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A credit score is a 3-digit numerical value depicting your creditworthiness. It ranges between 300 and 900 and summarises your credit report, history, and rating. Your credit/ Credit Information Bureau (India) Limited (CIBIL) score is calculated by the CIBIL and available as online credit score.
Your CIBIL score primarily depends on factors like-
Credit or repayment history
Credit utilisation ratio
When you apply for a loan, your credit score acts as a marker of your credit discipline. The CIBIL report helps the lender with your credit score information summarising your credit accounts, amount of credit used, the amount owed, number of hard credit enquiries, credit tenures, and whether bills and loan instalments are timely paid.
The higher your CIBIL score, the better your chances of loan approval. Typically, a credit score over 750 is considered excellent by lending institutions.
If you don’t have a good CIBIL score, you can bring your CIBIL score up in a matter of months with disciplined credit and repayment behaviour. Check your online credit score and maintain a healthy credit score through-
Consistently pay your loan Equated Monthly Instalments (EMIs) and credit card bills on time. A credit report free of EMI defaults and late payments perks up your CIBIL score.
Regularly check your online credit score and CIBIL report to check for any discrepancies and understand your potential loan eligibility.
Your online credit score should have a healthy mix of unsecured and secured credit. Here, the lesser unsecured loans you have active, the better your credit score.
Your credit utilisation on your credit card must be 30%-35% or lower than your current credit limit. However, not using your card at all can also lower your CIBIL score.
Before applying for a new loan, check your credit history online. Credit score can reduce if you service multiple loans simultaneously and apply for new credit as well.
Perform free credit score check online with Tata Capital. Steps for credit score check-
As a new customer, to get online CIBIL score, input your first name and last name, date of birth, gender, email ID, PAN number, mobile number, address, state, city, and pin code.
As an existing customer, find your CIBIL score; check your report online as well by providing your registered mobile number. Use the OTP to check your online CIBIL score.
In the CIBIL score check online process, confirm that all your details are correct. Click on ‘Submit’. Get your online credit score and credit report for free with Tata Capital.
Delaying or defaulting credit card bill payments
If you repeatedly miss your credit card bill payments, your CIBIL score will take a hit. Delinquency in repaying credit card debt reflects badly on your CIBIL report.
Higher number of unsecured loans
Your credit report shouldn’t depict that you are servicing higher number of unsecured loans. Not having a balance between unsecured and secured credit will drop your CIBIL score.
Several loan applications
If you apply for multiple loans, your credit report presents you as credit hungry and someone carrying a substantial loan burden. It hurts your CIBIL score.
Taking too many credit cards
Taking too many credit cards will increase your credit utilisation ratio (CUR) and negatively display on your credit report. Here, the CUR directly affects your credit score since it indicates the amount you currently owe against your overall credit limit. High CUR lowers your credit score.
Increased credit limit
A high credit limit means a higher debt burden, which negatively impacts your CIBIL score. Not using your credit card
If you don’t use your credit card at all, your CIBIL score falls. Consistently using credit cards under your credit limit and diligently paying bills is key to a positive credit score and CIBIL report.
A good CIBIL score improves loan eligibility, loan approval chances and increases your likelihood of landing competitive loan terms. Check your online credit score for free with Tata Capital.
Let’s look at some benefits of CIBIL score above 750.
Higher chances of approval
A high CIBIL score reflects your creditworthiness and clean credit history to potential lenders. This credit score means lenders trust your ability to repay the loan amount. High online credit score results in quick approval, faster loan processing, and a speedy fund disbursal.
Better interest rates
High credit score benefits also include being able to negotiate better terms. A high online CIBIL score can help you qualify for attractive loan interest rates, reducing your overall repayment amount.
Higher loan amount
Since a good credit score indicates dependable credit behaviour, you can bag a bigger loan amount at competitive interest rates.
Pre-approved loan offer
If you have a sound financial background, high credit score, and a disciplined credit report free of loan defaults, lenders can also pitch your pre-approved loan offers. Besides, since the lending institution performs a CIBIL score check online and pre-approves you a loan amount, your online credit score will land attractive interest rates and flexible loan tenures.
The CIBIL score range in India starts from 300 and ends at 900. The closer your CIBIL score is to 900, the higher your chances of getting your loan approved at attractive interest rates. The credit score range is further divided into CIBIL score categories of NA/NH, 350-549, 550-649, 650-749, and 750-900.
Check your online credit score for free with Tata Capital.
CIBIL Score Range
The credit score signifies “not applicable” or “no history”. This online credit score means you either haven’t taken a loan or used a credit card and have no credit history.
350 – 549
If this is your online CIBIL score, it is considered bad and you’re highly unlikely of getting a loan sanctioned. Your CIBIL report will have late payments of credit card bills and EMIs, or loan defaults. A poor credit score identifies you as a high-risk borrower who may turn into a defaulter.
550 – 649
This range of CIBIL score is considered fair. The online credit score depicts that you are struggling to clear your dues and monthly instalments on time. Here, your credit score and credit report may qualify you for loans at steep interest rates.
650 – 749
Your CIBIL score is considered decent. With good credit behaviour and disciplined repayment habits, take your credit score up. Lenders will check your online credit score and consider your loan application. However, at this CIBIL score you may not receive the most favourable loan terms.
750 – 900
This is an excellent CIBIL score range. The online credit score indicates that you have regularly repaid your loans and cleared pending credit card dues on time. With your credit report, you’ll be considered a low-risk borrower. Lenders will perform CIBIL score check online to offer more competitive interest rates and bigger loan amounts.
A credit bureau is an agency creating credit scores by collecting and analysing credit data, including credit cards used, loans taken, overdraft facilities, etc., associated with people or business entities.
TransUnion CIBIL Limited
CIBIL is India’s first Credit Information Company (CIC). CIBIL bureau collates and maintains records of every individual’s repayment habits and credit behaviour for loans and credit cards. It then creates credit scores and Credit Information Reports (CIR). The CIBIL report and online CIBIL score help lenders make lending decisions.
Experian Credit Information Company of India Private Limited
Experian is a Dublin-based credit bureau using different methods to create a credit report. This CIBIL score check online reveals an individual’s loan and credit history collated from India’s member banks and other financial establishments.
Equifax Credit Information Services Private Limited (ECIS)
One of the oldest credit bureaus in the US, Equifax offers credit scores and CIBIL reports for individuals and businesses. It ties up with India’s financial institutions to create credit scores and credit reports.
CRIF High Mark
This credit bureau specialises in scoring, analytics, and credit management solutions. It makes credit reports with information from banks, NBFCs, Income Tax Department, etc. The online CIBIL score and CIBIL report from CRIF High Mark is available at a fee.