What is Minimum CIBIL Score Required for Credit Card

08 May 2023

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Are you looking to apply for a credit card? Do you know the minimum CIBIL score required for getting it approved? In this blog, we will be discussing everything related to CIBIL scores and how they affect your eligibility for a credit card. We will cover topics such as how to check and read your CIBIL score report, what factors determine the minimum CIBIL score required for credit card approval, how to improve your CIBIL score, and the benefits of having a good CIBIL score. We will also explain the impact of having bad credit or low CIBIL scores on credit card approval and offer some tips about which credit cards are suitable for people with bad credit or low CIBIL scores.

What is CIBIL Score for Credit Cards?

Depending on your needs and requirements, you can benefit from a variety of credit cards. Your credit score is one of the most crucial of the qualifying requirements, nonetheless, that the applicant must meet.

For credit cards, 750 is the required minimum CIBIL score. Your credit card application can be declined if you have a credit score of less than 750. Determining your CIBIL score in India is thus advised before applying for a credit card. You can obtain quick and simple loan approval from the bank with the aid of a strong CIBIL score.

Do not have required eligibility to apply for a credit card? Worry not, Get Bank of Baroda PRIME Credit Card against fixed deposit of ₹15,000 or more without any income proof. Know more at BOB Financial or visit any of your nearest Bank of Baroda branch.

How to Check CIBIL Score for Credit Card?

Here are the steps to follow to check your CIBIL score for a credit card:

  • Visit www.cibil.com
  • Click on the ‘Get Your CIBIL Score’ tab.
  • Choose your desired subscription option.
  • You will be then redirected to an online form.
  • Enter your name, address, ID proof, date of birth, etc., and submit.
  • You will be then redirected to the payment page to make the required payment.
  • You will be now redirected to an authentication page just to authenticate your identity with CIBIL.
  • Once your authentication process is complete, you will receive a detailed CIBIL report on your registered email address within the optimum time.

Minimum CIBIL Score Required for Credit Card

Your credit card application will likely be accepted if you have a credit score of 750 or above, which is considered outstanding. It's interesting how card issuers also take into account additional information from your CIBIL credit report, such as your current credit card transactions, payment history, your debt-to-income ratio, etc. You could also be approved for a credit card even if your credit score is lower than 750 depending on these additional variables and your connection with the card provider. To receive an unsecured credit card, meanwhile, is quite challenging if your credit score is below 700.

How to Improve your CIBIL Score for a Credit Card?

Improving your CIBIL score is not that difficult if you follow the given suggestions:

  • Timely repayments: Repay your loans and credit card bills on time without delay.
  • Regular credit reports review: Maintain track of all your active and settled loans, as well as comprehend your credit report. Report any inaccuracy or inconsistency to CIBIL.
  • Avoid frequent credit card inquiries: Bank always asks for your credit report and credit score from CIBIL when you apply for a credit card or loan. These inquiries, sometimes referred to as hard inquiries, lower your CIBIL score. Therefore, it is advised not to apply for a lot of credit cards or loans at once.
  • Low credit utilisation: Avoid using up your full credit limit on your card because it shows irresponsible spending. You should ideally not use more than 30% of the available credit on your card.
  • Balanced secured & unsecured loans: Your credit profile should include a good balance of secured and unsecured loans since this demonstrates that you are more creditworthy and have expertise managing both sorts of loans.

Benefits of a Good CIBIL Score to Get a Credit Card

A good CIBIL score for a credit card can get you the following benefits:

  • Higher chances of credit card approval
  • Access to reward programmes and credit cards with lower interest rates
  • The capacity to bargain with the credit card issuer for cheaper interest rates and costs
  • The ease with which one may get other types of credit, such as loans and mortgages
  • Enhanced overall financial reputation and credibility
  • Preference over the credit card applicants with low CIBIL scores

Impact of CIBIL Score on Credit Card Approval

The likelihood that your credit card application will be approved is directly impacted by our CIBIL score. You may look at the following table to get an understanding of how your CIBIL score directly affects whether your credit card application is approved:

CIBIL Score Chances of Credit Card Application Approval
750 or above High chances
700 to 750   May get approved depending on other factors.
Less than 700 Comparative low chances

How to Read CIBIL Score Report for Credit Card?

To read the CIBIL score report for credit cards, understand the given sections of the report:

CIBIL score

This section shows your credit score. If you do not have a credit history, the score will be NA or NH.

Personal information

This section contains your personal information like Name, the ID number of any of the Government Identity Cards, date of birth, and gender.

Contact information

This section has your contact information such as mobile number, present and permanent address, and email ID.

Credit facility

This section consists of information about your various credit facilities in detail such as:

  • Lender’s name
  • Account number
  • Date of opening a loan account
  • Date of closure of an account
  • The loan amount and current outstanding balance
  • Type of loan account
  • Type of ownership
  • Date of last payment made
  • Month-to-month repayment history for the last three years
  • No of days the payment for the loan account is due.
  • Standard: loan repayment made within 90 days
  • Sub-Standard: loan payments pending beyond 90 days
  • SMA: The account is a Special Mention Account, i.e., it is likely to become a sub-standard account
  • Doubtful: The account has remained sub-standard for over 12 months
  • Loss: No possibility of recovery of the loan

Red Box

A red box with an alert indicates that particular account information is disputed. It also mentions the date of the dispute.

Inquiry information

It is the information on the number of loan applications made, as well as the application date, loan amount, and lender name. The lender obtains a CIBIL Report each time a loan application is made to examine the applicant's CIBIL score, which will be noted in the CIBIL Report. An excessive number of inquiries in a short period indicate your thirst for credit, which is not a healthy indicator.

Credit Cards for People with Bad Credit or Low CIBIL Scores

People with bad credit or a low CIBIL score must not lose hope as there are certain ways to still get a credit card.

  • Apply for a secured credit card which is issued against a fixed deposit.
  • If you have an excellent track record, there are chances your bank may issue a free credit card to you.
  • Apply for credit cards with higher fees and interest rates.

Get Bank of Baroda PRIME Credit Card against fixed deposit of ₹15,000 or more without any income proof. The card gives cashback on all your spends, is Lifetime Free i.e. No Joining or Annual Fees, offers 1% Fuel Surcharge Waiver, Smart EMI benefit of 6 to 36 months, and much more. Know more at www.bobfinancial.com or visit any of your nearest Bank of Baroda branch to apply for PRIME card.

Things to Remember

Your CIBIL score is an important factor that lenders take into consideration when evaluating your creditworthiness. It is calculated based on your past credit history and is used as a measure of your ability to pay back any loan or credit card debt. The higher the CIBIL score, the better your chances of getting approved for a loan or credit card. 750 is the minimum CIBIL score required for a credit card.

FAQs on CIBIL Score for Credit Card

How much CIBIL score is required for a credit card?

A minimum of 650 to an average 750 CIBIL score is required for a credit card.

Can I get a credit card with a low CIBIL score?

Yes, in case your bank finds you a potential customer, or else you can get a secured credit card against a fixed deposit.

Why do banks check CIBIL scores to issue credit cards?

Checking CIBIL score helps the banks to know your credit behaviour, payment patterns, and creditworthiness.

Is 700 a good CIBIL score for a credit card?

A CIBIL score of 700 to 749 is considered good for a credit card.

Can I get a credit card with a 650 CIBIL score?

Yes, you may apply for a secured credit card with a 650 CIBIL score.

What is the minimum credit score required for Bank of Baroda credit card?

A minimum CIBIL score of 750 is required for a Bank of Baroda credit card. Choose the Bank of Baroda Credit Card most suitable to your needs, visit www.bobfinancial.com to know more. We offer an array of consumer & commercial credit cards and caters to all segments of customers with varied needs, including but not limited to everyday Shopping Cards, Travel Cards and Business Cards for large corporates as well as MSMEs. We have exclusive credit cards for Defence Personnel including the Indian Army, Indian Navy, the Indian Coast Guard, Assam Rifles, professionals like ICAI, ICMAI & ICSI, co-branded cards with HPCL, Snapdeal, IRCTC, Premium Lifestyle cards like Eterna, Premier, and more such exciting variants. 

Is it possible to get a credit card if I have no CIBIL score or Zero CIBIL score?

Yes, you may apply for a secured credit card if you have no CIBIL score or Zero CIBIL score depending on the bank.

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