507 Credit Score
Is it good or bad?
Your score falls within the range of scores, from 0 to 600, that is considered very poor. A 507 CIBIL Score is a significantly below the average credit score.
A 507 CIBIL Score is a significantly below the average credit score.
Many lenders choose not to do business with borrowers whose scores fall in the very poor range, on grounds they have unfavorable credit. Credit card applicants with scores in this range may be required to pay extra fees or to put down deposits on their cards. Utility companies may also require them to place security deposits on equipment or service contracts.
HOW TO IMPROVE YOUR 507 CREDIT SCORE?
The bad news about your CIBIL Credit Score of 507 is that it's well below the average credit score. The good news is that there's plenty of opportunity to increase your score.
A smart way to begin building up a credit score is to obtain your CIBIL Score report. Along with the score itself, you'll get details that spell out the main events in your credit history that are lowering your score. Because that information is drawn directly from your credit history, it can pinpoint issues you can tackle to help raise your credit score.
