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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 Cards Credit Card
      "Satisfied"
      SBI CARDS
      0.5 4.0/5 "Great!"
      SBI has offered me a credit card as well and I am satisfied with the deals I get on my card. There are no charges and the offers that I get online is really good. There are cash back offers and the rewards are also satisfactory. The credit limit is also up to the mark.
      Was this review helpful? 0
      , guntur
      Reviewed on Jul 25, 2017
    • review Saving Account
      "Banking is good"
      KARUR VYSYA BANK
      0.5 4.0/5 "Great!"
      Karur vysya Bank is also doing well on my savings account. They have cordial staff and when ever I visit the bank I do not have to wait long to get any details. The online banking is good as well, I can place requests for my banking needs and it gets processed quickly too.
      Was this review helpful? 0
      , guntur
      Reviewed on Jul 25, 2017
    • Axis Bank Saving Account
      "Satisfactory"
      AXIS BANK
      0.5 4.0/5 "Great!"
      Axis Bank has been good in the banking services, they have a proper mobile application and the app works fast as well. The options on it is clear and there has been no hassles in connecting with them over the phone too. It is a savings account and it is a good experience.
      Was this review helpful? 0
      , guntur
      Reviewed on Jul 25, 2017
    • SBI Saving Account
      "Good services"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I hold a savings account with State bank of India and the banking services are good. Till date I have no issues. I also do my banking online and the transactions goes through smoothly. I am not charged any extra charges for the transactions or for the alerts I receive. I need to maintain minimum 3K.
      Was this review helpful? 0
      , guntur
      Reviewed on Jul 25, 2017
    • Standard Chartered Bank Personal Loan
      "Very good service"
      STANDARD CHARTERED BANK
      0.5 4.0/5 "Great!"
      The Standard charted bank offered me a best rate in regards to my personal loan with the lowest charges. The customer service and the response is average with SCB. They have disbursed the loan within 5 days of time, they made it within the promised time. The required loan amount has been disbursed and I am satisfied with the loan amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • HDFC Bank Personal Loan
      "Average Service"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      Basically I have got a text message from HDFC bank to get the personal loan with 11.99 % interest rate, but later when I approached them they have increased the rate of interest upto 12.99% , in case if we need a higher loan amount. The customer service and the response is very much average with HDFC bank. The Hdfc bank need to stick on to their promises.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • Citibank Personal Loan
      "Very good service"
      CITIBANK
      0.5 4.0/5 "Great!"
      I got the personal loan within 55 hours of time from Citibank. They have disbursed the loan after submitting my documents. The customer service and the response with CITIBANK is average. The required loan amount has been disbursed. The rate of interest is low when compared with others. I am satisfied with the Citibank service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      DENA BANK
      0.5 4.0/5 "Great!"
      Bank bazaar is pretty quick in their response . It would be great if bankbazaar provides the suitable partner banks. The customer service and the response with bankbazaar is above average . The website of bank bazaar is easy to use and customer friendly. The data base questions can be reduced in future.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • Dena Bank Car Loan
      "Average Service"
      DENA BANK
      0.5 3.0/5 "Satisfactory"
      I have dropped the car loan plan because it is tough to get the loan with Dena bank as well I had personal reason too so that was the reason I haven't proceed with Dena bank loan. The customer service and the response with Dena bank is average. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Good"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bank bazaar is good ,it helps me a lot and make life easy in many ways,sometimes but their executives were much annyoing as, when they call me only bcz I searched for some product,but overall it's very helpful ,it is a full of information with proper guidance and help.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 25, 2017
    • LIC Life Insurance
      "Very good policy to use"
      LIFE INSURANCE CORPORATION OF INDIA
      0.5 4.0/5 "Great!"
      Got a money back policy with LIC for past 20 years. The customer service is very good with LIC policy. I pay the premium of Rs.3,112 in very 3 months once. The plan benefits and the policy overages are very good with this policy. I go visit the LIC office to pay the premium.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 25, 2017
    • LIC Life Insurance
      "Very good policy"
      LIFE INSURANCE CORPORATION OF INDIA
      0.5 4.0/5 "Great!"
      Having a Bheema gold insurance policy with LIC for past 12 years. The customer service is very good with this policy. The plan benefits and the policy coverage are fantastic with this policy. This policy has the tenure of 20 years. I pay the premium of RS.12,000 in year. I pay the premium by visiting the LIC office. I am happy to hold Bheema gold policy with LIC.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 25, 2017
    • Axis Bank Saving Account
      "Average Service"
      AXIS BANK
      0.5 2.5/5 "Just OK"
      The customer satisfaction is not there with Axis banking service. The additional and the maintenance charges are really high with Axis bank. The customer support and the response need to be improved with Axis bank. The rate of interest is high with Axis bank account. I am not satisfied using axis bank savings account.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 25, 2017
    • HDFC Bank Saving Account
      "Good account to use"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I am holding a HDFC bank salaried account for past 9 years. The customer service and the response is very good with HDFC bank. The HDFC bank net banking is very easy to use and I would say it is fantastic portal to use. The transactions charges are not applicable with HDFC net banking.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 25, 2017
    • HDFC Bank Car Loan
      "Very good service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I got the car loan within 3 days of time from HDFC bank. The customer service and the response part is really good with HDFC bank. The rate of interest is nominal with HDFC bank car loan. I am happy and satisfied with the loan amount, because the required loan amount has been approved by HDFC.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Satisfactory service"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      I got to know about bankbazaar through my friends referral. The customer service and the response is fantastic with bankbazaar. The website of bankbazaar is easy to use and customer friendly. It would be great if bankbazaar recommends the products with low interest rates. I am happy and satisfied using the bankbazaar service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 25, 2017
    • Axis Bank Car Loan
      "Average service"
      AXIS BANK
      0.5 3.0/5 "Satisfactory"
      I hold a salaried account with HDFC bank, so I got the car loan with HDFC bank with best interest rate, so that was the reason I haven't proceed with Axis bank car loan and moreover the Axis bank offers the loan with high rate of interest for all the products . The customer service and the response with Axis is average . The service which is provided by AXIS bank is very much average.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 25, 2017
    • HDFC Bank Saving Account
      "Good savings account"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I am holding Hdfc bank savings account for past 5 years. The customer service and the response is very good with HDFC bank. When I visit the branch I get good response with the bank employees. Through this savings account I got HDFC bank credit card and I am happy about it.
      Was this review helpful? 0
      , narasaraopeta
      Reviewed on Jul 25, 2017
    • HDFC Bank Credit Card
      "Good card to use"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I got HDFC bank platinum times card 5 years ago. The customer service and the response is very good with HDFC bank. I get the rewards points , Cash back offers by using this card. I use this card for only purchase purposes. I am not happy about the credit limit, still they can increase my credit limit in future. I am satisfied using this platinum times card.,
      Was this review helpful? 0
      , narasaraopeta
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      SUNDARAM FINANCE
      0.5 5.0/5 "Blown Away!"
      Bank bazaar gives the best response in concern to any query or any product related queries. I am with bankbazaar for past 2 years. I got to know about bankbazaar through google web search. The customer service and the response with bankbazaar is really good. The website with bankbazaar is easy to use and customer friendly. I am happy using bankbazaar website.
      Was this review helpful? 0
      , narasaraopeta
      Reviewed on Jul 25, 2017
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