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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  • RBL Bank Credit Card
    "Good card"
    RATNAKAR BANK
    0.5 5.0/5 "Blown Away!"
    My credit card was taken with RBL BANK . They have offered me a credit limit . The documentation process is a nice and smooth. The offers is attractive in this card like movie tickets offers . Customer service and their response is good with this card .
    Was this review helpful? 1
    , vijayawada
    Reviewed on Jan 17, 2019
  • Kotak Saving Account
    "Good service"
    KOTAK MAHINDRA BANK
    0.5 4.5/5 "Excellent!"
    KOTAK MAHINDRA BANK is where my savings account is and I have no issues till date. The experience is perfect and there are no hassles. The bank is pretty professional and they communicate well. The mobile application and net banking facility is great here .
    Was this review helpful? 0
    , vijayawada
    Reviewed on Jan 17, 2019
  • SBI Saving Account
    "Good service"
    STATE BANK OF INDIA
    0.5 4.5/5 "Excellent!"
    I am having a savings account with SBI from few years, net banking facility of SBI is very good and there are no hidden charges on any transactions with this bank. Customer service is good with SBI and their response is on time. I am happy with overall service of SBI .
    Was this review helpful? 0
    , vijayawada
    Reviewed on Jan 17, 2019
  • review Saving Account
    "Good service"
    BANK OF BARODA
    0.5 4.5/5 "Excellent!"
    It is a salary account with BANK OF BARODA . The online banking is good and the services at the branch is also satisfactory. I have no issues to bank with them online and the ATM network is also satisfactory. The response of banking service and banking staff is good here .
    Was this review helpful? 0
    , vijayawada
    Reviewed on Jan 17, 2019
  • Bank Bazaar Personal Loan
    "Good service"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I've been using the Bank Bazaar website for a while. This was my first experience with bank bazaar . Their Customer support is good. I got the loan with in few days. The application process ans the documentation was easy and hassle free. I never had any problems with their services.
    Was this review helpful? 1
    , vijayawada
    Reviewed on Jan 17, 2019
  • HDFC Bank Personal Loan
    "Good service"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I took a personal loan from the HDFC bank. It was good, application process was smooth an hassle free.1 I got the loan amount with in a week. Their customer support reposes are also very good. The tenure period is 4 year. I use to pay my EMI on monthly basis . Loan amount is satisfactory .
    Was this review helpful? 0
    , vijayawada
    Reviewed on Jan 17, 2019
  • HDFC Bank Saving Account
    "Good in Service"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I carry a salary account in HDFC bank and services are very much comfort and easy. I am a customer of HDFC since 4 years and i never had any issue over any transaction. The net banking and mobile banking is easy to access and i get statement every month to my email address.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • HDFC Bank Personal Loan
    "Best service "
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    MY personal loan was taken with HDFC BANK . , Application was easy. I got the loan with in 2-3 days. Overall it has been a good experience with HDFC BANK . The interest rate is normal when comparing to other banks in the market. The loan amount is satisfactory .
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 17, 2019
  • Axis Bank Personal Loan
    "Best service "
    AXIS BANK
    0.5 5.0/5 "Blown Away!"
    MY personal loan was taken with AXIS BANK . The rate of interest is too high it is 13.5% compare to other even processing fee was too high here . They should keep their interest rate in par with other banks in the market. Overall it has been a good experience with the AXIS BANK .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • HDFC Bank Credit Card
    "Good Card"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I hold a HDFC credit card and i am using from very long. Its a life time free card with no annual charges. I have got a good limit here and also i am happy with the services till date. I Never had any issue over any transaction. After every transaction i do get messages instantly.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • Citibank Credit Card
    "Good card"
    CITIBANK
    0.5 3.5/5 "Pretty good"
    I hold a Citibank credit card and i am using from very long.. Well among all my credit cards this is my first and oldest card.. I have got a good limit here and also i am happy with the services till date.. Never had any issue over any transaction..
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • American Express Credit Card
    "Good Card"
    AMERICAN EXPRESS BANKING CORPORATION
    0.5 5.0/5 "Blown Away!"
    I hold a American express credit card and i am using it from a while. I am happy with the overall services and in Bangalore American express card is accepted in most of the places. Limit given is good but when it comes to offers , they are very less.But points system is pretty impressive.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • HDFC Bank Personal Loan
    "Best service "
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    My loan amount is approved with HDFC BANK . The customer service and response was satisfactory. Loan amount is very satisfactory . The rate of interest and processing charges is nominal with this bank . The rate of interest is 12% . I had good experience .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • review Other Loan
    "Average service"
    PAYTM PAYMENTS BANK LTD
    0.5 3.0/5 "Satisfactory"
    I am using the services of paytm from 1.5 years, paytm povides an average services when compared to others in the market. Cash back offers are less in paytm services. Mobile application of paytm is easy to use and is user friendly.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 17, 2019
  • Axis Bank Personal Loan
    "Best service "
    AXIS BANK
    0.5 5.0/5 "Blown Away!"
    My personal loan was taken with AXIS BANK . The rate of interest and processing fee was too high it is 13.5% . I did not had any problems and uploaded the documents online. I got the loan easily. Its happened within few days . It is paperless approval which is the best of this loan . 
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • Tata capital Personal Loan
    "Good service"
    TATA CAPITAL LIMITED
    0.5 4.0/5 "Great!"
    My experience was good with TATA CAPITAL for personal loan, the disbursement took long time and i received my loan amount within 15 days. Loan amount was sufficient and the rate of interest was nominal. Tenure period for this loan is 4 years and the customer service was good.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 17, 2019
  • Citibank Personal Loan
    "Good service"
    CITIBANK
    0.5 4.0/5 "Great!"
    My experience with CITI bank for personal loan was good, the loan amount was sufficient and rate of interest was 0.5% high when compared to market. Customer service was good and they responded on time. Tenure period for this loan is for 5 years.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 17, 2019
  • Bank Bazaar Personal Loan
    "Good Service and Good Support"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    Bankbazaar overall process is very good. Bankbazaar given me a proper support and response. I have started using the bankbazaar website for last 3 months. My friends circle has suggested me about the bankbazaar website when i approach for personal loan.
    Was this review helpful? 0
    , agra
    Reviewed on Jan 17, 2019
  • Fullerton Personal Loan
    "Looking for less interest rate"
    FULLERTON
    0.5 4.0/5 "Great!"
    I have taken a personal loan with Fullerton and my experience was good, the loan amount was sufficient and the rate of interest was high when compared to others. Customer service was good and they responded on time. Tenure period for this loan is for 4 years.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 17, 2019
  • review Credit Card
    "Good Card"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I hold a SBI credit card and i am using it from very long. I am happy with the overall services. I do get offers here very often and when it comes to the limit i have got a good limit here.There are annual charges on my card but it gets waived off after certain transaction.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Jan 17, 2019
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