660 Credit Score: Good or Bad

A 660 credit score is generally considered fair or average. While it is not categorised as good or excellent, it still allows access to certain financial products like loans and credit cards. If your credit score is 660, it indicates moderate creditworthiness, which means lenders may view you as a medium-risk borrower. Understanding what a 660 credit score represents across various credit bureaus can help you assess your financial health and plan for improvement.

A 660 credit score is interpreted differently by various credit bureaus based on their scoring models. In India, bureaus such as TransUnion CIBIL, Experian, Equifax, and CRIF High Mark evaluate creditworthiness within specific ranges.

Though a CIBIL score at 660 isn't ideal, it still offers several opportunities, although with limitations. Here's what you can expect:

Loan Approvals Are Possible

Lenders may approve loans, although they might require additional verification or documentation.

Basic Credit Card Eligibility

A 660 credit score can qualify you for basic credit cards with fewer rewards and benefits.

Higher Interest Rates

Loans and credit cards may come with higher interest rates compared to those offered to individuals with higher credit scores.

Lower Loan Amounts

Lenders may restrict the loan amount due to perceived credit risk.

Opportunity to Build Credit

A credit score of 660 provides a baseline for improvement, enabling you to build a stronger financial profile.

Moderate Lender Confidence

While a 660 credit score is not ideal, it indicates some level of financial responsibility, which can encourage lenders to extend credit with caution.

Improving a 660 CIBIL score requires financial discipline and consistent effort. Here are some strategies to help you maintain and enhance your score:

Timely Payments

Pay all your bills, including EMIs and credit card dues, on or before their due dates to build a strong payment history.

Reduce Credit Utilisation Ratio

Keep your credit utilisation below 30% of your total available credit limit. For instance, if your credit limit is ₹1,00,000, aim to use ₹30,000 or less.

Check Credit Reports Regularly

Review your credit report periodically to identify errors or discrepancies. Raise disputes for any inaccuracies.

Avoid Applying for Multiple Loans or Credit Cards

Frequent applications result in hard inquiries, which can negatively impact your score.

Diversify Your Credit Portfolio

Maintain a mix of secured and unsecured loans to improve your credit profile.

Pay Down Outstanding Debts

Reducing your debt lowers your debt-to-income ratio, positively influencing your credit score.

Keep Older Credit Accounts Active

Older accounts contribute to a longer credit history, which is beneficial for your score.

Seek Professional Advice

Consult a financial advisor for personalised strategies to boost your score effectively.

A 660 credit score is a manageable starting point for accessing financial products, though it may come with limitations such as higher interest rates or stricter approval terms. By adopting disciplined financial habits, such as timely payments and maintaining a low credit utilisation ratio, you can work towards improving your credit score over time. A higher score will not only enhance your creditworthiness but also provide access to better financial opportunities.