How Good or Bad is Your CIBIL Score?
Last Updated : Oct. 27, 2021, 6:06 p.m.
Usually, an individual checks his Cibil Score at the time of applying for any debt or loan. If he gets a high Cibil Score then the chances for loan disbursal are high. So, every individual needs to maintain a good Cibil Score. On the other hand, if you do not make your EMI payments or credit card bill payments on time then your Cibil Score might decrease and it can be considered as a bad Cibil Score. So, the question arises what are the right parameters to judge your Cibil Score? Is it 750, 700, 650, 600, or whatever? Therefore, here you can see multiple CIBIL scores every individual gets while calculating it.
Types of Scores You Get While Calculating Your CIBIL Score
In the table given below, you can see all the possible scores you can get while you are calculating it online and know whether it is a good or a bad score.
| Cibil Score | Meaning |
|---|---|
| -1 | A Cibil Score of -1 denotes that the borrower has no credit history and he is a new borrower. |
| 1 to 5 | A Cibil Score of 1 to 5 denotes that the borrower has a credit history of fewer than 6 months. |
| 300 to 600 | A score from 300 to 600 is considered a bad score and the chances of getting a loan are low. |
| 600 to 700 | A score from 600 to 700 is a good score and the chances for loan approval are high. |
| 700 and Above | A cibil score of 700 and above is an excellent score and this score has the highest chance of getting a loan. |
After seeing the table given above, it will be easy for you to answer all the questions given below. Now you can easily determine whether your score is good or bad.
Is 1 a Good CIBIL Score?
No, 1 is not a good Cibil score because you will get the loan at a nominal rate of interest. People have this score if they have a credit history of fewer than 6 months. Suppose, you borrow a short-term loan for 4 months or 5 months then your score might range between 1-5.
Is 750 a Good CIBIL Score?
Yes, a CIBIL score of 750 and above is considered an excellent score and you will get an easy disbursal for loans and debts. On the other hand, you will also get the lowest interest possible on the loans if you have a Cibil Score of 750 and above.
How Good is the 700 CIBIL Score?
700 is an excellent Cibil Score and the bank will offer you loans at a low-interest rate. The disbursal for the loan or debt will be fast if you have such a score.
Is 800 a Good CIBIL Score?
If you have a score of 800 then it is an excellent score and you can get a personal loan or a credit card easily from the banks. But you will also need a stable income with this score to get a high personal loan or a credit card with a high credit limit.
Is 600 a Good CIBIL Score?
No, a Cibil score of 600 is not a good score because you might get a loan on this score but the interest loan will be high. The approval for the loans at such a score would be difficult and if in case it is approved then the interest rate and the income needed will be high.
Is 770 a Good CIBIL Score?
Yes, a score of 770 is an excellent Cibil Score and you will get the lowest interest on the loans with such a score. The income that will be asked by the banks will also be low and you will get a quick disbursal for the loan.
Is 690 a Good CIBIL Score?
Yes, a score of 690 is good but it is not an excellent Cibil score. Some lending institutions won’t consider this score a good Cibil Score. But if we do an overall examination then you can get a loan or a debt at the score of 690 with a higher interest rate and a high income.
Is 744 a Good CIBIL Score?
Yes, a score of 744 is an excellent score and it means you have a good repayment history. You have paid all your debts and EMIs on time. In the future, if you apply for a credit card or a personal loan then you can easily get it at a Cibil Score of 744.
How Can I Check My CIBIL Score?
You can check your Cibil Score on Wishfin by providing your basic details. There are some credit rating agencies like Equifax, Transunion Cibil, and many others that generate your credit score with the report. You can either use them or Wishfin to check your score.
What is a Bad CIBIL Score?
A score of 600 or below is considered a bad Cibil Score. You will not get any loan with a bad score and you can improve it by taking secured loans. It will be very difficult to get an unsecured loan if you have a bad Cibil Score.
How Can I Get a 900 CIBIL Score?
You can get a Cibil Score 900 by making timely payments for all your debts. Try to avoid multiple loans because if you miss repayment of any loans then your cibil score might fall. So, if you have any existing loan or debt then you must not miss a single EMI of that loan and a habit like this will help you to build a score of 900.
Why is my CIBIL Score not Increasing?
Your cibil score might be not increasing due to the following reasons:-
- Not making timely payments of EMIs.
- Paying only the Minimum Due Amount of your Credit Card Bill .
- Skipped one or two EMIs of your loan or debt.
- Might have opted for foreclosure multiple times.
Conclusion
Well, you have seen all the conditions that tell you whether you have a good cibil score or a bad Cibil score. So, every time you apply for a loan, you must check your Cibil score. Make sure you have a Cibil score of 700 and above so that you can get quick approval and a low-interest rate on your loans.