740 Credit Score - How Good is it?

A credit score of 740 is considered very good, placing you well above the average score range. This score indicates a strong history of managing credit responsibly, with timely payments and a low credit utilisation rate. With a score in this range, you are likely to qualify for a wide variety of credit products, including premium credit cards, loans, and mortgages, often with the most favourable terms and interest rates available. You can check if you have a pre-approved loan offer with just your phone number and OTP – no need to visit the branch.

Lenders view a 740 credit score as a sign of low risk, which means you are more likely to be approved for credit applications and offered better interest rates. This score suggests that you have consistently paid your bills on time, maintained a low balance on your credit cards relative to their limits, and managed a diverse mix of credit types effectively.

Having a 740 credit score also implies that you have a good length of credit history and few, if any, negative marks on your credit report. Regularly checking your credit score can help you maintain or improve your score by keeping track of any changes and addressing potential issues promptly.

Even with a credit score of 740, there is always room for improvement. Here are some strategies to help boost your score even higher:
 

• Continue making timely payments: Your payment history is the most significant factor in your credit score. Continue to make all payments on time, including credit cards, loans, and utility bills.
• Reduce credit utilisation: Aim to keep your credit utilisation ratio below 30%. This means if you have a total credit limit of Rs. 100,000, your outstanding balance should not exceed Rs. 30,000.
• Avoid unnecessary credit applications: Each new credit application results in a hard inquiry on your credit report, which can temporarily lower your score. Apply for new credit only when necessary.
• Keep long-standing accounts open: The length of your credit history positively impacts your credit score. Keeping older accounts open can help maintain a longer credit history.
• Diversify your credit types: Having a mix of credit types, such as credit cards, mortgages, and personal loans, can positively influence your credit score. It demonstrates your ability to manage different types of credit responsibly.
   

Regularly review your credit report: Check your credit report for any inaccuracies or discrepancies. Dispute any errors that may negatively affect your score. Understanding the factors affecting credit score can help you identify areas for improvement. By following these practices, you can maintain and potentially enhance your 740 credit score, securing even better financial opportunities in the future.

1. Click on ‘CHECK ELIGIBILITY’ on this page.
2. Enter your 10-digit mobile number and the OTP sent to your phone.
3. Check if you have an offer. If not, fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
4. Now, click on ‘PROCEED’ to visit the loan selection page.
5. Enter the offer or loan amount that you need. Choose from our personal loan variants.
6. Choose the repayment tenure and click on ‘PROCEED’.
7. Complete your KYC and submit your application.

Our representative will contact you for further steps.