694 CIBIL Score

694 CIBIL Score - Simple tips to improve and secure better financial options.
CHECK SCORE
694 CIBIL Score
CHECK SCORE
3 mins read
08-Nov-2024

694 CIBIL Score - Is it good or bad?

A 694 CIBIL score is generally considered fair to good in India, reflecting reasonable creditworthiness. This score indicates that while you’ve demonstrated some level of financial responsibility, there’s room for improvement. You can qualify for various credit products, including loans and credit cards, though you may not receive the best interest rates. Boosting your score can enhance access to more favourable financial terms.

How to improve your 694 CIBIL Score?

Improving a 694 CIBIL score involves maintaining disciplined credit habits. Timely bill payments are essential, as missed payments can negatively affect your score. Reducing outstanding debts and avoiding high credit utilisation—keeping balances below 30% of your credit limit—can help. Regularly reviewing your CIBIL report to correct errors and limiting new credit applications can also support gradual score improvement.

How does a 694 CIBIL Score impact interest rates?

With a 694 CIBIL score, you are eligible for loans and credit products, although the interest rates may not be the most competitive. Financial institutions might offer moderate terms as this score reflects fair creditworthiness. By improving your score, you can secure more attractive interest rates, which reduces the long-term cost of borrowing and offers greater financial flexibility.

Frequently asked questions

Is 694 CIBIL score good?
A 694 CIBIL score is fair to good in India, reflecting reasonable creditworthiness. While you may qualify for credit products, interest rates might be moderate. Improving your score can unlock better rates and terms, making it worthwhile to work towards a higher score.

Is 694 credit score bad?
No, a 694 credit score is not considered bad; it’s viewed as fair to good. This score indicates decent credit behaviour, allowing access to various financial products, though not always at the best rates. Raising your score can lead to more favourable borrowing terms.

Can I get a 694 credit card with?
Yes, with a 694 CIBIL score, you can likely obtain a credit card. While the credit limit and interest rate may not be the most favourable, using the card responsibly can improve your score, potentially leading to better credit opportunities in the future.

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