When you apply for a credit card, one of the key factors banks consider is your creditworthiness. This helps them decide whether you are a reliable borrower and how likely you are to repay on time. Among various options, ICICI Credit Card is a popular choice, but getting approved depends heavily on your credit score.
The CIBIL score or credit score gives the bank an idea of your creditworthiness and assures them that you are unlikely to default on repayments. You should meet the minimum eligibility criteria to increase your chances of getting an ICICI credit card.
What Is The Ideal Credit Score To Aim For An ICICI Credit Card?
CIBIL scores range from 300 to 900, with higher scores improving your chances of getting a credit card. For an ICICI credit card, the ideal minimum credit score to aim for is 750. Having a score of 750 or above increases the likelihood of a faster and smoother approval process.
If your score is between 650 and 700, you may still qualify, but the approval might take longer. In such cases, the bank could ask for additional security or collateral before approving your application.
ICICI Credit Card: Eligibility Criteria
The bank has certain criteria to issue an ICICI credit card to users, apart from the minimum credit score. They are:
1. Age
ICICI Bank gives credit cards only to people who are at least 18 years old and can show proof of income. Providing stable income helps the bank trust that you can repay on time. There is no upper age limit for getting a credit card, as long as you are financially stable.
2. Annual Salary
Since credit card bills need to be paid every month, banks closely check your ability to repay before issuing a card. For entry-level credit cards, ICICI Bank usually requires a net annual income of Rs 2.4 lakh. If you are applying for a premium card, the bank may ask for a much higher income.
Factors Affecting Credit Card Eligibility
Apart from a poor credit score, several other factors can affect your eligibility for an ICICI Bank credit card.
1. Low or unstable income
2. High debt-to-income ratio
3. Lack of credit card history
4. Existing defaults or overdue payments
5. Irregular employment history
Although obtaining an ICICI Bank credit card requires a credit score of around 750 or higher, this is not the only criterion that affects the approval process. It is also essential to have a steady income, a low debt-to-income ratio, and a good credit history.
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