How Much CIBIL Score Required for Credit Card?

In my opinion, credit cards can be quite helpful in crises in addition to enhancing your shopping experience and enabling you to make payment in EMIs. Credit card companies always assess your reliability before approval of your application form because credit cards essentially give you an unprotected line of credit. So, it is crucial to know the minimum CIBIL score for credit card. If you are not very well aware of how much CIBIL score required for credit card, then do not worry. I will tell you all about it here.

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How much CIBIL score is required for credit card?

Your CIBIL score can be around 300 and 900, with a higher number being better. If you want to know the minimum CIBIL score required for SBI credit card, then let me tell you that an excellent credit rating of 750 or higher is required to have your credit card request accepted and is typically sufficient. It's noteworthy that card issuers also take into account additional information from your CIBIL credit report, such as the number of credit cards you currently have, late payments, your debt-to-income ratio, etc. You might also be approved for a credit card if your credit rating is lower than 750 depending on these additional variables and your association with the card provider. To receive an unsecured credit card, meanwhile, is very challenging if your credit rating is below 700.

Why is CIBIL Score Important for a Credit Card?

Now that you know the minimum CIBIL score for AXIS bank credit card or any bank’s credit card, let me tell you why it is so crucial to maintain a CIBIL score for your credit card. Your CIBIL score, which has three digits and ranges between 300 and 900, represents your creditworthiness. TransUnion CIBIL, among the most established and reliable credit bureaus in the nation, calculates CIBIL scores. It is dependent on your credit record, which includes a number of factors such as the number of open and closed loan accounts, your credit utilisation ratio, and your payback history. Every time you sign up for a credit card, the card provider runs a credit report on you to make sure you can afford to pay your bills on time. As a result, maintaining a high Credit rating and a spotless credit history is essential if you wish your credit card requests to be quickly accepted.

How Your Credit Score Impacts Your Eligibility for a Credit Card

The likelihood that your credit card request will be approved directly depends on your CIBIL score. Your chances of getting your credit card request accepted increase with your CIBIL score. You can look through the following table to gain an understanding of how much CIBIL score required for HDFC credit card or how your CIBIL score directly affects whether your credit card request is approved:

Now you know the minimum CIBIL score for credit card.