661 CIBIL Score - Is it good or bad?
A 661 CIBIL Score is considered fair, indicating average creditworthiness. Lenders may view you as a moderate risk, meaning you might qualify for loans and credit cards but with less favourable terms, such as higher interest rates or lower credit limits. Improving your score can help you access better financial opportunities.
How to improve your 661 CIBIL Score?
To improve your 661 CIBIL Score, ensure you pay credit card bills and EMIs on time. Maintain a credit utilisation ratio below 30%. Avoid applying for multiple loans or credit cards in a short period to prevent hard inquiries. Regularly review your credit report for discrepancies and resolve errors promptly.
How does a 661 CIBIL Score impact interest rates?
A 661 CIBIL Score may result in higher interest rates on loans and credit cards. Lenders consider this score moderate risk, which increases borrowing costs. Improving your score can enhance your creditworthiness, helping you secure loans at more competitive rates and saving money in the long run.
