CIBIL Score for Credit Card

Below are the steps to check a free CIBIL score for a credit card

• Visit the official website of CIBIL. Click here to visit the website.
• Select the 'Get your CIBIL Score’ option.
• Now click on the "Click here" button to see your free Annual CIBIL Score.
• Enter your name, email address, and password.
• Attach an identity proof, such as a Passport, PAN Card, Aadhaar Card, or Voter ID.
• Enter your area’s PIN code along with your date of birth and phone number.
• Then click on the 'Accept and continue' tab.
• You will get an OTP on your registered mobile number. Enter it and click on 'Continue'.
• Now select 'Go to dashboard' to check your credit score.
• The user will be redirected to myscore.cibil.com.

CIBIL Score Range is usually between 300 to 900. Any score above 700 is considered a good CIBIL score. The minimum credit score for credit cards 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 a credit card.

Apart from meeting the minimum CIBIL score for credit card norms, applicants also have to meet other eligibility requirements, including 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. When you are applying for a loan, you can check your TransUnion CIBIL Score, Experian Credit Score, Equifax Credit Score, and CRIF Credit Score.

There are several benefits of having a good cibil score for a credit card, such as:

• Best deals on credit cards
• Credit cards with attractive rewards and benefits
• Instant approval of credit card applications
• Better negotiation power
• Higher credit card limit
• Easier access to premium credit cards
• Access to pre-approved credit card offers

The credit score required for credit cards may vary from one provider to another, however, most issuers require a CIBIL score of 700 or above to approve a credit card request. Here are some impacts of CIBIL score on credit card approval:

• An excellent CIBIL score can get you the best credit card deal.
• You can get a higher credit limit.
• Every credit card provider conducts a credit card score check before issuing a card.A great score can get you pre-approved offers on credit cards.
• A poor score can result in the rejection of your credit card application.
• If you don’t have a credit history, you can get a low CIBIL score credit card or secured credit card and use it to build your credit score.

A CIBIL report contains detailed information about all the credits you have availed, including home loans, car loans, personal loans, credit cards, overdraft facilities, and so on. There are various details in your CIBIL report. Here are the key sections of a CIBIL report:

• CIBIL score: Your CIBIL score is calculated based on your credit behavior and ranges between 300 to 900. A score of above 700 or above is considered a good CIBIL score for a credit card.
• Personal information: Your credit report contains your personal information, such as your name, gender, date of birth, and identification number (like PAN, passport number, and voter ID number).
• Contact information: The report also has information about your address and contact numbers under this section. The report has details of up to 4 addresses.
• Employment information: Your monthly or annual income details are also there as reported by banks and other financial institutions.
• Account information: Under this section, you will find the details of the credit facilities that you have availed, including the name of lenders, types of credit facilities (personal loan, home loan, auto loan, overdraft, etc.), account numbers, details of ownership, date of opening and last payment, loan amount, current balance, and a record (month on month of up to 3 years) of your credit payments.

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.

• Update your information regularly: Most people don’t bother about updating their information after they get a credit card. You can change your contact details (such as the phone number, email id, etc.). The only way for a bank to contact or reach you is through this information. Generally, credit card companies share information of all your transactions on your contact details available with them. Not updating your information could mean you would not be aware if someone uses your credit card to make unauthorised purchases.
• Don't attend to suspicious calls and emails: Nowadays many fraudsters are calling or emailing people to access their credit card information for fraudulent purposes. Always remember that banks never call for such information. If you receive any such call or email, be alarmed. Your credit card details should not be shared with anyone under any circumstances as they are only for you.
• Replace the credit card when you’re doubtful: There can be times when you will have to use your credit cards in distant places. If you are not comfortable using them in some places, you must replace them immediately. Nowadays card cloning is a common method to steal confidential information. Ask your card issuer to replace the card if you feel suspicious.
• Only use secure portals: When making online transactions, most people log on to the internet to transfer their money or make purchases. This could provide scammers an ideal opportunity to rip you off. Always use secure websites for all transactions, they begin with "https".
• Immediately report any misuse: At times, you can fall victim to a credit card fault despite being safe. In such cases, immediately contact your credit card issuer and inform them about the incident. If you fail to report such incidents within a stipulated time, credit card companies will make you pay for it.