674 CIBIL Score

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

674 CIBIL Score: Is it Good or Bad?

A 674 CIBIL score is considered average and sits slightly below the "good" category. It suggests moderate creditworthiness, meaning lenders may approve loans or credit cards but with less favourable terms such as higher interest rates and stricter repayment conditions. While it is not a poor score, it indicates room for improvement to secure better financial opportunities. A score above 700 is generally preferred for competitive loan offers and premium credit cards. Practising financial discipline, including timely repayments and maintaining a low credit utilisation ratio, is essential to enhance your creditworthiness and improve your financial options.

How to improve your 674 CIBIL Score?

Improving a 674 CIBIL score requires consistent financial management. Ensure all your EMIs, credit card bills, and other payments are made on time to build a strong repayment history. Keep your credit utilisation ratio below 30% to demonstrate responsible borrowing. Avoid frequent loan or credit card applications, as multiple hard inquiries can lower your score. Check your CIBIL report regularly for errors or discrepancies and have them rectified promptly. Maintaining a mix of secured and unsecured credit also helps improve your profile. With these practices, you can steadily increase your score above 700, gaining access to better credit terms and products.

How does a 674 CIBIL Score impact interest rates?

A 674 CIBIL score may lead to higher interest rates and stricter loan terms, as lenders view it as a moderate-risk score. Borrowers with this score often face higher EMIs and lower credit limits compared to those with higher scores. To access better interest rates, aim to improve your score above 750 by practising timely repayments, reducing credit utilisation, and maintaining a balanced credit profile. A higher score assures lenders of your reliability, resulting in lower borrowing costs and more favourable loan conditions. With disciplined financial habits, you can significantly enhance your score and broaden your financial opportunities.

Frequently asked questions

Is 674 CIBIL score good?
A 674 CIBIL score is average but not good. It indicates moderate creditworthiness and may limit access to favourable credit terms. To secure better financial opportunities and lower interest rates, aim to improve your score above 700 through disciplined financial practices.

Is 674 credit score bad?
A 674 credit score is not bad but falls below the "good" range. It indicates moderate credit risk, leading to higher interest rates or limited credit options. By paying dues on time, reducing credit utilisation, and managing credit responsibly, you can improve your score and access better opportunities.

Can I get a 674 credit card with?
Yes, you can get a credit card with a 674 score, but your options may be limited to basic cards with fewer rewards. Premium cards generally require higher scores. Work on improving your score above 750 through disciplined credit management to access better credit card options and benefits.

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