Before applying for a home loan with a 700 CIBIL score, I asked my banker friend whether the 700 credit score good or bad. He told me that a CIBIL score can be between 300 and 900. A credit score that is in the range of 690 to 719 is regarded as good. Thus, having a score of 700 on credit makes me both creditworthy and good.
Is 700 Considered a Good Credit Score?
My banker friend informed me that;
For unsecured loans, lenders favour lending to borrowers with credit scores of 750 and above.
However, a loan with a credit score of 700 is still possible, although with more stringent conditions. Negotiating for a better sum or lower interest rates might not be possible for someone with a credit score of 700.
To obtain better loan terms or a larger loan amount, borrowers will need to work towards raising their credit score to 750 or above.
Banks approve high-end loans at reduced interest rates because they view applicants with credit scores of 750 and above as "financially responsible."
So after listening to him, I decided to build my credit score to at least 750, to avoid the chance of getting a lower loan amount and high interest rate with my existing 700 CIBIL score.
I hope this helps!
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My brother wanted to get a home loan, but he only had a CIBIL score of 700. Then he asked me if is 700 a good credit score. I looked into it and discovered that a CIBIL score of 700 is typically regarded as a respectable score. This three-digit number serves as an identity of an individual’s creditworthiness and shows how well you manage the credit. Scroll down to know an ideal CIBIL score.
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CIBIL Score 700 is Good or Bad?
Though a score of 700 is not particularly high, it does indicate a reasonably decent credit history. But, 700 alone may not ensure approval for credit or loans. For loans, most lenders prefer a credit score of 750 or higher. Check out the disadvantages, if you apply for a loan with a 700 CIBIL score:
Lenders may grant credit for less than the amount requested.
Lenders might grant the loan at a higher interest rate which will increase the financial burden.
You will get shorter loan tenure.
Lenders may ask borrowers to put up some form of security or collateral as payment for the loan in order to reduce the risk.
If you applied for a personal loan with a 700 score, you will get the loan but with restricted terms and conditions.
You should concentrate on keeping a transparent credit history, making prompt payments on your bills, and keeping your credit utilisation ratio under control. I hope you found this helpful.
Get a home loan at a very low interest rate via NoBroker Stay in control of your finances with our EMI calculator. Read more -How to increase CIBIL score from 300 to 750?
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Is 700 a Good CIBIL Score?
Janki
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2023-07-19T19:07:52+00:00 2023-07-22T07:41:55+00:00Comment
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