Credit cards are no longer thought to be a luxury item. They have evolved into a significant lifestyle choice that, in addition to convenience and flexibility, offers consumers a wide range of services. With a credit card in your wallet, you can cover any transaction, regardless of your bank account balance, whether you want to pay for large-ticket purchases, go shopping, or eat at your favourite restaurant. With so many alternatives available today, getting a credit card has never been simpler! You may now get a credit card quickly by applying for one online and attaching your Aadhaar and PAN card.
However, in order to be approved, you must meet specific qualifying criteria, the most crucial of which is your credit score. In addition to acceptance, your credit score determines the spending limit on your credit card. That is why it is critical to educate yourself about credit ratings and their implications. Here’s a primer on credit ratings to get you started.
Is it feasible to get a credit card if you don’t have a CIBIL score?
You very certainly can. Even if you have a CIBIL score of 0, you can apply for a credit card. Because the parameters used to evaluate credit card eligibility are income and CIBIL or credit score, many banks provide a wide range of credit cards to those with no credit history. If you have no credit history but are now working by a respected company and earning a high salary, your application for a credit card may be considered. As previously said, having a credit history and a high credit score qualifies you for the best credit.
How does CIBIL score affects credit card eligibility?
If you have a low credit score or no credit history, you may be unable to use the best credit cards. Some of the best credit card issuers have a minimum credit score requirement. CIBIL is one of the leading credit bureaus that offers credit scores and reports. They generate a CIBIL score, which is a three-digit number that shows an individual’s payment history. The score spans from 300 to 900, with the higher range representing the score’s strength. This score is used by financial companies to determine if a credit card application is eligible. In this post, we will discuss the minimal CIBIL score required to apply for and be approved for a credit card.
What Is the Importance of Your Credit Score?
A low credit score indicates bad financial and debt management. As a result, if you have a bad credit history, it can hurt your chances of getting a credit card. It is feasible to obtain a credit card even if your credit score is low. You will, however, be charged excessive interest rates. You will also have limited spending power because a low credit score equates to a low credit limit.
A healthy credit score, on the other hand, demonstrates good debt management and, as a result, can boost your credit card eligibility. In fact, if your credit score is high enough, you can simply obtain an immediate credit card online.
Furthermore, you will benefit from favorable terms and circumstances such as a low-interest rate or fewer credit card fees, among other things. Furthermore, a good credit score will qualify you for premium credit cards and a greater credit limit, giving you a lot more convenience and spending freedom.
As a result, before applying for credit card online rapid approval, it is critical to evaluate your credit report and CIBIL scores so that you may take remedial measures and improve your eligibility. If you have a low credit score, here are some suggestions to help you improve it.