753 CIBIL Score: You've Crossed Into Excellent Territory

A 753 CIBIL score is a good score as it falls in the Prime range of TransUnion CIBIL’s current score classification, which starts at 731 and goes upto 770. CIBIL considers scores above 700 as strong for improving your chances of getting credit approval, but a 753 score in itself doesn’t come with a guarantee of approval, as lenders check your financial profile also against their own eligibility criteria.

Quick Reads

• A 753 CIBIL score falls within the Prime Range of TransUnion and can show a lender that your profile is creditworthy.

• Such a score can improve your chances of approval when you apply for a loan or credit card, but it doesn’t guarantee approval.

• History of repayments, inquiries made, age of credit, and your utilization of credit can affect your score and overall credit profile.

• To protect a 753 CIBIL score, pay your bills on time, keep both inquiries and credit usage to a minimum, and review your report regularly. 

A CIBIL score of 753 may seem like a healthy number on your credit report, but it still leaves you with many practical questions when you apply for new credit. ‘Is 753 CIBIL score good?’ or does it put you in a strong position in front of lenders when applying for a home or personal loan? And if your score is already 753, then should you aim to push it to a higher number? In this blog, we look at these and share a practical approach to maintaining a higher score.  

A CIBIL score is the three-digit number that shows your lender how strong your financial profile is, and it can be anywhere between 300 and 900. According to the TransUnion CreditVision risk tiers, a score of 753 comes in the prime category and can really improve your credit standing during the time of loan or credit card applications. 

A 753 credit score can give you better chances of credit approval when applying for any type of loan, be it a home loan, personal loan, or car loan, as the lender views a credit report with such a score as a low-risk profile compared to those with a lower score.

• Personal Loan: A 753 CIBIL score can support your application for a personal loan, but lenders also check your ability to repay by comparing income and debt. 

• Home Loan: You can also apply for a home loan with a 753 CIBIL score, but lenders also assess your property details, income, existing EMIs, and repayment potential. 

• Education Loan: When assessing an education loan application, the lender may review your co-applicant’s income and credit profile as well as the course and institution involved.  

• Credit Cards: Applying for premium cards becomes easier, and you may also be offered higher limits and more exciting rewards/benefits with this score. 

Having a 753 CIBIL score along with a strong credit history can unlock many benefits when you are applying for new credit, but you need to keep your credit habits in check to prevent your 753 credit score from dropping.

Your Payment History

Making sure that you repay your credit bills before the deadline is an essential aspect of building a healthy CIBIL score, as any payment that is not made on time or missed entirely can negatively affect your score and overall credit profile. 

Credit Utilization

How much you depend on credit affects the way your profile will be viewed by a lender and their final decision during the approval process, and if your utilization is above 30% with many outstanding balances, your credit score drops to a much lower range.  

Age of Credit

Age of credit is one of the four main factors that affect your CIBIL score, as older accounts show lenders that you have maintained your credit history for a longer period, which bodes well for your credit standing during approvals. 

Credit Enquiries

An inquiry is recorded on your credit profile whenever you apply for credit, and your lender pulls your credit report for evaluation; too many inquiries can create a negative impression and bring your score down drastically. 

With a 753 CIBIL score, you are already in a good score range, and as per CIBIL, moving closer to the maximum score of 900 or maintaining this score can improve your credit standing in front of your lender and increase your chances of securing credit approval.

• Clear Credit Bills before the due date: Set up automatic payments for the full amount, as the moment a payment is flagged as late, it hurts your score.

• Keep Credit utilization low: Your credit utilization should ideally be under 30%, as increased usage shows too much credit dependency.

• Maintain your credit responsibly: Before you request an old account to be closed, see its fees, usefulness, and the impact it has on your credit report. 

• Avoid too many applications: Only apply for credit when necessary, and keep a tab on recent inquiries made by checking your report, which contains inquiries from the last 36 months.

If we see the TransUnion CIBIL classification, a 753 CIBIL score is a Prime category score, which can get you an edge during credit approvals as your profile is seen as more creditworthy compared to those with a lower score. 

It is important to know that the CIBIL score is not the only basis of loan approval, as your lender may also look at your income, existing debt, ability to repay, and entire credit history, in addition to their own internal policies. 

If you are considering borrowing, we at Finnable offer a personal loan with loan amounts from ₹50,000 to ₹10 lakh, with transparent terms and repayment tenures of 6 to 60 months. You can get approval quickly and disbursal within 60 minutes, subject to your profile eligibility.