794 CIBIL Score - Is it good or bad?
A CIBIL score of 794 is considered a very good credit score in India. Typically, scores above 750 indicate strong creditworthiness, making it easier for you to secure loans and credit cards with favourable terms. Lenders view a score of 794 positively, meaning you’re seen as a low-risk borrower, which often results in quicker approval processes.
How to improve your 794 CIBIL Score?
While a score of 794 is already very good, you can enhance it further by maintaining timely payments, reducing outstanding debt, and avoiding multiple credit applications. Monitoring your credit utilisation ratio and promptly addressing errors in your credit report can also help boost your score, ensuring you maintain an excellent rating that opens doors to better credit options.
How does a 794 CIBIL Score impact interest rates?
A 794 CIBIL score positively influences interest rates for loans. With a score in this range, lenders consider you a low-risk borrower, often resulting in more competitive interest rates on loans, including personal loans and home loans. The higher the credit score, the better your chances of securing low interest rates, helping reduce overall borrowing costs in the long run.
