I am planning to apply for a loan. I want to know if having a 729 credit score help? Is it good?
A CIBIL score of 729 puts you in a fairly good position. It’s strong enough to qualify for most loans and credit cards. However, since it doesn’t yet fall in the “excellent” range, lenders might not extend the best interest rates or top-tier offers.
Besides, you may have to compromise other perks that come along with it, such as:
- First spot among a pile of applications
- Quick application approval
- Higher credit limit
As per my experience, a 729 credit score means:
- Unfavourable terms
- Less room for negotiation
- Hesitant to provide premium credit card offers, and more!
But don’t worry! You don’t need to put in loads of effort to enter the ‘excellent’ club. Just follow a few tips, and you can boost your credit score within 6 months.
Let me share what actually worked for me:
- Pay bills early (I used to wait for the last date. Don’t do that).
- Reduce your credit card balances (high credit utilisation negatively affected my score).
- Start using a secured credit card (I noticed significant improvement after getting an FD-backed credit card).
- Keep a healthy mix of credit types (I ignored this, and it affected my score more than I thought).
And here’s one more thing: always keep track of your credit report. I check my report once a month. If you spot any errors, fix them right away. It makes a huge difference.