690 CIBIL Score

690 CIBIL Score - Simple tips to improve and secure better financial options.
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690 CIBIL Score
CHECK SCORE
3 mins read
08-Oct-2024

690 CIBIL Score - Is it good or bad?

A 690 CIBIL score sits on the brink between fair and good, reflecting a somewhat mixed credit history. While this score does not position you in the 'poor' category, it suggests that lenders may exercise caution. You may still qualify for several types of credit, although under less favourable terms. To move into a more robust 'good' category, enhancing this score is advisable.

How to improve your 690 CIBIL Score?

Improving a 690 CIBIL score involves several strategic actions: consistently pay your bills on time, reduce the amounts owed on existing debts, and avoid applying for new credit impulsively. Regularly monitoring your credit report for inaccuracies and disputing any errors can also uplift your score. Patience plays a crucial role, as positive changes typically accrue over time.

How does a 690 CIBIL Score impact interest rates?

Holding a 690 CIBIL score often leads to moderately higher interest rates on loans and credit cards compared to those with higher scores. Lenders view this score as a moderate risk, which may result in slightly increased rates to mitigate their risk. This can mean paying more over the life of a loan, making it crucial to improve your score for better financial terms.

Frequently asked questions

Is 690 CIBIL score good?
A 690 CIBIL score is considered fair. It indicates a decent credit history but also suggests room for improvement. Enhancing this score could expand access to better credit offers.

Is 690 credit score bad?
No, a 690 credit score is not bad; it's fair. It indicates that while you are not in the high-risk category, lenders may still be cautious in offering you the best credit terms.

Can I get a credit card with 690?
Yes, you can get a credit card with a 690 credit score. However, the terms might not be as favourable as those offered to someone with a higher score. It's advisable to work on improving your score to access better offers.

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