What credit limit can I get with a 670 credit score?

With a credit score of 670, you are likely to qualify for a moderate credit limit. The exact amount will depend on other factors such as your income, existing debt, and the specific credit policies of the lender. Generally, you can expect to receive a credit limit that reflects your ability to manage credit responsibly.

How can I raise my credit score from 670 to 700?

To raise your credit score from 670 to 700, focus on making all payments on time to build a positive payment history. Reduce your credit card balances to lower your credit utilisation ratio, and keep old credit accounts open to maintain a longer credit history. Avoid applying for new credit frequently to prevent multiple hard inquiries, and diversify your credit mix by having different types of credit accounts. Additionally, regularly check your credit report for errors and dispute any inaccuracies.

670 Credit Score - Is it Good or Bad?

3 mins read

12-Aug-2024

Having a credit score of 670 places you in the 'Good' range, providing numerous financial opportunities. However, there are strategies to further improve your score, making you eligible for even better loan and credit card options with more favourable terms. This guide will explore methods to enhance your credit score and the benefits of maintaining a good credit rating.

How to improve your 670 credit score?

1. Ensure timely payments

Always pay your bills on time. Your payment history significantly influences your credit score, and consistent, timely payments can lead to substantial improvements.

2. Reduce revolving credit balances

Lower the balances on your revolving credit accounts, such as credit cards. Maintaining low credit utilization positively affects your score.

3. Keep your oldest account open

Preserve your oldest credit account to maintain the length of your credit history, an important factor in your credit score.

4. Diversify your credit portfolio

Having a mix of different credit types, such as credit cards, mortgages, and personal loans, can enhance your credit profile.

5. Minimise new credit applications

Limit applications for new credit. Each application results in a hard inquiry on your credit report, which can temporarily lower your score.

6. Correct errors on your credit report

Regularly review your credit report for inaccuracies and dispute any incorrect information that may negatively affect your score.

7. Add yourself as an authorised user

Consider becoming an authorised user on a family member's or friend’s credit card. This can help improve your credit score if they have a good credit history.

A CIBIL Score of 670 grants access to a broad range of loans and credit card products. However, increasing your score can enhance your approval chances for an even greater variety of options with more favourable lending terms. Additionally, since a 670 CIBIL Score is on the lower end of the Good range, managing your score carefully is crucial to avoid dropping into the more restrictive ‘Average’ credit score range. The best way to determine how to improve your credit score is to check your CIBIL Score. Along with your score, you will receive information on how to boost your score based on specific details in your credit file.

Benefits of a 670 credit score

A credit score of 670 reflects a history of good credit management, which may include a relatively short credit history or a longer history with occasional errors, such as late or missed payments or high credit usage. Lenders view individuals with a score in this range as reliable borrowers. Most lenders are willing to extend credit to those with good credit scores, although you may not always qualify for the best interest rates or the most attractive credit card rewards and loyalty bonuses.

Having a good credit score signifies responsible credit behaviour, and lenders see people with such scores as solid business prospects. This means you can access a variety of credit products, from personal loans to credit cards, although the terms may not be the most favourable. Nonetheless, maintaining or improving your credit score can lead to better financial opportunities in the future.

670 Credit Score