Minimum CIBIL Score Required for Standard Chartered Credit Card
Last Updated : Jan. 24, 2025, 3:40 p.m.
It is always necessary to know your CIBIL Score before you apply for any credit card. If you have a bad CIBIL score, then your credit card application will be rejected. Standard Chartered Credit Cards usually have a lot of offers and it can earn you great reward points. You will easily get approved for a Standard Chartered Credit Card if you have a CIBIL score of 700 and above. Your SC credit card application is likely to face rejection if you have a poor CIBIL score. Let us now read about the various CIBIL score ranges and their meanings.
CIBIL Score Ranges and their Meanings
The CIBIL score is a 3 digit numerical number between 300 and 900. It is computed and given by the credit bureau TransUnion CIBIL. The score summarizes your creditworthiness.
| Range of CIBIL Scores | Rating |
|---|---|
NA/NH | “Not Applicable” or “No History” You do not have a credit history since you have not availed a credit card or loan till date |
Below 300 | Poor credit score No credit history or limited credit usage. This makes it difficult to assess your creditworthiness |
300 to 550 | Very low credit score Steps should be taken to improve the CIBIL score in order to get better loan terms and lower interest rates. |
551 to 620 | Low credit score You have a history of debt or missed payments. This credit score will lead to high borrowing costs. Steps have to be taken for improvement. |
621 to 700 | Fair credit score Almost nearing a good CIBIL score. Consistent efforts and responsible financial management is required. |
701 to 749 | Good credit score Good and responsible credit behavior. Most lenders will be ready to lend. You will qualify for favorable loan terms. |
750 to 900 | Excellent credit score This range of CIBIL scores is the best. All lenders will be ready to lend. You will get preferential loan terms and interest rates. Approval will be quick and you will be eligible for pre-approved offers from lenders. You will get the desired loan amount and credit limit. |
How to Maintain a High CIBIL Score?
Here are some steps you can take to maintain a high CIBIL score. They are
- Pay your bills on time: Late payments have a negative impact on your credit score. Hence, it is important to make timely payments.
- Do not apply for too much of credit simultaneously: Applying for multiple lines of credit in a short duration of time can create a negative impact on your credit score. Lenders see applying for multiple credit as a sign of overdependency on credit. Also, this will trigger several hard inquiries, which will impact the CIBIL score negatively.
- Keep your credit utilization low: Your credit utilization ratio is defined as the amount of credit you are using to the total available credit limit. It is recommended to maintain a CUR within 30% or 40%.
- Monitor your credit report regularly: Check your CIBIL report periodically to ensure that there are no errors on it and it contains accurate information. You can dispute errors identified with a credit bureau and get them rectified. You must verify your credit report at least once a year.
- Keep old accounts open: The age of your credit history can impact your credit score. The greater the length, the higher the CIBIL score. So, it is good to keep old accounts open, even if you are not using them.
- Use credit responsibly: Only use and apply for credit when you require it. Ensure that you can repay it back on time. Avoid carrying balances on credit cards , as high debt levels can hurt your CIBIL score.
Conclusion
Now you know that the minimum Cibil Score required for Standard Chartered Credit Card is 750 and above. There are some chances for getting a credit card at a score of 700 also but the bank will ask you for high-income proof and stability. On the other hand, you will have to go through a large document process. Therefore, it will be easy for you to get a credit card at a score of 750 and above and the bank will approve your application quickly.
Frequently Asked Questions (FAQs)
