798 Credit Score: Is it Good or Bad?

A credit score reflects your financial reliability and creditworthiness, acting as a key factor for lenders when assessing loan approvals and interest rates. A score of 798 is considered excellent, indicating a long history of responsible credit behaviour.

 

This credit score demonstrates outstanding financial discipline, including low credit utilisation, timely payments, and a balanced credit portfolio. This score grants access to some of the best financial products, preferential terms, and exclusive benefits.

Each credit bureau employs a unique scoring model, and a 798 score is generally classified as excellent. Here’s a comparison across bureaus:

Here’s what a credit score of 798 unlocks for you:

Low Interest Rates

Borrowers with a 798 credit score are offered some of the lowest interest rates on personal loans, home loans, and car loans, resulting in substantial savings.

Increases Chances of Loan Approvals

A CIBIL score of 798 almost guarantees loan approval, as it signals trustworthiness and minimal risk to lenders.

Access to Special Credit Card Offers

You may qualify for premium credit cards that offer various benefits such as travel perks, airport lounge access, and exclusive rewards programmes.

Favourable Insurance Terms

Insurance providers consider individuals with excellent credit scores as low-risk customers, potentially leading to lower premiums and better policy terms.

Quick and Hassle-Free Emergency Funds

Your strong credit profile ensures swift access to personal loans or credit lines during financial emergencies.

Exceptional Negotiation Power

With a 798 CIBIL score, you can negotiate better loan terms, including reduced processing fees, longer repayment tenures, and customisable options.

Specialised Loan Products

You are more likely to qualify for tailored financial products like overdraft facilities and flexi loans with preferential terms.

Maintaining an excellent credit score like 798 requires consistent financial discipline. Follow these strategies to sustain or even improve your score:

Pay All Your Bills on Time

Continue making on-time payments for credit cards, loans, and other bills to preserve your score.

Keep Credit Utilisation Below 30%

Aim for even lower credit utilisation than the standard 30%. This highlights your financial responsibility to the lenders and credit bureaus.

Monitor Your Credit Report Constantly

Check your credit report at least once a year to ensure accuracy. Dispute any discrepancies promptly to avoid negative impacts.

Avoid Frequent Credit Applications

Even with an excellent score, too many credit inquiries can cause a slight drop. Only apply for new credit when necessary.

Diversify Your Credit Portfolio

A mix of unsecured and secured forms of credit demonstrates strong financial management.

Keep Your Old Credit Accounts Active

Long-standing accounts with positive histories contribute significantly to your credit score. Avoid closing them unnecessarily.

Pay More Than the Minimum Due

Paying more than the minimum amount on your credit cards shows lenders that you manage credit responsibly.

Seek Professional Financial Advice

If you wish to enhance your financial strategy further, consult a financial expert for tailored advice.

A credit score of 798 reflects exceptional creditworthiness and opens doors to the best financial opportunities. It signifies that you have consistently demonstrated responsible credit behaviour, including timely payments, low utilisation, and a strong credit mix. By maintaining these habits and regularly monitoring your credit, you can safeguard your excellent score and enjoy a financially secure and flexible future.