687 CIBIL Score

687 CIBIL Score - Simple tips to improve and secure better financial options.
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687 CIBIL Score
CHECK SCORE
3 mins read
30-Dec-2024

687 CIBIL Score - Is it good or bad?

A 687 CIBIL score is considered fair in India, indicating moderate creditworthiness. While it is not excellent, it still demonstrates responsible credit behaviour, making you eligible for various loans and credit products. However, interest rates may not be the most competitive. By improving your score further, you can access better credit terms and potentially lower interest rates.

How to improve your 687 CIBIL Score?

Improving a 687 CIBIL score involves maintaining timely payments and managing credit wisely. Reducing outstanding debt, especially on high-interest accounts, can have a positive effect. Aim to lower your credit utilisation ratio by keeping balances low. Regularly monitoring your CIBIL report and avoiding multiple loan applications can further enhance your score, opening up better financial opportunities.

How does a 687 CIBIL Score impact interest rates?

With a 687 CIBIL score, you may qualify for loans but could face slightly higher interest rates compared to applicants with excellent scores. Financial institutions may view a 687 score as fair but not optimal, leading to cautious lending terms. By improving your score, you can secure lower interest rates, making borrowing more cost-effective and manageable.

Frequently asked questions

Is 687 CIBIL score good?
A 687 CIBIL score is considered fair in India, showing moderate creditworthiness. While it’s not excellent, it qualifies you for several credit options. However, you may not receive the most favourable interest rates. Improving your score can lead to better financial terms and credit flexibility.

Is 687 credit score bad?
No, a 687 credit score isn’t considered bad but is viewed as fair. It indicates moderate creditworthiness, allowing access to various credit products, though possibly at higher interest rates. By improving your score through disciplined credit management, you can access more favourable financial terms.

Can I get a 687 credit card with?
Yes, with a 687 CIBIL score, you can likely obtain a credit card, although it may have moderate interest rates or a lower credit limit. Consistent, responsible usage of the card can help further improve your score, increasing access to better credit options in the future.

Is 687 credit score needed for a loan?

A 687 credit score is considered good and typically qualifies you for various loans. With this score, lenders are more likely to offer competitive interest rates and favorable loan terms compared to lower credit scores.

How much can you finance with a 687 credit score?

With a 687 credit score, you can finance loans ranging from Rs. 2,00,000 to Rs. 25,00,000, depending on your income, repayment history, and lender policies. The higher score often results in better interest rates and repayment flexibility.

What is the lowest CIBIL score for a personal loan?

Most lenders require a minimum CIBIL score of 600 for personal loans. However, better scores like 687 improve approval chances and ensure access to loans with lower interest rates and more favorable terms.

How to increase credit score from 687?

To improve your credit score from 687, maintain a strong repayment history, keep credit utilization below 30%, avoid applying for multiple loans simultaneously, and address any errors in your credit report promptly to boost your score further.

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