What is CIBIL Score for Credit Cards?

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Depending on your needs and requirements, you can benefit from a variety of credit cards. Your credit score is one of the most crucial of the qualifying requirements, nonetheless, that the applicant must meet.

For credit cards, 750 is the required minimum CIBIL score. Your credit card application can be declined if you have a credit score of less than 750. Determining your CIBIL score in India is thus advised before applying for a credit card. You can obtain quick and simple loan approval from the bank with the aid of a strong CIBIL score.

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How to Check CIBIL Score for Credit Card?

Here are the steps to follow to check your CIBIL score for a credit card:

  • Click on the ‘Get Your CIBIL Score’ tab.
  • Choose your desired subscription option.
  • You will be then redirected to an online form.
  • Enter your name, address, ID proof, date of birth, etc., and submit.
  • You will be then redirected to the payment page to make the required payment.
  • You will be now redirected to an authentication page just to authenticate your identity with CIBIL.
  • Once your authentication process is complete, you will receive a detailed CIBIL report on your registered email address within the optimum time.

Minimum CIBIL Score Required for Credit Card

Your credit card application will likely be accepted if you have a credit score of 750 or above, which is considered outstanding. It’s interesting how card issuers also take into account additional information from your CIBIL credit report, such as your current credit card transactions, payment history, your debt-to-income ratio, etc. You could also be approved for a credit card even if your credit score is lower than 750 depending on these additional variables and your connection with the card provider. To receive an unsecured credit card, meanwhile, is quite challenging if your credit score is below 700.

How to Improve your CIBIL Score for a Credit Card?

Improving your CIBIL score is not that difficult if you follow the given suggestions:

  • Timely repayments: Repay your loans and credit card bills on time without delay.
  • Regular credit reports review: Maintain track of all your active and settled loans, as well as comprehend your credit report. Report any inaccuracy or inconsistency to CIBIL.
  • Avoid frequent credit card inquiries: Bank always asks for your credit report and credit score from CIBIL when you apply for a credit card or loan. These inquiries, sometimes referred to as hard inquiries, lower your CIBIL score. Therefore, it is advised not to apply for a lot of credit cards or loans at once.
  • Low credit utilisation: Avoid using up your full credit limit on your card because it shows irresponsible spending. You should ideally not use more than 30% of the available credit on your card.
  • Balanced secured & unsecured loans: Your credit profile should include a good balance of secured and unsecured loans since this demonstrates that you are more creditworthy and have expertise managing both sorts of loans.

Benefits of a Good CIBIL Score to Get a Credit Card

A good CIBIL score for a credit card can get you the following benefits:

  • Higher chances of credit card approval
  • Access to reward programmes and credit cards with lower interest rates
  • The capacity to bargain with the credit card issuer for cheaper interest rates and costs
  • The ease with which one may get other types of credit, such as loans and mortgages
  • Enhanced overall financial reputation and credibility
  • Preference over the credit card applicants with low CIBIL scores

 

Impact of CIBIL Score on Credit Card Approval

The likelihood that your credit card application will be approved is directly impacted by our CIBIL score. You may look at the following table to get an understanding of how your CIBIL score directly affects whether your credit card application is approved:

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