691 CIBIL Score

691 CIBIL Score - Is it good or bad?

A credit score of 691 falls under the good category on a scale of 300 to 900 used in India by credit bureaus like CIBIL, Experian, and Equifax. While it is not considered excellent, it’s high enough to qualify for several types of loans and credit cards. However, it may not secure you the best interest rates.

Key points

Loan eligibility

With a 691 credit score, you can apply for personal loans, home loans, and car loans, though lenders may offer slightly higher interest rates than those with an excellent score (750+).

Credit card offers

You are likely to qualify for a variety of credit cards, but premium credit cards with added perks may require a score above 750.

Improvement tips

To push your score beyond 700, focus on timely bill payments, reduce credit card debt, and avoid applying for multiple loans in a short period.

Impact on EMI

A score below 700 could mean higher EMIs on loans, affecting your long-term financial goals.

How to improve your 691 credit score?

Achieving a credit score of 691 is commendable, but there's always room for improvement to secure better financial opportunities. Here are steps tailored to the Indian context to enhance your credit score:

A CIBIL Score of 691 is considered fair but can be improved for better financial opportunities. Here’s how you can enhance your credit score in an Indian context:

1. Pay your bills on time

Ensure timely payment of utility bills, credit card dues, and loan EMIs. Consistent on-time payments positively impact your credit history.

2. Reduce outstanding debt

Work on paying down high-interest credit card balances and personal loans. Reducing your debt load can lower your credit utilization ratio, which benefits your score.

3. Maintain a healthy credit utilization ratio

Keep your credit card usage below 30% of your total credit limit. High utilization ratios can negatively affect your score.

4. Avoid applying for multiple credit accounts simultaneously

Each credit inquiry can temporarily lower your score. Apply for new credit only when necessary and ensure you meet eligibility criteria.

5. Check your credit report regularly

Monitor your credit report for inaccuracies or fraud. Dispute any errors promptly with credit bureaus like CIBIL or Experian to ensure your report reflects accurate information.

Conclusion

A credit score of 691 falls into the fair category, reflecting a mixed picture of credit management. While it shows that you've managed credit responsibly to some extent, it also indicates potential areas for improvement. To enhance this score, focus on consistently paying bills on time, keeping credit utilization low, and maintaining a healthy mix of credit accounts. By addressing these factors, you can improve your credit score, making it easier to access better financial products and secure favourable interest rates. A proactive approach to managing your credit will ultimately contribute to stronger financial health.