Credit card can be available despite CIBIL score being bad, know what is the way

Online shopping using credit card

CIBIL Score Banks give you credit cards only when your CIBIL score is good.

Credit card has been in trend in recent times. In today’s time, people prefer to use credit cards more than cash, whether it is a restaurant bill or a grocery bill. Today’s credit card availability has become much easier. If you are a jobber, then obviously you will keep getting calls related to credit card offers from banks. Bank workers also talk about giving you a life time free credit card while offering all kinds of free offers. But do you know that it is important to have a better CIBIL Score for a credit card. Banks give you credit cards only when your CIBIL score is good. A formula of 30/25/20 is required to improve the CIBIL score.

What is cibil score

CIBIL score is also known as credit score. It is decided by three digits. This shows whether the loan you have taken has been paid on time or not, besides whether you have paid the entire interest. All these information are in the CIBIL score. The CIBIL score can range from 300 to 900. The higher the credit score, the better it is considered. Credit score can be weak even if one defaults. Generally between 700 and 900 are considered to be superior CIBIL scores.

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For any person to get a credit card, it is very important to have a better CIBIL score. It is a parameter of a person’s old loan. This shows the past credit history of the person. He said that banks offer bank deposits in addition to CIBIL score for giving credit cards. A credit card can be obtained even if the CIBIL score is bad, if the credit card applicant has good relations with the bank.

How to improve CIBIL score

To make your CIBIL score strong you need to pay attention to some important things. Among these, pay the loan on time, avoid taking multiple loans at once, do not let the credit limit pass, but by taking care of some such important things, you can strengthen your CIBIL score.

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Banks may give credit cards on account balance or fixed deposit (FD) basis even if the CIBIL score is poor. Suppose your account is in ICICI bank and if you need credit from that bank, then the bank asks you to maintain a minimum balance till the issue of the card. He said that many times banks give credit cards in lieu of FD. However, you will get a credit card from the bank where you have your FD.

You can know the CIBIL score sitting online at home. If you have made many applications for credit cards and loans, then this affects 25 percent on your credit score. So avoid them.

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