698 CIBIL Score - Is it good or bad?
A 698 CIBIL score is considered fair to good in India, suggesting moderate creditworthiness. While it’s close to reaching the “good” range, this score might still restrict access to the best credit terms. Lenders view it as reasonably reliable, so you can qualify for loans and credit cards, though potentially with slightly higher interest rates. Further improvement can unlock more favourable terms.
How to improve your 698 CIBIL Score?
To improve a 698 CIBIL score, focus on timely payments and maintaining low credit balances. Paying off outstanding debts and limiting credit utilisation to below 30% of your available limit can boost your score. Avoid applying for multiple credit products simultaneously, as frequent inquiries may impact your score negatively. Regularly reviewing your credit report for errors can also aid in gradual improvement.
How does a 698 CIBIL Score impact interest rates?
A 698 CIBIL score may grant access to credit products but with moderate interest rates. Financial institutions often see this score as fair, meaning slightly higher interest rates might apply. Boosting your score to 700 or above can help secure lower rates, making loans more affordable and improving financial flexibility for long-term repayment.
