Credit cards are not just plastic currency that can be used in the times of need. They are so much more. Apart from making online as well as offline transactions easy, if used wisely, they can also help users to build and improve their credit score. If you have a zero or low credit score, using a credit card is the easiest way to improve your rating. You need a 700 or above CIBIL score for credit card. However, some providers can also offer credit card for low CIBIL score or even without a credit score.
Below are the steps to check your CIBIL score for credit card:
Here, click on 'Member Login' and after log in, you can easily see your current credit score for credit card.
Additional Reading: How to read cibil report?
CIBIL score is usually in the range of 300 to 900. Any score above 700 is considered a good CIBIL score. The minimum credit score for credit card required by most banks, NBFCs and other financial institutions is 700 or above.
Most credit card providers follow similar guidelines for assigning credit cards to their customers. Therefore, you must have a good CIBIL score for credit card.
Apart from meeting the minimum CIBIL score for credit card norms, applicants also have to meet other eligibility requirements, including the age, income, city of residence, and so on.
Some credit cards can also be offered to persons with low credit scores. Low credit score credit cards are usually secured or are offered to the existing customers of the bank.
Additional Reading: How to increase cibil score fast?
There are several benefits of having a good cibil score for credit card, such as:
Additional Reading: How to check cibil defaulters list?
Credit score required for credit card may vary from one provider to another, however, most issuers require a CIBIL score of 700 or above for approving a credit card request. Here are some impacts of CIBIL score on credit card approval:
Additional Reading: Top credit rating agencies in India
A CIBIL report contains detailed information about all the credits you have availed, including home loan, car loan, personal loan, credit card, overdraft facility, and so on. There are various details in your CIBIL report. Here are the key sections of a CIBIL report:
Enquiry information: Every time an individual applies for a loan or credit card, the respective lender accesses their credit information report (CIR). The system displays this in your credit history and as “Enquiries”. Having too many hard enquiries can impact your score negatively.
Additional Reading: What is good cibil score range?
Also Read - All about credit score
The minimum credit score for credit card is usually 700 or above. Most lenders accept this score to approve your credit card application.
Yes. You can approach your bank or apply for a secured credit card if you have a low CIBIL score.
Yes. To get a credit card, a CIBIL score of 700 or above is considered good by most card issuers.
A CIBIL score is the representation of one’s creditworthiness. It shows how much credit you have availed and how well you have paid your past debts. Checking CIBIL scores of applicants gives banks assurity that the applicant is trustworthy and will not default the payment in future.
The most common reasons for a credit card application rejection are:
Firstly, make a credit card score check online. If you have a zero or bad credit score, wait for at least 6 months and build a good credit score. You can also apply for a secured or add on credit card meanwhile to help you build a credit history.
You can apply for a secured credit card or approach your bank for a credit card if you have a CIBIL score of 650.