CIBIL/Credit Score Range - Complete & Updated Information
Your CIBIL score will range between 300 and 900. The higher the score the better your creditworthiness is. In case you apply for a loan or credit card, the CIBIL score is an important factor that is considered by lenders. Lenders provide loans at low interest rates if your CIBIL score is high. On the other hand, interest rates on loans are high if your credit score is low.
Different CIBIL Score Ranges Chart
The different CIBIL score ranges are mentioned below:
CIBIL Score Range | Score Meaning | Impact on Credit Eligibility |
NA/NH | No credit history or not using any credit products. NA/NH stands for "Not Applicable" or "No History." |
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300 – 599 | Poor score: Usually due to missed EMIs or unpaid credit card bills. |
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550 – 649 | Fair score: Indicating irregular repayments or defaults. |
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650 – 749 | Good score: Reflecting responsible credit behavior. |
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750 – 900 | Excellent score: achieved through timely repayments and good credit management. |
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What is the Importance of a Good CIBIL Score?
Your CIBIL score is calculated using a proprietary algorithm that primarily considers your credit history, especially how you have managed loans and credit card payments. A strong score reflects responsible credit behavior, and it makes you more eligible for loans and credit cards. This score helps lenders identify borrowers who are more likely to repay on time.
How does the CIBIL Score Impact Loan Applications?
The ways CIBIL score impact the loan application are mentioned below:
- Boosts Loan Approval Chances: A credit score above 750 greatly improves the chance of loan approval as your creditworthiness increases.
- Secures Lower Interest Rates: Qualify loans at more competitive interest rates if your credit score is over 700, thereby reducing overall borrowing costs.
- Better Loan Terms: Scores above 650 often lead to more favorable terms, such as lower down payments, flexible EMIs, or longer repayment periods.
- Higher Loan Eligibility: Your approved loan amount gets increased with a high credit score, giving you access to more funds when needed.
- Improves Financial Flexibility: Maintaining a good CIBIL score opens doors to better loan offers, greater financial freedom, and long-term savings.
What are the Ways to Improve the CIBIL Score?
The different methods by which you can improve the CIBIL score are mentioned below:
- Timely bill payment: Timely repayment of loans, credit card dues, and utility bills is essential for maintaining a strong CIBIL score (ideally above 700).
- Keep Low Credit Utilization: Try to use less than 30% of your credit limit as lower utilization signals good credit discipline to lenders.
- Check Your Credit Report Regularly: To spot and correct any errors that might negatively affect your score, monitor your CIBIL score periodically at zero cost.
- Build a Credit History: Start with a secured credit card if you are new to credit and establish credit worthiness by making timely payments.
- Maintain a Balanced Credit Mix: Boost your score by having a combination of credit types but make sure to use them responsibly and avoid taking on too much debt.
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FAQs on CIBIL/Credit Score Range
- What is a good credit score range?
A credit score ranging between 700 and 799 is considered a good credit score. If your credit score is more than 700, banks will most likely approve a loan.
- What is a bad credit or CIBIL score?
If your credit or CIBIL score is less than 600, it is considered a bad CIBIL score. People having poor CIBIL score will reduce the chances of getting loans as it is highly risky for the lender to approve loan applications.
- What is an acceptable credit score range?
An acceptable credit score range varies from lender to lender. However, a CIBIL score range of more than 600 is known to be acceptable.
- What to do if my CIBIL score is in the poor range?
If you have a poor CIBIL score, your loan or credit card application will be rejected. In order to improve your CIBIL score, you need to pay your outstanding dues on time.
- How can I correct any mistakes in my CIBIL report?
Contact CIBIL at info@cibil.com if you find any mistakes in your credit report and the bureau will correct the errors after reviewing your request.
CIBIL Score Requirements for Loans
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