Credit Card Cibil Score - What is a Good Cibil Score | HDFC Bank (2024)

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Credit Card Cibil Score - What is a Good Cibil Score | HDFC Bank? ›

What is a good CIBIL score? A score of 750 and above is considered a good score. This helps you get quicker approvals for your Credit Card.

A credit score of 700 and above is considered a good credit score. Credit scores of 750+ are considered excellent. Individuals with high credit scores are eligible for all kinds of loans and credit cards. Borrowers with a good score can also get better interest rates.

An 825 credit score is Exceptional. Get your free credit report from Experian and check your credit score to better understand why it's so good, and how to keep it that way. Read more about score ranges and what a good credit score is.

Impact of CIBIL Score for Credit Card Approval

Usually, any credit score above 750 and as close to 900 is considered good by financial institutions. Several Banks do accept a credit score between the range of 700-750 for credit card approval.

You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

This is because only 1% of these individuals will become delinquent on their loans in the future. While credit scores of 800 or above are labeled “exceptional,” a score of 750 will likely get you some of the best rates available for auto loans and mortgages.

But according to Experian data captured as 2023 came to a close, nearly 22% of consumers have a FICO^® Score in the highest credit score range—800 to 850. Consumers with scores in this range are considered to have exceptional credit.

Higher the score, the better the chances of loan approval, and vice versa. And a credit score of 800 means you are an extremely reliable borrower who is more than likely to repay the debt. As a result, lenders are more likely to extend your loans or line of credit.

An 825 credit score is often considered very good — or even excellent. A very good or excellent credit score can mean you're more likely to be approved for good offers and rates when it comes to mortgages, auto loans and credit cards with rewards and other perks.

What is the safest CIBIL score? ›

Yes. Closing a credit card will negatively impact your credit score. You will see a decrease in your score as bureaus don't have access to your credit information or behavior anymore. Closing a credit card will remove the associated credit history and lowers the average length of your credit history.

Banks in India use the TransUnion CIBIL, Experian, Equifax, or the CRIF High Mark score. Out of these, the TransUnion CIBIL score is the one that is used most commonly.

The credit score calculated by CIBIL is known as the CIBIL score. So, the only difference between CIBIL and credit score is that credit score can be provided by any of the 4 credit bureaus in India. But only CIBIL provides CIBIL score. A credit score from any of the 4 credit bureaus is equally valid.

CIBIL score is calculated and generated by the Credit Information Companies (CICs) or credit bureaus, based on the consumer credit information provided by the member lending institutions on a monthly basis.

With a 750 credit score, you're in the running for pretty much every kind of home loan. FHA loans, VA loans and USDA loans all have much lower minimum credit score requirements, and conventional loans have a minimum credit score requirement of 620.

Your FICO^® Score falls within a range, from 740 to 799, that may be considered Very Good. A 750 FICO^® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders' better interest rates and product offers.

A 750 credit score is often considered very good — or even excellent. A very good or excellent credit score can mean you're more likely to be approved for good offers and rates when it comes to mortgages, auto loans and credit cards with rewards and other perks.