what is credit score in bank

A credit score, commonly known as a CIBIL Score in India, is a three-digit number ranging from 300 to 900. It serves as a vital summary of your financial health and credit history, indicating your creditworthiness to lenders like banks and Non-Banking Financial Companies (NBFCs). Banks use this score to evaluate your past repayment behaviour and determine the risk before approving loan or credit card applications. A score of 750 or above is generally considered good, significantly increasing your chances of securing credit with favourable interest rates.