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Credit cards may be a simple plastic instrument by the look of things. But they can enable a lot in a few seconds, from booking a flight to buying you movie tickets. They make life so simple to live and enjoy. However, for the credit card application to be approved without any hassle, itu2019s important to have a good credit score. As you would know credit scores are assigned by credit bureaus such as CIBIL. The score is given to individuals having a repayment track of at least 6 months to a year. So, what is the minimum CIBIL score for credit card you should have to get the approval? Well, letu2019s read the post further to know the same.
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Credit cards may be a simple plastic instrument by the look of things. But they can enable a lot in a few seconds, from booking a flight to buying you movie tickets. They make life so simple to live and enjoy. However, for the credit card application to be approved without any hassle, it’s important to have a good credit score. As you would know credit scores are assigned by credit bureaus such as CIBIL. The score is given to individuals having a repayment track of at least 6 months to a year. So, what is the minimum CIBIL score for credit card you should have to get the approval? Well, let’s read the post further to know the same.
CIBIL Score Should be a Minimum of 700 CIBIL assigns score in the range of 300 to 900 to people in India. The minimum CIBIL score needed is 700 for credit cards that are generally unsecured credit. While anything above 750 is considered ideal.
How to Check CIBIL Score Online? To your delight, you can track your CIBIL score online for free. Yes, you can check the score on the website of the credit bureau itself. All you need to do is to share a few details such as your PAN number, date of birth, loan or credit card debt you are paying, etc. The details once shared will help you get the score in front of your eyes. Checking the score comes free once a year. If you check more than one time, there will be charges to the same. You can even choose from several subscriptions on CIBIL score. Having the subscription will help you know the score periodically.
Can’t You Get a Credit Card If You Don’t Have any Credit History? You can have a credit card even if you don’t have a credit score to show due to the lack of credit history. A few factors can help you get it. Having a Long-running Savings Account – If you have been maintaining savings account for long, you can be given a credit card from the bank where you have an account. Banks would like to bolster their relationship further by giving them a credit card.
Salary Account Holders – Salary account holders can also get a credit card as lenders take confidence from the regular income that gets credited on the bank account. Apply for Credit Card Against Fixed Deposit – You can also apply for a credit card against fixed deposit. This is called a secured credit card. Approximately 80%-90% of the fixed deposit value can be granted as a credit limit.
How to Improve the CIBIL Score? If your credit score is not good, you need to get it right. Firstly, you need to know the reasons that are contributing to such a score. After that, you must figure out ways to improve your score. You must ask for a credit report from CIBIL and know the reasons for a fall in the score. More often than not, it’s the pattern of long default or delay that comes out as a prominent reason for a poor score. You also need to start paying dues on a regular basis and stay patient for the score to grow to the desired level.
