723 Credit Score: Good or Bad?

A 723 credit score indicates that you manage credit responsibly, though its evaluation varies across bureaus. While TransUnion CIBIL rates it as fair, Experian and Equifax classify it as good, and CRIF High Mark considers it excellent. A 723 CIBIL score qualifies you for financial products with decent terms, but improving it further could unlock even better opportunities.

Here’s how a 723 credit score is categorised by different credit bureaus:

A 723 credit score offers several advantages, such as:

1. Smooth Loan Approvals

With a 723 CIBIL score, lenders view you as a moderate-risk borrower, making it easier to secure loans

2. Competitive Interest Rates

You can access loans at reasonable interest rates, although a higher credit score could unlock even better rates

3. Eligibility for Credit Cards with Rewards

A 723 credit score makes you eligible for standard credit cards offering cashback and rewards

4. Financial Stability

A 723 CIBIL score allows you to access emergency credit options like personal loans or credit lines

5. Opportunity to Improve Further

Your 723 credit score provides a good base for improvement, potentially unlocking premium financial products

Here’s how you can maintain or improve your 723 CIBIL score:

1. Make Timely Payments

Always pay your EMIs, credit card bills, and other dues before their due dates to maintain your 723 credit score

2. Limit Credit Usage

Keep your credit utilisation below 30%. For instance, if your credit limit is ₹1 Lakh, spend no more than ₹30,000.

3. Monitor Your Credit Report

Check your credit report regularly for any errors and resolve discrepancies promptly to protect your 723 CIBIL score

4. Avoid Frequent Applications

Applying for too many loans or credit cards in a short period can lead to hard inquiries, which may temporarily lower your 723 credit score

5. Retain Old Credit Accounts

Old accounts with good repayment history contribute to your credit age, helping maintain or improve your 723 CIBIL score

6. Reduce Debt

Paying off existing debts improves your debt-to-income ratio and boosts your 723 credit score

7. Diversify Credit Accounts

Having a mix of secured and unsecured loans shows lenders that you can manage different types of credit responsibly

A 723 credit score reflects good credit management and qualifies you for decent financial products. However, improving your 723 CIBIL score further can help you access premium credit cards, lower interest rates, and better loan terms. Focus on timely payments, low credit usage, and regular credit report checks to boost your score.