HDFC Credit Card Cibil Score

HDFC Credit Card is your gateway to a world of delights. But before you enjoy discounts and exclusive benefits, here’s a quick help for HDFC Credit Card CIBIL score. As CIBIL score for credit card is an important parameter, this will ensure that your credit card application is not rejected. Read through to know the minimum CIBIL score required for HDFC Credit Card. 

CIBIL Score Required for HDFC Credit Card

CIBIL score is a key factor that is considered for HDFC Credit Card approval. As the CIBIL score provides a direct insight into the customer’s financial health, the higher the CIBIL score the better it is. 

While there is no fixed minimum CIBIL score for HDFC Credit Card approval, a score of 750 and above is generally preferred. Credit score calculation is done after careful consideration of the customer’s banking and repayment history. Thus, a higher CIBIL score is an indication of good financial health and testifies that you are a trustworthy individual who can pay back debt in time. 

However, people who wish to apply for an HDFC Credit Card but have a CIBIL score lower than 750 points can also do so. But, such cards are generally approved with a lower credit limit and certain usage restrictions.

Before a credit card with a low credit score is approved, the HDFC bank executive will run a comprehensive background search to check all parameters for credit card approval. Thus, it is recommended to maintain a healthy credit score, preferably higher than 750 points to enjoy quick credit card approval and the best benefits on HDFC credit cards.

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Benefits of Good CIBIL Score to Get an HDFC Credit Card

The CIBIL score is critical for credit card approval. HDFC Bank lays great stress on CIBIL score rating and approves credit cards of customers who maintain a high CIBIL score. A good credit score range is 700 points and upwards. However, a CIBIL score of 750 and above is considered ideal for an HDFC Credit Card. The benefits of maintaining a good CIBIL score to get an HDFC credit card are: 

Quick approval: If you have a good credit score, the credit card application processing time is minimal. Thus, you are not just sure of getting an HDFC credit card but also get it quickly. An HDFC credit card is generally approved and delivered within 21 working days. 

Higher credit limit: The credit limit approved on an HDFC credit card is directly linked to the applicant’s monthly income and CIBIL score. If the CIBIL score of the applicant is 750 points and above, the HDFC credit card will be approved of a higher credit limit. On the other hand, if the CIBIL score is 650 points and above, the credit card will be approved of a lower credit limit.

Option of Add-on Credit Cards: If you maintain a good credit score, you’ll get the advantage of getting add-on credit cards for your spouse and children. As add-on credit cards are usually free of cost, this helps save joining fees and annual charges on these cards.

Extra Benefits from Partner Associations: Certain extra benefits pour in from partner associations which are generally linked to the credit card limit. Thus, CIBIL's credit score is critical to get an HDFC credit card approved with a higher credit limit and thus enjoy all the additional benefits offered by partner associations.

Assurance of further credit facility: HDFC credit card is an assurance of future credit facility. The conscientious use of the HDFC credit card will help you improve your CIBIL score further and thus assure you of future credit facilities.

Additional Reading: How to increase credit score fast?

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Impact of CIBIL Score for HDFC Credit Card Approval

CIBIL score, a three-digit number ranging between 300 and 900, represents a person’s credit score or creditworthiness. Credit score calculation is done by CIBIL, an RBI authorized agency that monitors an individual’s financial health. Thus, the CIBIL score has a direct bearing on HDFC credit card approvals.

While there is no fixed minimum CIBIL score required for HDFC credit card approval, a good credit score range lies between 650 and 750. Although a CIBIL score above 750 points is considered ideal for HDFC credit card approval, HDFC Bank also approves credit cards for applicants with a credit score of 650 points but a lower credit limit and fewer partner benefits. 

A good credit score assures instant approval, and that too with a higher credit limit and additional benefits. But as the CIBIL score lowers, the odds of your HDFC credit card being rejected altogether are high. If approved, the application processing time is high, the approved credit card limit will be low, and the HDFC credit card will offer fewer benefits. A rejected credit card application will further lower the CIBIL score, further hindering your prospects of getting a credit card from other banks as well. Thus, it is important to maintain a good credit score.

Additional Reading: Top Credit Rating Agencies in India

How to Check CIBIL Score to Get an HDFC Credit Card?

Checking the CIBIL score to get an HDFC Credit Card is easy and hassle-free. You can check credit reports online using any one of the following modes

Here is how to check CIBIL score online:       

Step 1: Go to the official CIBIL website www.cibil.com

Step 2: Click on the tab ‘Get your CIBIL Score’ available on the top right corner of the home screen.

Step 3: Choose the plan you wish to avail and click on ‘Get Started’. Please note, select a subscription plan only if you want more than one report in a year. This will help you create an account and thus make regular checks easy.

Alternatively, for one-time users (who do not want more than one credit report per year), opt for the ‘Free Annual CIBIL score and report’ link available at the bottom of the home page. 

Step 4: Enter the required information like email ID, name, mobile number, etc. Choose one of the ID types from the drop-down menu, namely, PAN card no., Passport no., Voter ID no., Driver’s license no., or the Ration Card no., and provide the requisite information. 

Step 5: Once the online form is complete, submit the form 

Step 6: Once your account is created, verify your identity by answering questions regarding ongoing loans and credit cards and submitting the information.

Based on the information provided, your credit report will be generated. While the CIBIL score will flash instantly, the CIBIL report will be received on the registered email ID within 24 hours of checking the CIBIL score online.

Additional Reading: What is minimum cibil score?

How does HDFC calculate the CIBIL score to issue a Credit Card?

HDFC Bank uses the CIBIL score to assess the borrower’s creditworthiness and financial standing. The CIBIL score plays a monumental role in determining whether the card will be issued or not. Secondly, it also determines the credit card limit that will be approved on the HDFC credit card.

The credit score calculation is based on the following parameters:

  • Payment history – It checks if outstanding dues like bill payments, ongoing EMIs, etc., are paid in time or not. Delays and defaults in payments affect the CIBIL score negatively. This accounts for 30% of the total CIBIL score.
  • Credit exposure – This is the credit utilisation ratio, i.e. the ratio between the amount of credit used and the total available credit limit. Ideally, it should not be more than 30%. It accounts for 25% of your credit score.
  • Credit type and duration – This checks if the borrower is dependent on secured or unsecured loans. One should have a balanced mix of secured and unsecured loans in this kitty. Also, the longer the credit duration and history, the better it is as it shows experience in handling credit. This makes up 25% of the credit score.
  • Other factors – CIBIL score calculations also take into account the hard inquiries. Every time an individual applies for a loan or credit card, a hard inquiry is initiated, which affects the credit score negatively. This section accounts for the remaining 20% of the credit score.

Additional Reading: What is Transunion cibil score?

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FAQs

✅Can I get a credit card with a 650 CIBIL score?

While a CIBIL score of 750 points and above is considered good, a CIBIL score of 650 -750 points is rated as Fair. A Fair credit score indicates that the borrower will not face too many hurdles while applying for an HDFC credit card and chances that it might be approved with a reasonably high credit limit. 

To get an HDFC credit card with a 650 CIBIL score, you can apply for a credit card against a fixed deposit of a nominal value. Alternatively, you must have a savings bank account or salary account in HDFC Bank.

✅What is the minimum CIBIL score for a credit card?

While there is no minimum CIBIL score for an HDFC credit card, a credit score of 750 and above is considered ideal. However, individuals with a credit score of 650 points can also apply. But such credit cards are issued with a lower credit limit and fewer or restricted partner benefits.  

✅How can I increase my CIBIL score from 700 to 800?

A higher credit score is a clear indication of your creditworthiness and financial health. Thus, it is of paramount importance for all lending companies and banks. Here are quick tips that can help you increase your credit score instantly:

  • Pay off your credit card dues on time and do not default on EMIs.
  • Don’t use your credit card every time you step out to shop. Ideally, you should not use more than 30% of the credit limit. Opt for a higher limit credit card if you are an avid shopper.
  • Apply for a credit card only after a comprehensive eligibility check so that the chances of credit card approval are high. Always maintain substantial gaps between two credit card applications.
  • Regularly check your credit report for discrepancies and errors. Do not delay in filing a dispute to raise such a matter.
  • Have a balanced mix of different types of loans and credit cards.
  • Overutilisation of credit limits is not desirable. Instead, apply for an increase in credit limit.
  • Always pay your credit card dues in full. Do not revolve credit by paying the Minimum Amount Due.
  • Do not apply for loans too quickly. Every loan application submitted initiates a hard inquiry which harms the credit score.

✅Which bank gives credit cards easily?

All top banks offer credit cards with exclusive benefits and features. But no bank gives away a credit card easily. As credit cards offer easy credit facilities to the cardholder, the bank needs to be certain about the repayment capacity of the applicant before the credit card application is accepted. 

Banks, therefore, have a stringent eligibility criterion that has to be met before a credit card is approved. The eligibility conditions like age, income, ongoing loans, the current CIBIL score, etc., are carefully and closely assessed. A credit card application is approved only if all eligibility conditions are satisfied.

✅What is the highest credit card limit in India?

The Super Premium range of credit cards from HDFC Bank comes with the highest credit limit. These are HDFC Infinia Credit Card with a credit limit of Rs.8 Lakhs and above, HDFC Diners Club Black Credit Card with a credit limit of Rs.4 Lakhs and above, and JetPrivilege HDFC Diners Club Credit Card with a credit limit of Rs 4 Lakhs and above. 

✅Does CIBIL score affect HDFC credit card limit?

The CIBIL score has a direct bearing on the HDFC credit card limit. A credit score of 750 and above is considered ideal for credit card approval. If the applicant maintains a credit score of 750 points and above, the credit card approved will be of a higher limit. HDFC credit cards are approved with a lower credit limit if the applicant’s CIBIL score is low. HDFC credit cards are generally rejected if the credit score is lower than 650 points.