CIBIL Score: Standard Chartered Credit Card

A CIBIL score is a credit score generated by TransUnion CIBIL, a credit rating bureau. This score is an indicator of your current credit healthy and applicability. The score ranges from 300-900 and highlights your creditworthiness to any credit institutions or bank. When you apply for a credit card, post KYC verification, the bank seeks your CIBIL score. Standard Chartered Bank also follows this system of verification while processing a credit card application. A score of 700 plus is the general requirement by Standard Chartered Bank for a credit card application. This means that if you do not have a CIBIL score of 700 plus, you will not be issued a credit card. Therefore, it is very important to have a high CIBIL score, if you seek a credit card from Standard Chartered Bank.

Other important factors:

• Age - The Standard Chartered Bank has different credit cards for different age groups as potential borrowers. The minimum age is 21 years while the maximum age is 64 years.
• Income - The minimum income required depends upon the type of card you select. A high value credit card with a greater credit limit will require a high income. The Standard Chartered Bank offers cards which come with a credit limit of 2x-3x of your monthly income. For individuals who are self-employed, the income eligibility will be based on the ITR filed for the previous financial year.
• Existing Relationship - You can easily apply for a Standard Chartered Bank Credit Card, if you are an existing account holder. In fact, you might be eligible for a pre-approved credit card based upon the type of account and bank balance you maintain. Additional benefits include fee waiver, joining discounts, promotional offers and in some cases, a higher credit limit.

• Credit Score - If you have a poor credit rating or score, your Standard Chartered Bank Credit Card application will most likely face rejection. As mentioned before, you require a minimum score of 700 to be eligible for a Standard Chartered Bank Credit Card.
• Credit History - If you have never applied for a credit card before, you do not have a credit history. This implies that your credit information report has not been generated, hence, your credit score is non-existent. Lack of credit history and credit score will lead to rejection of your credit card application.
• Existing Credit Cards - Having multiple credit cards can be beneficial, but it can negatively affect your credit score if you fail to pay the complete outstanding amount for any of your credit card. If you have missed even a single payment on any of your cards, it can bring down your credit score considerably.
• DTI Ratio - It is the ratio of your debt-to-income which is calculated by dividing your monthly debt by monthly income. If you have high DTI ratio, banks and lending institutions will most likely reject your credit card application. Ensure that your debts are low or nil before applying for a credit card.
• Payment Default - If you have failed to make a single payment or EMI on your previous credit card or loan, it will be captured in your credit information report. This, in return, will degrade your credit score further. Lenders usually look into the credit history before issuing new credit cards, if they find out that you have defaulted a payment before, they will most likely reject your credit card application.
• Multiple Applications - Multiple applications result in multiple hard inquiries and multiple rejections. Multiple rejections lead to negative remarks on your credit score. Thus, do not apply for another credit card if one is already in the process.