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If your credit score is more than 800, you are considered a low-risk and trustworthy customer for banks and NBFCs. This results in faster loan and credit card approval, loans at lower interest rates and easier access to premium credit products.
New Delhi. If your credit score is more than 800, then it is considered an excellent condition for any borrower. The four major agencies of the country, CRIF High Mark, CIBIL, Experian and Equifax give scores between 300 to 900. Of these, a score above 750 is considered ‘excellent’. Therefore, a score of more than 800 is not only excellent but also gives you many special benefits.
Faster loan approval and less hassle
Banks and NBFCs consider customers with high credit scores as low-risk customers. Therefore, they get personal loans, home loans and credit cards faster.
- Processing is quick.
- Documentation is less.
- The chances of getting a premium credit card increases.
- People with good scores have previously proven that their repayments have been disciplined. Therefore banks give priority to their applications.
Better interest rates and benefits of negotiation
A credit score above 800 gives you access to the most attractive interest rates on the market. There is a possibility of low interest on home, car and personal loans. Banks also feel comfortable in giving big loans. Get a chance to discuss processing fees or charges. People with good scores often get loans from the ‘lower band’ of the bank’s rate list, provided other criteria are also fulfilled.
Easy access to premium credit products
Banks and fintech companies offer their best services to those with high scores. As-
- High-end credit cards, higher credit limits with travel and lounge access
- Pre-Approved Personal Loan
- Better rewards and cashback offers
A score of more than 800 indicates that you are among the most reliable borrowers in the country. It not only makes it easier for you to get a loan, but also gives you an opportunity to choose financial products at better terms.
How to maintain a high credit score?
Some habits are necessary to maintain a high score:
- On time EMI and credit card payments
- Low credit utilization (less than 30%)
- No outstanding dues on loans and cards
- Checking your credit report periodically
