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CIBIL score for HDFC credit card

Today, credit cards are the go-to source for emergency funds for many working individuals. They are the easiest way to ‘borrow’ money at small affordable interest rates. In fact, this is the reason why credit cards are becoming a must-have for every working individual.

The immediate money reserve helps you get through the month by not having to worry about digging a hole in your pocket. The most important advantage is that the money can be directly paid to the vendor or dealer, or you can cash it out from an ATM.

Credit cards are there to take care of your urgent financial needs and several banks including HDFC have realised this and have introduced various schemes with them. They have launched credit cards for various niches.

For Example: You can find travel specific credit cards for frequent travellers and there are shopping cards for shopaholics. Each of these cards will have tailor made offers catering to the niche.

Why Should You Get an HDFC Credit Card?

HDFC Bank is a trusted financial institution which has several branches throughout India. It has been providing loans and other financial services to citizens for decades. The wide range of credit cards it has introduced offers many benefits to the user and ensures easy repayments. Some of these benefits are-

Universally Accepted: HDFC credit cards offer a handy experience because of their ease of use for millions of retailers around the globe. Cashless transactions are easily made just by using your card pin. The bank has laid out several safety regulations which ensure that the user is safe from credit card fraud and can securely use it through various systems.

ATM Friendly : Though credit cards offer easy cashless payments, there are several situations when you require hard cash. To tackle this problem, HDFC credit cards are ATM compatible. The user can withdraw cash from the credit card anytime and from anywhere. This offers freedom of usage to the user and one doesn’t have to worry about going out of cash.

Easy Loans : Credit cards run on the principle of providing short-term small loans to consumers to fulfil their needs. But apart from this, credit cards with large limits can also be used to get easy and fast loans. The loan money is transferred to your bank account or you can get a demand draft for the same. The best part is that you can avoid the lengthy and hectic form filling process and set easy EMIs for repayment. You can increase your credit card limit by maintaining a good record of financial transactions.

Credit Card as per Your Need : HDFC bank has a number of credit cards depending on the need of the user. Various credit cards offer rewards with different amenities. These rewards can be redeemed in exchange for cash during online payments.

For example, a regular platinum credit card will help you get a discount on every fuel recharge with a payment of more than Rs. 250.

Reasons For HDFC Credit Card Rejection

Though CIBIL report is the first thing that the bank goes through, there are many other factors that the bank goes through in order to issue a credit card. If your credit card application has been rejected, even with a good CIBIL score, then you should make sure that it's not one of the following:

Your income is below the minimum threshold : Sometimes, when the client already has a few credit cards, the bank will focus on his or her income before issuing another. This is to make sure that a person is capable enough to handle that much credit.

You are repaying several debts : Even with good credit history and timely repayments, HDFC can reject your credit card application if you are repaying too many debts at the same time. Too many EMIs and loans at the same time leave the impression that you’re careless with your credit and hence, banks are a little reluctant to sanction your credit card.

You have applied too soon for another credit card : Usually, HDFC has a lenient policy for issuing credit cards. There are even cards that are issued at an incoming as low as 20K. But if a client applies too soon to another credit card, it shows that they are desperate for the money and it makes the bank unwilling to give them more credit.

You have a bad credit history : A good CIBIL score does not mean that the bank won’t go through your credit history. Sometimes, people have repayment issues or loan problems in the past. Even though you’ve worked to improve your credit score, history still remains. This can also be a reason for the rejection of your credit card application.

How to Improve CIBIL Score to get HDFC Credit Cards?

A bad CIBIL score doesn’t mean that you cannot improve it. Improving the CIBIL score takes a little time and effort. Here are a few tips on how to improve your CIBIL score.

Clear your credit card loans : Credit card loans are the most common reason for rejection of the application. So, make sure you clear all the old ones before you apply for more.

Keep your repayments clear : Do not delay the repayments of your loan or other borrowed credits. They are the most common reason for the bad CIBIL score.

Balance your credit utilisation ratio : Keeping your credit utilisation more than 50% affects your credit report gravely. Try to keep the utilisation ratio under 30.

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FAQs On CIBIL score for HDFC credit card

Can I get a Loan on HDFC’s Credit Card?

Yes, it is possible to get a loan on an HDFC credit card. You can check the eligibility criteria on HDFC’s official website.

What are the Eligibility Criteria for Getting an HDFC Credit Card?

The basic requirements for an HDFC credit card are:

Minimum income must be Rs.18000 per month.
The person must be self-employed or a salaried man/woman.
The applicants age must lies between 21 to 65 years.

What if I have a low CIBIL Score, will HDFC Bank Still Give me a Credit Card?

Though the bank does not explicitly refuse the application, the chances of getting a credit card are reduced with a CIBIL score of less than 700.

Does skipping HDFC credit card payments affect my CIBIL score?

Consecutively missing credit card payments will affect your credit score. Whereas, skipping one payment will not change the CIBIL score.

Will a loan settlement with HDFC credit card affect my CIBIL score?

Yes, loan settlements can negatively affect your CIBIL score. Though ‘settled’ leaves a bad impression on your CIBIL score, it is way better than unpaid or pending.

Can I get more than three HDFC bank credit cards if I have a good CIBIL score?

You can get more than three HDFC bank credit cards of different types, but it depends more on your credit score. You’ll have to fulfil many other requirements to get more than three credit cards.