663 CIBIL Score

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

663 CIBIL Score: Is it Good or Bad?

A 663 CIBIL score is considered average, suggesting moderate creditworthiness. While it is not a poor score, it falls short of the "good" range. Borrowers with this score may qualify for loans and credit cards, but the terms may not be the most favourable. Higher interest rates, lower credit limits, and fewer financial product options are common challenges. A 663 score reflects the need for better financial discipline to improve creditworthiness. Consistently paying bills on time, reducing credit utilisation, and avoiding frequent loan applications can help raise your score. Aim for a score above 700 to access better opportunities.

How to improve your 663 CIBIL Score?

To improve your 663 CIBIL score, focus on punctual repayment of EMIs and credit card bills. Timely payments positively impact your credit history and score. Keep your credit utilisation ratio below 30% to demonstrate responsible credit usage. Avoid frequent loan or credit card applications, as hard inquiries can lower your score. Check your CIBIL report regularly for errors or discrepancies and get them rectified promptly. Maintaining a balanced credit mix of secured and unsecured loans can also improve your score. With consistent financial discipline, you can gradually increase your score above 700, enabling you to qualify for better financial products.

How does a 663 CIBIL Score impact interest rates?

A 663 CIBIL score impacts interest rates by categorising you as a moderate-risk borrower. Lenders may approve loans or credit cards but offer higher interest rates and stricter repayment conditions. A higher interest rate means higher overall borrowing costs. Improving your score above 750 can help you qualify for competitive rates and better terms. Practising good credit habits, such as timely payments and low credit utilisation, can positively influence your score. Over time, a higher score reflects financial reliability, allowing you to secure loans at lower interest rates, reducing your financial burden and improving affordability.

Frequently asked questions

Is 663 CIBIL score good?
A 663 CIBIL score is average but not classified as good. It indicates moderate creditworthiness, allowing access to loans or credit cards with less favourable terms. By improving your financial habits and raising your score above 700, you can qualify for better interest rates, higher credit limits, and more advantageous financial products.

Is 663 credit score bad?
A 663 credit score is not bad but falls below the preferred "good" range. It suggests you are a moderate-risk borrower, which may result in higher interest rates and limited credit options. By maintaining timely payments, reducing credit utilisation, and managing your credit profile responsibly, you can improve your score and financial opportunities.

Can I get a 663 credit card with?
Yes, you can get a credit card with a 663 score, but your options might be limited to entry-level cards with basic features. Premium cards offering higher credit limits and better rewards typically require a score above 750. Focus on improving your score through responsible credit management to access better credit card options in the future.

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