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

While applying for a Credit Card or loan with a bank, you may have come across the term ‘CIBIL Score’. It is considered of utmost importance while applying for a Credit Card. We help you understand the term better.

What is CIBIL score?

A CIBIL score is a three-digit number between 300 and 900 that represents your credit score, as calculated by CIBIL.

RBI has authorised three credit bureaus to issue credit reports and scores. CIBIL is widely used in India to calculate your financial health.

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. It signifies that you have maintained a healthy credit history and you can manage your credit well by repaying the balance on time, proving that you are a trustworthy individual who can pay off your debt in time.

How much CIBIL score is required for Credit Card?

While a score of 750 and above is ideal, people with lower CIBIL score can also be eligible for a Credit Card. Since risk is higher with people with a lower score, the interest rate is usually high and the credit limit might be lower as compared to those with a high CIBIL score. There might also be restrictions on use of the Credit Card. Having said that, there is no defined minimum CIBIL score for Credit Card approval. You can check with your bank executive or apply online. The bank executive will run a background search on your CIBIL score and convey the parameters for approval.

It is therefore ideal to maintain a minimum CIBIL score of 750 in order to get better offers on Credit Cards and a quicker approval. CIBIL score is one of the eligibility requirements before getting your Credit Card approved. These points can help you understandhow to check eligibility for creditin order to get aCredit Card.

* Terms & conditions apply. Credit Card approvals are at sole discretion of HDFC Bank Ltd. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circ*mstances.