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Is my credit score low?
CIBIL Score Range | Creditworthiness | Loan Approval Chances |
---|---|---|
750 - 900 | Excellent | Very High – Quick approval and best interest rates |
700 - 749 | Good | High – Easy loan approval with favorable terms |
650 - 699 | Fair | Moderate – Possible approval, but higher interest rates |
550 - 649 | Poor | Low – Difficult to get a loan, stringent conditions |
300 - 549 | Very Poor | Very Low – High rejection risk |
No worries , now start taking credit cards as per your need minimum 2-3 and you will see your credit score will increase .I borrowed from slice in btech first year, i completed my graduation last month, there are no late payments. Is my credit score low? Will i not have many opportunities for loans and credit cards? Will it be hard for me to get a good credit card?
Thank you @Virtual King this helps a lot and do you have any recommendations for improving my credit score. I have no active borrows from slice and no credit cards. What can i do to improve my score?758 is an "excellent" score as per this source, which says that "a good CIBIL score typically starts from 700, while a score of 750 and above is considered excellent." So, 758 is an excellent score, especially for starters. No need to worry. As per the same source, the co-relation between CIBIL Score, creditworthiness and loan approval chances are tabulated below:-
CIBIL Score Range Creditworthiness Loan Approval Chances 750 - 900 Excellent Very High – Quick approval and best interest rates 700 - 749 Good High – Easy loan approval with favorable terms 650 - 699 Fair Moderate – Possible approval, but higher interest rates 550 - 649 Poor Low – Difficult to get a loan, stringent conditions 300 - 549 Very Poor Very Low – High rejection risk
You can go to the CIBIL official website and learn more about CIBIL Scores, loans, credit mix, etc. One such link is here.
Hope this helps. 🙂
Thank you, i will start my employment after 2 3 months, but i do have an FD of 50k. Can i apply for any credit cards? If yes please do recommend.. if not possible for FD of 50k, i will take after joining my employment.No worries , now start taking credit cards as per your need minimum 2-3 and you will see your credit score will increase .
If you don't need slice anymore then close it .
check this thread for all credit score related Information:Thank you @Virtual King this helps a lot and do you have any recommendations for improving my credit score. I have no active borrows from slice and no credit cards. What can i do to improve my score?
You can take credit card of any bank .Thank you, i will start my employment after 2 3 months, but i do have an FD of 50k. Can i apply for any credit cards? If yes please do recommend.. if not possible for FD of 50k, i will take after joining my employment.
Thank you, it helped a lot!!!!!You can take credit card of any bank .
Axis , HDFC , icici , idfc , many more ..
Just check annual fee once and decide because that would be your first credit card.
Later on after 6 months or 1 year start applying for unsecured credit card .
I would like to brief T&C of some banks :
SBI : if you want sbi cashback then apply first because sbi rejects application giving reasons of overlevarage or too many credit cards and loan .
HDFC : first get core card like moneyback , freedom or millennia or regalia .. after that apply tata neu or Swiggy .
Because if you take co-braded first you will not get core card .
Core card is used for instant discounts on sale like Flipkart Amazon or departmental stores .
Axis : First apply co- branded credit card like Flipkart , ace or airtel because axis rejects application for new comers .
After that take neo or myzone LTF by calling customer care .
ICICI : Apply amazon pay icici credit card after your cibil shows any of the credit card of 1 year of age .
After few months you will receive coral as pre- approved.
Rest depends on your choice and needs .
Mark it as a solution if I could help you out
Thankyou.
Thank you for this, if i close my current slice account, which I do not need anymore and I also do not take any credit cards, will my credit score get affected?check this thread for all credit score related Information:
The Ultimate Guide to Building and Maintaining a Top Credit Score
https://www.technofino.in/community...ing-and-maintaining-a-top-credit-score.34335/
Thank you for this, if i close my current slice account, which I do not need anymore and if I do not take any credit cards, will my credit score be affected?You can take credit card of any bank .
Axis , HDFC , icici , idfc , many more ..
Just check annual fee once and decide because that would be your first credit card.
Later on after 6 months or 1 year start applying for unsecured credit card .
I would like to brief T&C of some banks :
SBI : if you want sbi cashback then apply first because sbi rejects application giving reasons of overlevarage or too many credit cards and loan .
HDFC : first get core card like moneyback , freedom or millennia or regalia .. after that apply tata neu or Swiggy .
Because if you take co-braded first you will not get core card .
Core card is used for instant discounts on sale like Flipkart Amazon or departmental stores .
Axis : First apply co- branded credit card like Flipkart , ace or airtel because axis rejects application for new comers .
After that take neo or myzone LTF by calling customer care .
ICICI : Apply amazon pay icici credit card after your cibil shows any of the credit card of 1 year of age .
After few months you will receive coral as pre- approved.
Rest depends on your choice and needs .
Mark it as a solution if I could help you out
Thankyou.