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Know the minimum CIBIL score required to apply for a credit card.
Check the benefits on Credit card for good CIBIL score holders.
Having a low credit score or no credit history might stop you from using best credit cards. Some of the top credit card providing companies have a minimum credit score requirement. CIBIL is among the top credit bureaus companies that provides credit score and report. The score generated by them is called CIBIL score which is a 3-digit number showing the payment history of an individual. The score ranges from 300-900 wherein the higher range represents strength of the score. Financial institutions consider a credit card application suitable on the basis of this score. In this article, we will talk about the minimum CIBIL score required to apply for a credit card or get approval for it.
Table of Contents
- 1 How Much CIBIL Score Is Required for Credit Cards?
How Much CIBIL Score Is Required for Credit Cards?
The suitable or minimum CIBIL score which is required for most of the credit cards is 750. The applicants having a score below 750 might not get approval for a card at some of the top companies. However, most of the banks also offer credit cards to those who do not have a credit history or score below 750. But, the fact remains that those who have a score of 750 or above are eligible for a lot more than those who are not in this category.
What benefits do you get on a credit card with good CIBIL Score?
Read below the advantages that a good CIBIL score holder gets for credit cards.
- Eligible for top credit cards
- Suitable for a higher credit limit
- Lower interest rate on credit cards
- Easy credit card approval
- More negotiating power on credit card interest rate
Can You Get Credit Card Without CIBIL Score?
Yes, you can. Those who have zero CIBIL score do not lose eligibility to apply for a credit card. There are many banks offering wide range of credit cards to those having no credit history since the factors based on which credit cards are given are income and CIBIL or credit score. If you have no credit history but are presently working in a reputed firm and earning quite well, your application might be considered eligible for a credit card. The fact, however, is that having a credit history and good credit score makes you eligible for best credits as mentioned above. There is of course no harm in working towards creating a credit history or improving your CIBIL score if it is less than 750.
How Can You Build a good CIBIL Score?
There are some simple yet very effective measures that can help you build a healthy credit score and some of them are mentioned below:
- Pay bills/EMIs time
- Control your credit card expenses
- Spend within the Credit Limit (half)
- Check Your Credit Report
- Set-up Payment Reminders
- Clear Debts as soon as possible
- Don’t avoid poor credit score
Which banks give you Credit Card with Zero CIBIL Score?
As mentioned above, there are many banks that accept credit card applications from those who have zero CIBIL score or no credit history if you have a salary account with the bank. Some of the banks offering this facility are mentioned below:
- HDFC Bank
- ICICI Bank
- Kotak Mahindra Bank
- Axis Bank
- RBL Bank
- Standard Chartered Bank
If you haven’t checked your CIBIL score yet, you may follow the below steps wherein it can be done with PAN instantly.
How to Check CIBIL Score by PAN Card Free Online?
Here are the simple steps that are to be followed to check CIBIL score check for free.
- Visit ‘Check CIBIL Score’ page at Wishfin.com
- Provide your full name as mentioned on the PAN card
- Enter your Date of Birth
- Choose the gender you belong to
- Mention your PAN card number
- Enter your contact address
- Provide the email ID fn which you want to get the credit report
- Enter your mobile number
- Submit the form
To conclude we would say, if you want to enjoy the maximum benefits on a credit card, you must maintain a minimum CIBIL score of 750.