To send details to all credit agencies is a mandate by the RBI. When you make a transaction-the one that is relevant to determine your score-banks send details about it to all four credit bureaus. Paying all your bills on time and not making several enquiries will ensure that your credit score does not drop. Some of the factors that do not influence the credit score are details not available in the credit report, child support payments, where you stay, your income, your employment, and your age. The credit score depends on several factors such as derogatory information, recent credit applications, credit history, credit history length, credit utilisation, and payment history. The better the credit score, the down payment and the interest rates will be low.Ĭredit scores ranging from 300 to 579, 580 to 669, 670 to 739, 740 to 799, and 800 to 850 are considered to be very poor, fair, good, very good, and excellent. Approval of car loans also depends on your credit score. Various lenders such as NBFCs and banks provide loans and credit cards based on the credit score. Most credit scores range between 600 and 750. The higher the credit score, the more confident banks and NBFCs are that you will be able to repay the loan. A good credit score is anything above 700. A credit score in India of 800 and above is considered excellent. The Experian score ranges between 300 and 850. The various factors that are considered by CIBIL when they compute the credit score are the credit mix, new credits, tenure, credit utilisation, credit balance, and repayment history.Īlso Check : CIBIL Login Experian Score Range The four important sections of the credit report are Credit Enquiries, Public Records, Account History, and Credit Summary. Banks and NBFCs will reject the application if the credit score is low. In case the loan is approved, the interest rates will be high if the CIBIL score is close to 750. In case your credit score is less than 750, you will find it difficult to avail a loan from NBFC and banks. Any score of 750 and above is considered as ideal and you will qualify for various credit cards and loans. Making late payments and multiple enquiries will lead to the CIBIL score reducing. The higher the CIBIL score, the easier it is to get a loan or a credit card approved. The CIBIL score ranges between 300 and 900. The CIBIL score (a 3-digit number) gives a summary of the credit history from several details on the Credit Report such as ‘Enquiries’ and ‘Accounts’. Banks will offer you loans and credit cards as well considering you are at the lowest risk of turning into a defaulter. It suggests you have been regular with credit payments and have an impressive payment history. However, you may still not have the negotiation power to get the best deal on the rate of interest for loan. Lenders will consider your credit application and offer you a loan. You should continue displaying good credit behaviour and increase your score further. If your CIBIL score is in this range, you are on the right path. The interest rates on the loan could also be higher. It suggests you have been struggling to pay the dues on time. With a CIBIL score in this range, it will be difficult for you to get a loan or a credit card as you are at a high-risk of turning into a defaulter.Ī CIBIL score in this range is considered as fair. It means you have been late in paying credit card bills or EMIs for loans. If you have not used a credit card or have never taken a loan, you will have no credit history.Ī CIBIL score in this range is considered as a bad CIBIL score. This means it is either “not applicable” or no history”.
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