723 CIBIL Score - Is it good or bad?
A 723 CIBIL score is generally considered good in India. While it falls slightly below the “very good” or “excellent” range, a score of 723 reflects a positive credit history, often qualifying individuals for loans and credit cards. However, lenders may still apply moderate interest rates or additional conditions compared to applicants with higher scores.
723 How to improve your CIBIL Score?
To enhance a 723 CIBIL score, ensure consistent, timely payments on EMIs and credit card bills. Reducing outstanding balances and maintaining a low credit utilisation ratio can positively impact your score. Regularly review your credit report for any inaccuracies. These small steps, when consistently followed, can improve your score and broaden your access to better financial products.
How does a 723 CIBIL Score impact interest rates?
A 723 CIBIL score generally attracts moderate interest rates from lenders. While it’s not the highest range, it shows responsible credit behaviour, allowing borrowers to negotiate favourable terms. However, a score above 750 may offer even lower rates. Individuals with a 723 score can still access credit, although interest rates might be slightly higher than those for higher-scoring applicants.
