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CIBIL for ICICI credit card

Financial situations or business needs often warrant you to consider taking a personal loan or a credit card to meet your expenses. When you borrow money, you also have to be prudent enough to make timely payments as and when they are due.

Banks such as ICICI Bank have an eligibility requirement of a healthy CIBIL score which is an indication of a clean track record in terms of credit dealings. A credit score of 750 or above is normally considered to be a good score. A score of 750 or more depicts that the customer has had a favourable history of repayment over a significant period of time. When a person has such a score, there is a good chance of his credit card application getting approved quickly.

Importance of CIBIL Score for Getting ICICI Bank Credit Card

ICICI Bank is the largest private sector bank in our country providing a host of banking services to customers. Credit card is a valuable offering from the bank and they provide multiple card options that cater to varied/specific needs of the customer.

A good credit history is preferred by the bank offering credit. The credit score and report is one of the most critical documents referred by banks to figure the creditworthiness of an applicant. The bank needs to know if you are a reliable candidate before granting credit to you.

A bad CIBIL score mitigates your chances of getting a credit card or any kind of loan. A good score indicates a favourable credit history and proves that an individual handles his or her credit related activities in a responsible manner. ICICI Bank relies on CIBIL scores to assess the potential risk in lending money to consumers with the intent of alleviating the losses.

Hence, a CIBIL score of more than 750 is considered good for obtaining a credit card of ICICI Bank, though it is not the only criterion the bank considers before issuing a credit card to a customer. There may be times an individual may have a lower credit score, if he doesn’t have a history of dealing with credit too often. If all other criteria work in favour of the applicant and he/she appears prudent enough, the bank may still consider a lower credit score.

When the CIBIL score is good, it can also help you get a credit card at a lower rate of interest and/or an approval for higher credit limits on the card.

ICICI Bank Credit Card Information

ICICI Bank credit cards provide several benefits and offer a host of features for your needs. Their cards are secure and offer lifestyle benefits, travel benefits, and many rewards. Here’s a quick look at their credit card offerings.

  • Gemstone Credit Cards
    • Coral Credit Card
    • Sapphiro Credit Card
    • Rubyx Credit Card
  • Travel and Fuel Credit Cards
    • Jet Airways ICICI Bank Credit Cards
    • MakeMyTrip ICICI Bank Credit Cards
    • HPCL Credit Cards
  • Featured Credit Cards
    • Manchester United Credit Cards
    • Ferrari Credit Cards
    • Platinum Credit Card
  • Other Cards
    • NRI Credit Cards
    • Secured Credit Cards
    • Diamant Credit Card
    • Expression Credit Card
    • Unifare Metro Credit Cards

Each of these cards come with a world of benefits such as great discounts on gift items, food, movies and everyday conveniences. Foodies will love to avail attractive discounts on fine dining restaurants across the country on the cuisines of their choice. Travel lovers can get the best deals on hotels, flight travel, mobile plans, and much more to make their trips more enjoyable. In addition, these cards give you reward points for each spend and the value you get will depend on the category of card you have.

Probable Reasons for ICICI Bank Credit Card Rejection

If an applicant’s ICICI Bank credit card application does not go through, there can be some valid reasons for the same. In fact, the reasons are more or less similar across all banks in our country. Here’s a look at the reasons that can lead to a rejection.

  • If your income is insufficient, it means you are less likely to be in the position to make on-time payments against your credit card dues.
  • In case you are working in a delisted private company, your credit card application may face a rejection.
  • Credit score is a very crucial parameter and if your score is very low, it can result in an outright rejection. Checking your credit score is important before you go ahead with applying for a credit card.
  • If you don’t satisfy the age criterion, your application for a credit card is most likely to be rejected.
  • When ICICI Bank receives your application, it will analyse your credit report which is the complete history of the loans and credit cards used by you and how prompt you have been in terms of making payments. If the bank notices that you have defaulted multiple times in the past, it can be an absolute deal breaker.
  • If the bank figures that you are not in a stable employment and keep changing jobs too often, it may turn down your request for a credit card.
  • If the bank thinks your employer is not dependable and you may not be in a secure job with them, it may think you will not be able to pay your credit card bills.
  • Owning several credit cards already is another reason why the bank may reject your credit card application, considering that you may not be able to pay multiple credit bills.

Tips for Improving CIBIL Score to Get ICICI Bank Credit Card

Here’s what ICICI Bank recommends credit card applicants to do to improve CIBIL score before they place their application.

  • Use Your Credit Cards Regularly: When you use your credit card frequently, it indicates that you can handle short term credit really well.
  • Stay within the credit threshold : It is always a good idea to stay within your credit limit if you do not want to give the impression that your income is not sufficient to manage all the expenses. Stay within 75% of the limit and do not over-utilise your credit limit.
  • Clearing outstanding payments on or before time : Paying the outstanding amount before the due date is more important than merely swiping your card more often. When you pay on time, it helps in improving your credit rating. Defaulting on the minimum amount due or the total outstanding can work against your credit rating.
  • Use your credit card responsibly : Using your credit card regularly does not mean you keep using it irresponsibly. Act wisely and use the card responsibly to convey that you are financially secure and in control of how much you spend.
  • Show moderation in applying for new credit : It is not a great idea to keep applying for credit cards just because you want to flaunt them in your wallet! Take only as much credit as you need after carefully assessing the benefits of the various offerings of the bank.

FAQs

Can I get a loan on ICICI Bank credit card?

Yes, ICICI Bank provides a service through which the bank provides loan to its selected credit card customers depending on their spending and transaction pattern and payment history.

What is the eligibility criteria for getting ICICI Bank credit card?

Here are the common eligibility parameters for applicants of ICICI Bank credit card.

  • The credit card application must have an Indian nationality and citizenship.
  • The applicant’s age at the time of applying for an ICICI Bank credit card should be 23 years and the minimum age for an add-on card holder is 18 years.
  • ICICI Bank credit cards can be availed by self-employed as well as salaried professionals.
  • The applicant needs to have a clean credit record, a good CIBIL score, and should have made timely payments for the outstanding balance on his existing credit cards or loans.
  • The applicant must have a minimum monthly salary of Rs. 20,000 and self-employed people must have a minimum annual income of Rs. 3 lakhs.
  • The credit card applicant must have valid documents for identity proof, address proof, couple of latest salary slips or IT return filing documents and one passport size photograph.

What if I have a low CIBIL score, will ICICI Bank still give me a credit card?

While your credit score is a strong deciding factor for your credit card eligibility, ICICI Bank may consider issuing you one even when it is not up to the mark if you have a fixed deposit with them or if all other aspects work in your favour. Sometimes, a low CIBIL score may not be a reflection of a poor credit history and when that is the case, the bank may approve your application and grant you a credit card.

Does skipping ICICI Bank credit card payment affect my CIBIL score?

Yes, skipping a payment will lower your CIBIL score as it shows you are not responsible in your credit dealings.

I made a loan settlement with ICICI Bank credit card, will it affect my CIBIL score?

Yes, loan settlement with your ICICI Bank credit card because you were unable to pay off the loan, will have a negative impact on your CIBIL score. Such accounts are marked ‘Settled’ in the CIBIL report for the next 7 years and you will not be able to avail any loan for this period at least.

Can I get more than 3 ICICI Bank credit cards if I have a good CIBIL score?

ICICI Bank allows for a maximum of 3 add-on cards against one primary card and a good CIBIL score is not the only criterion you need to fulfil in order to get add-on cards from the bank.

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