746 CIBIL Score

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

746 CIBIL Score - Is it good or bad?

A CIBIL score of 746 is considered good for Indian borrowers. It indicates a solid credit history, showing lenders that you have managed your credit responsibly. While scores above 750 are typically preferred for the best interest rates, a 746 score still provides access to loans and credit cards with favourable terms. However, improving your score could unlock even better financial offers, including lower interest rates.

How to improve your 746 CIBIL Score?

Improving a 746 CIBIL score requires continued financial discipline. Ensure timely payments of all credit card bills and EMIs to avoid late fees. Reduce credit utilisation by keeping it below 30% of your limit. Maintain a balanced credit mix, such as secured and unsecured loans. Regularly monitor your credit report to spot any inaccuracies. These steps will help you push your score higher for even better offers.

How does a 746 CIBIL Score impact interest rates?

A 746 CIBIL score can positively impact the interest rates you receive on loans or credit cards. Lenders consider this score good, so you are likely to get competitive rates. However, individuals with scores above 750 may be offered lower rates. Improving your score slightly can further reduce your interest costs and enhance your loan eligibility for premium offers.

What can a 746 credit score get you?

A credit score of 746 in India positions you favourably for various financial products. You can expect lower interest rates on loans, higher credit card limits, and attractive rewards. Additionally, this score can enhance your negotiation power for personalised terms on personal loans and mortgages.

Let's delve into the specific financial opportunities available to individuals with a 746 credit score in India:

1. Credit cards

  • Eligibility: A 746 credit score significantly improves your chances of qualifying for a wide range of credit cards, subject to factors like nationality, income, and employment status.
  • Benefits: You can potentially secure credit cards with lower interest rates, exclusive rewards, and higher credit limits.

2. Personal loans

  • Approval: Personal loans often have more lenient credit score requirements compared to other loan types. A 746 credit score can facilitate smooth approval for eligible individuals.
  • Negotiation: This credit score empowers you to negotiate favourable terms, such as lower interest rates, for your personal loan.

3. Home loans

  • Essential factor: A strong credit score is crucial for securing a home loan in India. A 746 score positions you favourably for mortgage loan products.
  • Advantages: You can expect quick approvals, competitive interest rates, and higher loan amounts.

4. Auto loans

  • Easy approvals: A high credit score like 746 can streamline the approval process for auto loans.
  • Interest rates: You may be eligible for lower interest rates on your auto loan.

5. Insurance plans

While credit scores have a less direct impact on insurance approvals compared to loans and credit cards, they can still influence insurance costs in India. A good credit score may lead to more favourable insurance premiums.

Frequently asked questions

Is 746 CIBIL Score good?
Yes, a 746 CIBIL Score is good. It shows that you have responsibly managed your credit, making you a favourable candidate for loan approvals and credit cards. Though a slightly higher score could unlock better interest rates, a 746 score still ensures access to financial products with competitive terms, helping you meet your financial goals.

Is 746 credit score bad?
No, a 746 credit score is not bad. It falls in the good range and reflects sound credit management. While improving your score beyond 750 may give you access to lower interest rates and premium offers, a 746 score still qualifies you for most loans and credit cards. It shows lenders that you are a reliable borrower.

Can I get a credit card with 746?
Yes, with a 746 credit score, you can easily qualify for a credit card. Most banks in India consider this score good, which increases your chances of approval. However, the specific benefits, such as rewards or interest rates, might vary based on the bank’s policies. Improving your score further could give you access to better card options.

How much can you finance with a 746-credit score?

The amount you can finance with a 746 credit score varies based on factors like income, employment history, debt-to-income ratio, and the lender's specific criteria. A higher credit score generally indicates lower risk to lenders, potentially leading to higher loan amounts and better interest rates.

What is the lowest CIBIL score for a personal loan?

While there's no universal minimum CIBIL score for personal loans, lenders typically prefer scores above 750. However, some lenders may consider applicants with lower scores, often with higher interest rates and stricter terms.

How to increase credit score from 746?

To increase your credit score from 746, consider these strategies:

  • Pay bills on time: Consistent timely payments are crucial.
  • Maintain low credit utilisation: Keep your credit card balances low compared to your credit limit.
  • Limit new credit applications: Avoid applying for multiple credit cards or loans simultaneously.
  • Dispute errors: Correct any inaccuracies on your credit report.
  • Consider a credit builder loan: Responsible repayment can positively impact your score.
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