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Having a good credit score can be the key to unlocking financial opportunities, such as getting a credit card. However, what happens if you don’t have a CIBIL score? Can you still get a credit card? The answer is yes!
While having a CIBIL score certainly makes the credit card approval process easier, there are other ways to obtain a credit card even without a credit score. In this blog, we will explore what a CIBIL score is, why banks check it before issuing a credit card, and most importantly, how you can get a credit card without a CIBIL score.
What is a CIBIL Score?
Your CIBIL score is a three-digit numeric summary of your credit history and ranges from 300 to 900. A higher CIBIL score indicates better creditworthiness. Your CIBIL score is calculated based on your credit history, including your repayment track record, outstanding debts, and credit inquiries. Banks and financial institutions use this credit score to evaluate your creditworthiness while approving loans or credit cards.
Why do Banks Check Your CIBIL Score Before Issuing a Credit Card?
Banks and financial institutions rely on your CIBIL score to check the risk associated with lending you money through a personal loan or credit card. A high CIBIL score indicates that you have a good history of responsible credit behaviour and timely repayments, making you a low-risk borrower. On the other hand, a low CIBIL score or non-existent CIBIL score may reflect a lack of credit history or past repayment issues, making you a high-risk borrower for lenders.
Also Read: Ways to check your credit score online – Detailed guide
How Can You Get a Credit Card Without a CIBIL Score?
Now, let us look at practical ways to get a credit card without a CIBIL score:
- Secured Credit Cards: Secured credit cards are an excellent option for those with no credit history or a low CIBIL score. For such cards, you will need to provide a security deposit, which acts as collateral for the credit limit. Since the lender’s risk is mitigated by the collateral, credit card approval is often easier, even if you don’t have a CIBIL score. Timely repayments and responsible credit usage can help you build a positive credit history over time.
- Add-On Cards: If you have a family member with a good credit history, you may be able to get an add-on credit card linked to their account. Since the primary cardholder is responsible for the credit card repayment, issuers may be lenient and approve add-on cards, even for those without a CIBIL score.
- Credit Card Against Fixed Deposit: Some banks offer credit cards against fixed deposits. Here, you pledge a certain amount of money as collateral in a fixed deposit, and in return, you receive a credit card with a corresponding credit limit. Since the bank has the fixed deposit as security, they are more willing to issue the card irrespective of your CIBIL score.
- Credit Card Against Salary Account: If you have a stable income and have a salary account with a bank, you may be eligible for a credit card. Banks often extend credit card offers to salary account holders, considering their regular income as a measure of creditworthiness, regardless of their CIBIL score.
Also Read: CIBIL Score for Credit Card – Minimum and Maximum
How to Build Your Credit History to Improve Your Credit Score
While we have discussed ways to get a credit card without a CIBIL score, it is also essential to know how you can start building your credit history to improve your CIBIL score:
- Apply for a Small Loan: Consider applying for a small personal loan or a credit builder loan from a bank or financial institution. Making timely repayments on these loans will help build a positive credit history and boost your CIBIL score over time.
- Pay Bills on Time: Even if you do not have a credit card or personal loan, paying your utility bills, rent, and other expenses on time can contribute to a positive credit history. Some service providers report your payment history to credit bureaus, which can positively impact your CIBIL score.
- Monitor Your Credit Report: Regularly check your CIBIL score report for errors or discrepancies that may impact your CIBIL score. Correcting any inaccuracies can help improve your creditworthiness.
Also Read: How To Get Credit Card With Low CIBIL Score In India
In conclusion, while a CIBIL score is an essential factor for getting a credit card, it is not the only one. By exploring alternative options and showing responsible financial behaviour, you can successfully get a credit card without a CIBIL score and work towards building a strong credit history for the future. Remember, responsible credit usage is key to maintaining a healthy financial profile, regardless of your CIBIL score.
