A Minimum 650 CIBIL Score Is Needed For Bank Job: IBPS

As an aspirant to land a job in the banking sector, apart from academic qualification, maintaining a 'decent' Credit score (CIBIL) will play an important criterion role. India's premier recruitment agency for the banking sector 'The Institute of Banking Personnel Selection (IBPS) has introduced a new credit history rule for job applicants.

As per IBPS's notification, candidates looking for bank jobs should ensure that they have maintained a healthy credit history and have a minimum CIBIL score of 650 or above at the time of joining, News18 reported.

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The new development highlights the importance of a good credit score. It will not only help in securing a job in the banking industry but also in accessing loans easily. However, below are the reasons that severely affect one's credit score.

Missed repayments:  Paying bills, especially credit card balances, before the due date is crucial. Late payments attract penalties and adversely affect the credit score.

Don't opt for debt settlement:  You should be aware between 'debt settlement' and 'debt closure'. Debt settlement occurs when you agree with the bank due to your inability to repay the loan on time. The act negatively affects your credit history and CIBIL score.

Using Credit Card without strategy:  Irresponsible use of credit cards can negatively contribute to your CIBIL score. You should only use a portion of your credit limit.

Understand Your Financial Responsibility

Integrating credit history and CIBIL scores as selection criteria in bank job applications highlights the importance of financial responsibility. Applicants are encouraged to be proactive in managing and improving their credit scores for career opportunities and overall financial well-being.

You should remember one more thing, maintaining a good credit score teaches you money management and if you opt to do it proactively, it will bring lots of positives in your day-to-day life as well.

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