CIBIL score: Not only loans, but now those with bad CIBIL scores will face another big problem..
Whenever you go to the bank to take a loan, your CIBIL score is seen. On that basis, it is decided whether you will get the loan or not. CIBIL score tells the credit transactions or credit history of any person. This shows when the loan was taken and whether it was paid on time or not. How much debt do you currently have, how many credit cards are you using, and whether they are paid on time or not?
A credit score is necessary for the job in a bank
Based on the CIBIL Score, it is known how responsible a person is regarding payment. But now this credit score is also necessary to get a job in a bank (Cibil Score For Bank Job). Except for the State Bank of India (SBI), all other government banks also included the CIBIL score as one of the mandatory qualifications for the candidates applying for jobs in banks in July last year.
A better CIBIL score is necessary for the job
The banking recruitment agency Institute of Banking Personnel Selection (IBPS) added the CIBIL score as one of the mandatory qualifications for candidates. In the eligibility criteria for the application, it was also mentioned what should be the CIBIL score of the applicant.
According to the notification, the CIBIL score of the candidates applying for bank jobs should be 650 or more. Along with this, the applying candidates will also have to ensure that they will maintain a good credit score in the future.
Companies also made credit scores mandatory
Along with applying to government banks, some private banks and multinational firms and companies also made it mandatory for the applicants to have a better CIBIL score before giving them jobs. Earlier, loans were not available only due to lack of good CIBIL score. But now with the new credit clause and many companies making it mandatory for jobs, the importance of CIBIL score has increased even more.
How to improve CIBIL score if it is bad
If your CIBIL score is bad or you want to always keep your CIBIL score better, then it can be corrected by following some precautions –
Pay all types of loans and bills on time. Pay all the loan EMIs on time.
The most important thing is to keep an eye on your credit report. Through this, you will know what your shortcomings are and how they can be improved.
Unless necessary, use only 30-40 percent of the credit card limit. Spending more than the credit card limit can damage your credit score.
If you already have loan debt, do not apply for a new loan.
Taking multiple loans at once can cause difficulty in paying EMI. Due to this your CIBIL score will also deteriorate. Therefore avoid such situations.
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