718 CIBIL Score - Is it good or bad?
A 718 CIBIL score is considered good in India, indicating sound creditworthiness and responsible financial habits. With this score, you’re likely to qualify for a range of credit products, including loans and credit cards, often with favourable interest rates. Lenders view a 718 score positively, making it easier to access competitive terms. Further improvements can unlock even better credit options and interest rates.
How to improve your 718 CIBIL Score?
To improve a 718 CIBIL score, focus on timely payments and keeping credit utilisation low, ideally under 30%. Reducing outstanding debt and avoiding multiple new credit applications can positively impact your score. Regularly reviewing your CIBIL report to correct any inaccuracies ensures that your score accurately reflects your creditworthiness. Maintaining these habits can help you achieve an excellent credit score, opening more financial doors.
How does a 718 CIBIL Score impact interest rates?
With a 718 CIBIL score, you can access credit products with competitive interest rates, as lenders see this score as a sign of reliability. While favourable terms are generally available, improving your score further could secure the lowest possible rates, reducing borrowing costs. A higher score also offers greater financial flexibility and access to premium credit options.
