Credit cards are one of the best strategies to improve your credit score today and are highly popular. If you own a credit card or if you have ever applied for a loan then you must already be knowing that for future loans and credit cards, applicants with higher credit scores are more likely to be accepted since they are viewed as more creditworthy. While it is possible to obtain a credit card even with bad credit or a low CIBIL score, doing so may lead to increased interest rates and other costs. So, I will tell you the minimum credit score for credit card, here.
Use your credit card to pay your utility bills via NoBroker and earn cashback on payments. Earn exciting rewards on payment of your property rent through your credit cards via NoBroker.How much credit score required for credit card?
There is no such set minimum credit score when registering for a credit card. In actuality, it varies depending on the financial institution or bank you are applying to. In general, people with credit scores of 750 or even higher have a decent chance of getting approved for a credit card or loan.
What about those who received a score lower than 750? They might also be accepted, but you might be confronted with higher interest rates or other fees. Keep in mind that your likelihood of being refused increases as your credit score decreases.
Reviewing your credit score is also advised before requesting a new credit card so that you have sufficient time to improve it and have your applications accepted.
What perks do you get on a credit card with a good credit score?
Now that you know what is the minimum credit score for credit card, let me tell you about a few of the benefits you can receive with a credit card with a strong CIBIL or credit score.
A fair interest rate
Suitable for a number of the best credit cards
Easy and trouble-free credit card authorization process
Able to obtain a greater credit limit
How to Check Your Credit History?
To find out your current credit score, you have the right to get a copy of your Credit Information Report (CIR). Your CIR will make the reference of a score. On the CIBIL website, you can see your credit information report. Some rudimentary information, such as your name, ID information, date of birth, contact information, phone numbers, etc., will need to be filled out. After that, you will be required to pay your CIR, which would cost you about Rs. 470. (recent charges are subject to change).
I hope I was able to explain to you about minimum credit score for credit card.
Read More: How Much CIBIL Score Required For Credit Card? What Is The Minimum CIBIL Score Required For A Home Loan? How to Check CIBIL Score Without PAN Card?Your Feedback Matters! How was this Answer?
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How Much Credit Score Required For Credit Card?
Shivyani Sharma
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2022-09-28T19:49:05+00:00 2022-09-28T19:49:07+00:00Comment
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