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HDFC Bank was established in 1994, and now the Bank has around 5,000 branches and 12,260 ATMs all over the country. The service of the bank entices people to be a part of HDFC and enjoy all the amnesties provided to the customers. The services include personal loan, gold loan, car loan, insurance and credit card services to potential members.
The HDFC Credit Card
The credit card service of HDFC is designed keeping in mind the convenience required and to provide tempting benefits for the people. Moreover, The HDFC credit card enables the customers to have access to special offers, and each credit card holder of HDFC Bank gets various advantages using the card such as getting cash back, frequent flier miles or movie tickets. The bank takes care of their potential customers in an efficient manner monitoring the financial solutions which are most suitable for them.
Criterion for Getting an HDFC Card
As mentioned above, HDFC credit card offers outstanding benefits including discounts to the people with the diverse background to meet their essential needs. However, there is a certain criterion to bet met by an individual while applying for a credit card in HDFC Ltd. The main criterion for HDFC card is that the individual or an organisation should have a certain amount of CIBIL score which is generated by CIBIL.
To Know about CIBIL Score, Know about CIBIL First
The Credit Information Bureau Ltd., popularly known as CIBIL, is the first organisation in India to provide us with our credit information. The fundamental purpose of this leading organisation is to deliver credit related reports and scores to individual credit card holders. In addition to this context, CIBIL maintains the financial data of individuals and companies including loan and credit information from premier banks and financial corporations in India.
The financial institutions submit the financial data to CIBIL on a monthly basis, and then, CIBIL presents a Credit Information Report, also known as CIR. The organisation was established in the year of 2000 to generate authenticity and clarity in the credit space.
What is CIBIL Score?
The CIBIL score, also known as credit score, produces the credit value by a numerical expression based on the credit files of the individuals and companies. All the details that the credit of yours has collected over the years reflected in the CIBIL score. This value plays a key role in deciding whether you are eligible for a loan or a credit card. When a company or an individual applies for a loan, the financial institution investigates several factors to check the eligibility of your credit.
What is CIR?
The Credit Report Information, as known as, CIR is a credit report that carries all the information related to the financial history, and vital peripheries that are included in the report are the home loan, personal loan, personal car loans and credit cards. The CIR primarily determines the value of the credit card and will monitor the balance of the valid accounts and its financial activities. The individuals can get a clear view on whether their CIR is accurate by ordering it from the credit bureaus, namely, CIBIL, Experian, Equifax and CRIF Highmark.
CIBIL’s Collaboration with HDFC
Before getting into the details about the credit score, the person should know that CIBIL and HDFC have come forward to collaborate with each other in the matter of CIBIL score. In 2016, CIBIL has started to work with HDFC and give out a special offer to the HDFC customers. The customers of HDFC Bank are now able to check their CIBIL score and CIR from the official website of HDFC with a click of the mouse.
HDFC’s view on this Collaboration
The managing director of HDFC has stated that the corporation is now more motivated to enhance the quality of financial journey of every credit card holder and help them to make better decisions. She has added further that the team now can assist the customers in every step of their financial decisions and achieve their goals with efficiency. With this, there has been a change in the aim of the organisation as it is now more focused on to provide easy access to the CIR report to the potential stakeholders.
The customers of HDFC Ltd. Now get the great opportunity that enables them to check their credit score and get the CIR from the official website of the bank. This is a much-required initiative taken by the authority of HDFC Ltd as a large number of people face issues regarding the credit score including the rejection of the credit applications.
Check your CIBIL Score
We at Creditseva help the people by guiding them in every step when they wish to go through the online process of acquiring knowledge about their credit score for HDFC credit card. However, the person has to be a PAN card holder to know about the credit score with ease. By logging on to the website of Creditseva and providing the personal details along with the PAN card number, the individual can receive the credit score.
Why PAN Card Number is required
PAN card number plays a major role in checking the CIBIL score required for HDFC credit card. PAN card in India has now been used by the individuals as a common means of a personal document. In addition to this context, PAN card is now linked financial and bank accounts including HDFC Ltd.
With the generation of PAN card number, the credit card organisations can verify the details with ease. If an individual is not in possession of a PAN card, he can submit his identity proof number mentioned in the passport, voter ID number or his driver’s license in the required field for HDFC credit card.
After paying of 50 rupees as a processing fee on the website of HDFC Ltd., the individual will be able to receive his CIBIL score for HDFC credit card. Anyone can choose to get updates regarding the CIBIL score annually, biannually and quarterly.
CIBIL Score for HDFC Credit Card
Similar to any other banks, HDFC has a principle regarding minimum CIBIL score required for HDFC. If the individual’s score is less than 750, he is not likely to get an HDFC credit card from the organisation.
HDFC team sanctions credit cards with less CIBIL score only on special terms and conditions, but the person is not acceptable to get special offers and discounts. Some people may come across the problem of getting turned down with a low CIBIL score. People who do not own the minimum CIBIL score required for HDFC credit card are subjected to be deprived of the exciting benefits that the organisation offers.
The Credit Score Range for HDFC Credit Card
The credit is solely dependent on the commitment will be made by an individual in future. HDFC gives out enticing interests regarding credit to influence the customers to pay back in time.
- If an individual is in the hold of poor credit score starting from 300 to 629, HDFC will not be able to give him the credit card he is need of.
- If an individual possesses 630-689, HDFC can offer him credit card only on special terms. Henceforth, this average credit score can be taken as the minimum CIBIL score for HDFC credit card. However, the individual is prone to face difficulties that include high interests and get deprived of the special benefits and offers.
- If the individual’s credit range is in between 690-750, he is likely to get a credit card without facing the hardships. Furthermore, the bank is to offer him outstanding discounts and other advantages.
The Issue with low CIBIL Score
With every rejected application, the credit score goes down and makes it difficult for the person to apply for a credit card in future. If you do not possess the CIBIL score required for HDFC credit card, it will become difficult for you to get approved for the card. Moreover, the possibility of rejection will increase the possibility of facing downhill in the credit score.
Fix the Issue by Improving Credit Score
In our website, we can suggest you several steps to eliminate the risk of not getting a credit card from HDFC by improving the credit score.
- Pay your bills on time. As CIR monitors all the financial and payment bills, the interested person should clear all of his debts on time before it hampers his opportunity to get the credit care. Moreover, clearing debts on time will help to improve the score.
- We can advise the person to set a reminder on how much he is spending. If the person exceeds his credit limit, he is prone to suffer from all the hardships while getting an HDFC credit card.
- Our research team has evaluated the fact when a person tries to open new credit accounts in a short time of period; it does not help him to improve the credit score.
- Every rejection for credit application will be taken into account by HDFC, and this will decrease the chance of getting a credit card. Moreover, this will lower the credit score, and we can advise you not to keep applying within a short period.
- Late payments can lower the score.
- If you come across any manipulated data given in the credit report or false entries have been made, review your credit report before it lands you any big trouble for you.
- Evaluate the credit history and report from time to time.
- Always keep track of your credit history or try to get a secured credit card.
- We can recommend you not to settle for loans and credit. The settlement history will leave an adverse effect on the credit score obtained by you.
Get Our Help
We can help in fixing the negative effect on your credit score if you opt for our credit score analysis service. HDFC Ltd is now a prestigious bank in the country and getting a credit score with low credit score will be difficult. Henceforth, it can be said that CIBIL Score for HDFC credit score should be checked carefully and periodically. In this case, an individual can sign up on our website to get Experian CIR and credit score with free of cost.
Our credit score and report analysis features will help on a large scale.
- The feature enables you to check and examine credit score and rectify issues in the CIR. This step will help you to get the credit card from HDFC that you longed for a long time.
- By using the DIY tool, anyone can better the status of their credit score.
- The automated tool generated by us helps to shed an unbiased light on acquiring information in a correct form.
- We can promise you to give an effective solution from getting out of a critical financial state.
- By using the Creditseva tool, an individual can find efficient solutions that can help to improve the credit score.
- Through our analysis, anyone can become proficient in interpreting the usage of credit score.
- If you are interested in building a communicative relationship with the credit bureaus, you can consider opting for this tool.
- You will get efficient help in achieving your credit score goal.
- The negotiation of the settlements has been made easier and faster.
- Effective solutions for helping you to raise the credit score proficiently.
- The tool provides an individual with the opportunity to keep track of errors. In the case of errors, the individual gets to report the issues within no time.
- The additional bonus you get is that your privacy is safe and secure with us.
We at Creditseva take care of your every credit score related issues and provide you solutions that will help in your life with efficiency. Moreover, we can advise you before applying with a low CIBIL score for HDFC credit card application you should rebuild your credit profile to avert risk factors. Our solutions can help you get through any finance related that you may face with any financial institutions even including HDFC Ltd.
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