656 CIBIL Score

656 CIBIL Score: Simple Tips to Improve and Secure Better Financial Options
CHECK SCORE
656 CIBIL Score
CHECK SCORE
3 mins read
05-February-2025

656 CIBIL Score: Is it Good or Bad?

A 656 CIBIL score falls in the average range, suggesting you are a moderate-risk borrower. It is neither poor nor excellent, but it indicates you have some work to do to reach the "good" category. While you may qualify for loans or credit cards, the terms might not be favourable. Lenders often provide higher interest rates or lower credit limits for such scores. Aiming for a score above 700 improves your chances of securing better financial products. Consistent financial discipline and responsible credit behaviour can help move your score into the desirable range, offering more opportunities and better terms.

How to improve your 656 CIBIL Score?

Enhancing a 656 CIBIL score requires focused efforts on credit management. Start by paying all your bills and EMIs on or before the due date. Timely payments significantly impact your credit score positively. Minimise credit card usage by keeping your credit utilisation ratio below 30%. Avoid applying for multiple loans or credit cards simultaneously, as frequent hard inquiries can lower your score. Regularly review your CIBIL report to identify and correct errors or discrepancies. Maintaining a mix of secured and unsecured credit accounts also helps improve your credit profile over time. With patience and disciplined financial practices, your score can improve steadily.

How does a 656 CIBIL Score impact interest rates?

A 656 CIBIL score impacts your ability to secure loans or credit cards at competitive interest rates. Lenders perceive borrowers with such scores as moderately risky, leading to higher interest rates and stricter terms. You may still qualify for loans, but the repayment costs will be higher due to the added risk premium. A lower score also affects your eligibility for premium financial products. Improving your score by adopting good financial habits can reduce your borrowing costs. A higher CIBIL score, typically above 750, signals reliability, allowing you to access better rates, flexible terms, and greater financial opportunities.

Frequently asked questions

Is 656 CIBIL score good?
A 656 CIBIL score is average, sitting below the "good" range. While it indicates moderate creditworthiness, it shows room for improvement. With this score, lenders may offer loans or credit cards but with less favourable terms. To access better financial products and interest rates, aim for a score above 700 through consistent financial discipline.

Is 656 credit score bad?
A 656 credit score is not bad but is below the preferred "good" range. It places you in a moderate-risk category, meaning lenders may consider you for credit but with higher interest rates and limited benefits. Improving your score through timely repayments, low credit utilisation, and consistent financial habits can elevate you to a "good" score range.

Can I get a 656 credit card with?
Yes, you can obtain a credit card with a 656 score, but your options may be limited to basic cards. Banks may offer cards with lower credit limits and fewer rewards. To access premium cards with attractive features, you need a higher credit score, generally above 750. Work on improving your score for better offers.

Show More Show Less

Related videos

Bajaj Finserv app for all your financial needs and goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.

Explore and apply for co-branded credit cards online.

Invest in fixed deposits and mutual funds on the app.

Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.

Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.

Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.

Shop from over 100+ brand partners that offer a diverse range of products and services.

Use specialised tools like EMI calculators, SIP Calculators

Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

Do more with the Bajaj Finserv App!

UPI, Wallet, Loans, Investments, Cards, Shopping and more

GET THE APP

Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.