Having a good credit score (CIBIL score of 750 and above) opens your window to premium credit cards, better loan offers and affordable interest rates. On the contrary, a bad credit score (below 700-650) is likely to pull these offers away from you. However, it is better to call it a lower score because there are 4 credit bureaus at work in the country and a bad credit score becomes a relative term.
A bad credit score can lower your chances of getting good loan offers. Check Score
What is a Bad Credit Score?
Bad is a relative term and hence it is better to use the term, a ‘low credit score’. Your credit score ranges from 300 to 900. If this number is going further down from 650, you need to evaluate your credit health. However, this number varies from one credit bureau to another.
|Good||650 – 770|
|Needs Improvement||Below 650|
*Ratings of one credit bureau are different from that of the other. Thus, you should consider these scores as indicative numbers only. For exact rating, you should check your credit report generated from Paisabazaar.com.