New Delhi, Sept. 10 -- A CIBIL score above 700 is considered good and offers myriad advantages, and reflects strong creditworthiness and good financial behaviour. For instance, someone with a good credit score offers easier loan and credit card approvals, lower interest rates and faster loan processing, among other advantages.

Quick approvals: A score above 700 or 750 shows banks that the applicant has a history of timely repayments and wise credit management.

Banks are more likely to approve applications for loans or credit cards. Scores above 750 are often seen as excellent, increasing approval chances with minimal scrutiny, as lenders perceive lower risk.

Loan and credit card applications from customers with high credit scores are p...