers. I have started using the State bank of India salaried account from the year 2006. I use the net banking service with the state bank of India, which is easy to use.
      Was this review helpful? 0
      , guntur
      Reviewed on Jan 17, 2018
    • Bank Bazaar Personal Loan
      "Good"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I had applied for a personal loan with Bank Bazaar. I got continuous followups and forwarded my application to the concern bank immediately. The process was quite easy compared to banks. The website is good and user friendly. Overall good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 17, 2018
    • ICICI Bank Personal Loan
      "Good"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I took a personal loan with ICICI Bank through online channel. The rate of interest was quite high comparatively to other banks. The processing fee is good with ICICI. They have offered 85K and monthly installment is 7700 rupees. The tenure was for a period of one year.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 17, 2018
    • review Two Wheeler Loan
      "Average service"
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      The bajaj finserv has offered me a two wheeler loan and they have given the loan amount with in a day time. I have paid the initial amount of Rs,25,000. The customer support was good with the bajaj finserv. The rate of interest and the charges were high with the bajaj finserv.
      Was this review helpful? 0
      , guntur
      Reviewed on Jan 17, 2018
    • review Other Loan
      "Good service"
      PAYTM PAYMENTS BANK LTD
      0.5 5.0/5 "Blown Away!"
      I am using Paytm from last 1 year, the services provided by paytm is very good when compared to all other sources. I use this service for recharge and bill payments. I get 5% cash back on bill payments. The mobile application of paytm is easy to use and is user friendly. There are no transaction issues at the time of making payments.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • HDFC Bank Personal Loan
      "Good service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      The banking service is good with the HDFC bank. They have disbursed the loan amount within a week time. The required loan amount was not disbursed they have disbursed only 50% of the required loan amount. The rate of interest and the charges were nominal when compared with others.
      Was this review helpful? 0
      , guntur
      Reviewed on Jan 17, 2018
    • HDFC Bank Credit Card
      "Best banking service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I am happy with the banking services provided by HDFC bank, it is good when compared to all other banks. I hold a salary account with this bank from last 5 years and the experience was good. Customer service is fine and they responded on time. ATM branches are working fine and the net banking facility is good with this bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • Bank Bazaar Credit Card
      "Excellent service"
      AMERICAN EXPRESS BANKING CORPORATION
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 1 year, the services provided by bankbazaar is good when compared to all other banking websites. The experience was good so far with bankbazaar. Customer service was good and their response was prompt. The website of bankbazaar is easy to navigate and is user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • Citibank Credit Card
      "Average card to use"
      CITIBANK
      0.5 3.0/5 "Satisfactory"
      I am having CITI bank credit card from last 3 years, the credit card services are average when compared to all other credit cards. They did not charge any annual fee for this credit card. There are very limited offers like reward points in this credit card. I have a credit limit of more than Rs 1 lakh which is sufficient for this credit card.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Through bank bazaar I have got the personal loan and the service was good with the good with the bank bazaar team. I know bank bazaar for more than a year. The customer support was good with the bank bazaar team. The response part is good with the bank bazaar team.
      Was this review helpful? 0
      , guntur
      Reviewed on Jan 17, 2018
    • HDFC Bank Credit Card
      "Best card to use"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have my credit card with HDFC bank from last 5 years, the credit card services provided by HDFC bank is good when compared to all other credit cards. There is no annual fee charged for this credit card. I get offers like reward points and cash back in this credit card. I use net banking for making payments. I have a credit limit of Rs 1 lakh in this credit card.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • LIC Life Insurance
      "Fantastic"
      LIFE INSURANCE CORPORATION OF INDIA
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the LIC of India and its the kind of policy, which gives benefit for educational purpose. Response is fine one for me with the LIC of India and I need to explore it about. Payment option is better one with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • HDFC Bank Personal Loan
      "Satisfactory"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I had taken my personal loan with HDFC Bank through online channel. I am very much satisfied with the rate of interest. I have to pay monthly 6000 rupees through ECS. The executive came to my place and collected all the documents. The part payment and pre closure option is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • IndusInd Bank Credit Card
      "Excellent"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Everything went in the fast manner with the Indusind bank credit card and the credit limit value is around 50000 Rupees. Factors like responsiveness is really good and their executives have spoken with me and they were very much helpful throughout the process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • review Other Loan
      "Good service"
      PAYTM PAYMENTS BANK LTD
      0.5 4.0/5 "Great!"
      I am using paytm from last 2 years, the services provided by paytm is good when compared to all other sources. I use this service for recharge, bill payments and money transfer. I use coupon codes for recharge. The mobile application of paytm is easy to use and is user friendly. I did not have any transactional issues at the time of making payments.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 17, 2018
    • SBI Saving Account
      "Good banking service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have my savings account with SBI from last 2-3 years, the experience was good so far and i did not face any issues with this bank. The branch services and their facilities are good with this bank. Customer service is good and they responded well to the queries. A minimum balance of Rs 3000 has to be maintained in this savings account.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 17, 2018
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