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Does Poor CIBIL Score Affect Your Job? Research Team | Posted On Wednesday, February 26,2020, 05:27 PM

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Does Poor CIBIL Score Affect Your Job?



The CIBIL Score is a 3-digit number ranging from 300 to 900. It’s a numeric measure of credit worthiness. The credit report shows loans and credit card transactions with each and every bank and financial institution in India. The Credit Score is a numeric representation of what is shown in the credit report. The bank can determine your financial position in seconds with the credit score.

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Does Poor CIBIL Score Affect Your Job?

Poor CIBIL Score Shows You are Reckless

When you are reckless in nature (Regularly change jobs due to poor performance), you might struggle to repay loans and credit cards. This is shown in the poor CIBIL score.

People who can’t manage finances are overeager for credit. This is shown in too many hard inquiries (Hard inquiry is when banks check CIBIL score to make a lending decision). Banks get to know you are a reckless spender.

If your employer sees a poor CIBIL score he gets to know you are bad with finances. You are most probably poor with the job and cannot execute the assigned tasks.

See Also: How to Increase Your Credit Card Limit?

Poor CIBIL Score Shows You are Not Trustworthy

The employer checks CIBIL score to get an idea on your integrity. A good CIBIL score shows you have good relationship with banks and financial institutions and sound work ethics. 

It’s really simple. If you can handle finances and maintain good relations with your bank, you are definitely trustworthy.

CIBIL Score for Background Verification

Employers check credit report and credit score as part of employee background verification. It is also a sign of employability. There could be many reasons for a poor CIBIL score, but the general idea is you’re incapable of managing things. You are looked at as dishonest and a potential threat at the workplace.

If you are deep in debt, it’s definitely going to affect your performance. The employer doesn’t have the confidence that your mind is on the job.

See Also: How to Apply for Credit Cards Online?

What Employers Check in CIBIL Report?

The employer is interested in your repayment history. Delayed payments and a complete miss of a payment means a poor credit score. So, pay loan EMIs and make credit card payments in time and get a good CIBIL score.

The employer checks duration of draft history. If you have used credit cards for a long time and made timely repayments, you get a good CIBIL score.

Employers are interested in the credit mix which is a collection of secured and unsecured loans availed. If you have a good mix of secured and unsecured loans, there’s no problem. Too many unsecured loans results in a bad credit score.

See Also: How To Get Credit Card If You Don't Have a Job

Get a Job with Bad Credit Score?

Clean repayment history: Make sure all loans and credit cards are repaid in time. This improves credit score.

Borrow in a controlled manner: Heavy borrowing hampers CIBIL score. If you borrow too much (Take a heavy loan), the credit limit is reached. So, don’t overuse credit and stay well below credit limits.

Check credit mix: Make sure there is a balance of secured and unsecured loans on your credit report.

Too many inquiries: Make sure there aren’t too many inquiries in a short time frame. If your loan and credit card request is rejected, wait a while and then apply with another bank.

Keep changing the credit report to make sure the right information is updated in CIBIL report. To avoid conflicts make sure to bring any errors to the notice of the bank or CIBIL immediately. 

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