Applying for an ICICI credit card? Here’s the minimum credit score you’ll need

ICICI Bank, offers a diverse and unique range of credit cards designed to meet various financial needs of credit card users. A pivotal factor in the entire process of approval of credit cards through ICICI Bank, is the applicant's credit score.

Now, given there is no fixed credit score defined by ICICI Bank for availing credit facilities, still a credit score of over 750 is considered reasonable and safe for the approval of credit card applications.

It is also important to keep in mind that apart from just a high credit score there are several other factors that are looked at while the bank decides on allowing a particular applicant’s credit card or personal loan application.

Factors such as credit worthiness, credit history, recent payment history, stability of employment along with other factors. All these factors cumulatively help the bank in taking a call with regards to individual credit card applications on a case to case basis.

Understanding the concept of credit scores

Prominent credit bureaus such as CRIF High Mark, Experian, Equifax and CIBIL generally provide scores in the range from 300 to 900. This score is a simple reflection of an individual’s creditworthiness and integrity. A higher credit score indicates a pretty strong credit history, thus making lenders more confident and convinced in the borrowers ability to repay.

For all ICICI Bank credit cards, a score above 750 is generally considered favourable. Still, those with scores between 650 and 749 might still be eligible depending on other factors such as income, existing debts and repayment history.

Now, even if applicants with low credit scores are allowed credit cards by the ICICI Bank, still such cards will come at the expense of little challenging and strict terms and conditions.

What are the different types of credit cards offered by ICICI Bank?

The ICICI Bank offers its credit card customers several unique credit cards. For example, for shopping (Amazon Pay), fuel (HPCL super saver), travel (MakeMyTrip) and premium users (Emeralde, Sapphiro).

The bank also offers co-branded cards like the Manchester United credit card for football lovers. For more information and related terms and conditions on the above discussed credit cards refer to the official website of ICICI Bank and its dedicated customer support team.

Factors influencing credit card approval in ICICI Bank

Beyond just credit score, ICICI Bank also checks through several other important factors:

• Total existing debt: A lower debt-to-income ratio signifies better financial management and makes the possibility of credit card and personal loan approval higher.
• Repayment history: Sincere repayments on existing loans or credit card bills can positively influence approval chances.
• Income level: A long job history for salaried individuals and a long tax filing history for self employed individuals assures the bank of the applicants repayment capacity.
• Employment status: Salaried individuals with reputable companies or self employed individuals with consistent earnings are given preference by the lender.

How can you improve your credit score for better eligibility?

Applicants aiming to boost their credit score to ensure seamless approval of credit card applications should ensure:

• Payments on time: Be focused on ensuring all dues are paid on or before the due date.
• Credit utilisation ratio: Try to maintain a credit utilisation ratio below 30% of the total credit limit.
• Consistent monitoring and checking: Check your credit reports at regular intervals for discrepancies and inaccuracies. So that you can promptly get any errors rectified.

Conclusion

To conclude, it can be stated that a credit score of 750 or above is generally favourable for ICICI Bank credit card applicants. The bank looks to adopt a holistic approach while considering various financial aspects and limitations of the credit card applicant.

Maintaining responsible credit behavior, along with stable income and sensible financial habits boosts the chances of approval. Still, in your own interest as an applicant you should reach out to the official website of ICICI Bank, understand the terms and conditions applicable in your individual case.

Post the same, discuss your problems and concerns with the designated customer service executive before taking the decision on applying for a credit card through ICICI Bank.

Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit scores. Mint does not promote or encourage taking credit, as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.