CIBIL Score for Credit Card Explained Here – Tune In, Folks

Finance

Just when you think of online and offline shopping to buy your favourite stuff, a credit card reverberates your senses, doesn’t it? Credit cards win brownie points owing to enhanced convenience and the ability to help one shop for everything.

So, one goes out to apply for the plastic instrument. But very often, the application sees a rejection. And, on enquiring, a poor CIBIL Score turns out to be the culprit more often than not. So, if you have faced a rejection on account of a poor CIBIL Score for Credit Card, you can take a look at this article to know the desired score and stuff alike.

Minimum CIBIL Score for HDFC Credit Card, SBI, Others

CIBIL, one of the most reliable credit information companies in India, provides a credit score to applicants based on their repayment history spanning for at least 9 months to a year. It gives a score in the range of 300-900. Anything above 750 would ease the approval of a credit card application. Even those scoring between 700-749 can get an approval. However, the credit limit offers would be more in the case of those having a score of 750 and above as opposed to those between 700-749.

Should You Do a CIBIL Score Check for Credit Card Before Applying?

Yes, you should. It may not guarantee an approval, but at least you would be more or less assured whether you are eligible for a credit card or not, based on the score. Now. the question that seems relevant is, how can you check your CIBIL score? Well, it’s simple to check your score. All that you need is to register to CIBIL website by sharing a few personal and professional details online. Post submitting the details, you can create a login by choosing a User ID and password of your choice. However, the credentials must conform to character, alphabet and numeric requirements. You can thus log in to check the score. You can do a one free CIBIL Score check a year. If you want to check more than once, be ready to pay 550 and more.

How to Improve Your CIBIL Score to Get a Nod to Your Credit Card Application?

There are numerous ways by which you can improve your CIBIL score and get a nod to a credit card application. Here are some of the ways, take a look.

Rectify Your Repayment Flaws – If your score is bad, it could be due to the repayment mistakes you may have committed, be it intentionally or unintentionally. The payment delays have often led to a poor score for the most. And, you may also have been affected by that. Now, why do you make a late payment of the dues? It could be due to indiscipline spending or some personal troubles. The former is a disease and you better get away from it before you are become financially weak. Budget your expenses and adhere to it, no matter what the situation is. Following this approach will leave you with reasonable savings to help ensure a smooth repayment.

Control on Impulsive Intentions It’s natural to have impulsive intentions in today’s world where everyone seems to be chasing luxury, doesn’t matter how much will it cost. This often leads to many committing a default on their running loan or credit card, seriously denting the prospects of a future credit by pulling down the score. So, keep a control on your impulsive urge to buy things. Instead, use your discretion and shop that is needed at a given point in time.

Debt Settlement – So many times one find themselves with no option but to go for a debt settlement by reaching a consensus with the lender to cut down the size of the debt. Well, the burden of debt does reduce but the damage to the credit score is too much to get it repaired soon. So, it’s advisable to consume credit that you can find it comfortable to pay in full every month.

 

Vikas Das is one of those expert writers in finance who has enlightened the readers about various banking and investment products like personal loan, home loan, car loan, mutual fund, fixed deposit and others.

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