Bad Credit=No Employment Opportunities?

[katie79]

Is it possible to find a decent job if you have bad credit or declared "bankruptcy"?

 

It seems all places check credit and if your credit's bad, that's grounds not to hire you.

 

Personally, I think that's stupid. Not all people go into debt out of irresponsablity. Why is all that matters is your credit? It seems to me, you'd be better of having a criminal record than bad credit.

 

Are those in this situation doomed to not be able to find a decent job or any job?

 

Thoughts, opinions, or experiences are helpful .

[tiki]

I haven't heard of an employer doing a credit check, unless you're working with/around a lot of $$$. I know people that have filed bankruptcy and have decent jobs and no one even knows about their past credit history.

[Stone]

I almost got turned down for a HUGE commission check due to bad credit, if you act as a fudiciary then chances are a credit check will be placed, I simply wrote a letter of explination of negitive credit and everything was fine.

 

Have a letter of explination when you apply,

 

What kind of position are you applying for, usually only postions in Financial Services check credit reports.

[katie79]

a job as an Administrative Assistant. Hopefully for an advertising company or a consumer products company. I am from NY so it's different out here...

[tiki]

Give it a shot. I'm sure they have to tell you before they credit check you?

[Stone]

By law they have to notify you if they are going to do a credit check, in your interview ask if the company checks credit and explain why your credit isn't so good.

[katie79]

luckily, I do have a job now. I have been here 7 months, but it was sort of "good for now" job. I was in banking for 5 years while I was getting my degree. My degree was in something different. so I needed to get my foot in the door somewhere.

I am technically a receptionist seeking an admin job

 

They always give you paperwork to sign for a credit check. You are welcome not to sign it, but then they are welcome not to interview you 'cause it's standard proceedure. They will even tell you upfront if they check your credit and if it's bad, they can't hire you. Insurance companies normally do this and so do banks.

 

I will give it a try; i have to. But it's just a horror to worry about this always. That's all.

[tiki]

Man, that SUCKS. No one here in TN would be able to have a job!

[Artifact]

Geeze. In Missouri I didn't even have a real job interview- certainly not a credit check! Maybe you could look for an administrative assistant position at a school?

[Stone]

I am an insurance agent, I had to go thru all of this credit BS but I got approved to sell with a letter of explination, make the letter really sad and explain how you are looking foward to establishing good credit in the future and you are ethical and honest bla bla bla it will work, it worked for me and I represent the biggest insurance companies in the country. and my credit is horrid.

[HokeyReligions]

A lot of companies - in many industries - request a credit check before hiring. They use the information (supposedly) as a character check. If you are chronically late in payments, miss payments, etc. they make a determination as to the type of person you are. They don't necessarily decline employment because of past problems. I wouldn't bring it up, just sign the papers and let them do their credit check. If they do not hire you ask for a written reason and if it's because of your credit ask for a copy of the credit check from them. They are not required to do that, but some employers will.

 

I worked in the financial industry for years (Bank of Montreal) in the portfolio management and investment banking sides and I had to have a complete credit history, and criminal background check, be fingerprinted, and have my immediate family verified of no criminal history. One thing they used the credit check for was to project if there were patterns that might indicate possible future embezzlement or insider trading. Obviously not, or I wouldn't have worked there for so long! I had some credit problems years before (hubby and I were homeless for a while because of it) that we took care of, but they showed up on the credit report. I didn't even have to explain about them -- although I did to my boss during the last interview because I wanted him to know I wasn't stupid or dishonest -- and I did get the job.

 

It was a heavy responsibility (and kind of neat) to know what companies were going to merge several years before they were announced! I couldn't even tell my husband and I had to be uber careful with my own stock portfolio (I actually had one at one time!) to make sure that my trades were in compliance with the SEC.

[Elmo]

Originally posted by katie79

Is it possible to find a decent job if you have bad credit or declared "bankruptcy"?

 

It seems all places check credit and if your credit's bad, that's grounds not to hire you.

 

Personally, I think that's stupid. Not all people go into debt out of irresponsablity. Why is all that matters is your credit? It seems to me, you'd be better of having a criminal record than bad credit.

 

Are those in this situation doomed to not be able to find a decent job or any job?

 

Thoughts, opinions, or experiences are helpful .

 

I'm just adding on to the other responses.

 

Yes, more and more companies do credit checks when looking at new hires. A bankruptcy is a big red flag to them.

 

As others have said, you could put a written explanation of the bankruptcy, i.e., death of a spouse, etc. But if it isn't an unusual situation, it probably won't be of help.

 

I'd still keep trying to get the best job advertised. You never know if you hit it off with the person hiring. Then they could over-ride the personnel guidelines.

 

Good luck.

[katie79]

Just thinking bad credit can cost you a job is terrible. I don't see why my personal credit is anyone's business. I know people with great credit who have stolen from companies, and yet they still get great job offers. I think it's a violation of privacy and discrimination. My reason was I was in college and my hours got cut at my job and I couldn't find another part-time job during this time. My father was out of a job and he couldn't help me out. I couldn't drop out of school since it was paid for earlier, not to mention my family favored my education getting finished so I could get a decent job to pay off the bills. It was stuff like that. It wasn't careless, it was an innocent problem. Eventually I couldn't make the payments because the late fee's added up so much. I was so upset over it. I just came on here to vent, I know no one here makes the rules. But I'm scared if I ever decide to leave this job, that I wont be able to get another one.

I have two degrees (well-educated), relevant job experience, and great skills. I put in a lot to get where I am. I'm just pissed that all of that is worth nothing because of my personal credit which is none of their business. Besides, how do credit card companies and employers expect the indvidual to pay off these debts if they can't get a job? Even sh*t jobs, like waitressing and cleaning houses, require a credit check. What should I do? Beg on the streets???????????

[alphamale]

Originally posted by katie79

Is it possible to find a decent job if you have bad credit or declared "bankruptcy"?

 

 

 

Yes it is possilble to find a good job with less than perfect credit but most likely not at a Fortune 500 company. You see, poor credit worthiness is a high indicator of other bad things such as irresponsibility, unorganized, carelessness, etc...

 

I work at a Fortune 150 company and 2 yrs ago when I hired in they did a FBI background check, credit check and work history check along with college degree check.

 

So you may want to focus on midsize or smaller companies that are not as stringent in their hiring process.

 

AM

[katie79]

I see. In other words, there is still hope for me...

But what I don't understand is, if someone has lousy credit, that could be their personal problem, and at work they may be very organized and have it together. I know many people with perfect credit who are very scatter brained when it comes to work. What does it really measure? If they have the right crudentials and excellent references, what does it matter. I can understand a criminal background check, like if you want to work at a bank and you were in jail for robbing a bank, I wouldn't hire you.

Actually....

speaking of which, I worked with a man (when I was at the bank) who had the best credit ever. He wound up stealing thousands of dollars in a very sneaky manner. They eventually caught him, and he got fired. No charges against him. So now, he has great credit, and technically commited a federal offense, but he can get a job at a bank because he has great credit. Mind you, where I used to work, they are not allowed to say if you were fired.

May I add, I never stole anything from that bank, or ever in my life. I have a great reference from them and I will get one from this job too (and yes, I handle personal information and bills). That man who stole from the bank, stole money from my draw, and the boss knew it (she even told me so). The other guy I worked with had the best credit you can have, and he was not a theif, but very irresponsible at work. He would always leave money and acct no. laying around. Not exactly what you'd call responsible. But he has great credit! So what does that tell you?

[alphamale]

Bad credit worthiness is just an INDICATOR of possible problems. Not everyone with good credit will be employalbe just like not everyone with bad credit will not be employable.

 

All it means is that if a potential employee has bad credit they have a higher chance of having other negative things about them. That is all, it is a generalization.

 

Why do most large companies, on average, only hire college graduates? Well, because ON AVERAGE college grads are smarter and work harder and are more self-motivated. But not ALL college grads are like this, a minority of them may be not so smart, lazy and not motivated at all.

[Neddog]

Credit Checks to get a job? You guys sure do do things differently in the US. Up here in the frozen north (Canada), we would never think of checking credit for a job position.

[katie79]

I should move to CANADA then! LOL! Here you need a Bachelor's Degree, Excellent Computer Skills, Many years of experience, perfect credit, a clean background, etc. And that's for a crappy job too.

[alphamale]

Originally posted by katie79

I should move to CANADA then! LOL! Here you need a Bachelor's Degree, Excellent Computer Skills, Many years of experience, perfect credit, a clean background, etc. And that's for a crappy job too.

 

Well, Katie79. In the U.S. that "crappy" job may pay you $40K. In Canada that same "crappy" job will pay you $30K, and that is in canadian dollars and also assumes that you can find a job in the 1st place!

[katie79]

You can't always find a job in the US either. You know how many people are unemployed here? Lots. The economy is just begining to pick up again, assuming we don't get another terrorist attack! And no, a crappy job here is more like $21,000. This is in NY where that kind of salary is about a 500 paycheck bi-weekly and rent for a small shi*tty apartment is more like $900-1000, not including utilities. A job for $40,000 is considered a good job for people under 38 years of age. A small house that resembles a shack in a very poor area is about $325,000 (in change). That's if your lucky! On average, a house here is about $755,000. A $40,000 salary doesn't really cover that. In marriages today, both husband and wife have to work and it's still not enough. I will be blunt with you...I work as a Receptionist/Administrative Assistant for $25,000 a year. I couldn't afford an apartment on this salary if I tried! I also spent a good amount of money on 6 years of schooling and obtain 2 degrees and 5 1/2 year of with professional work experience. Not very much. I should really be making about $30,000-$35,000 a year w/my background, but the competition is so high. Also, there is no such thing as a dependable job. People can get fired for any reason at any time. You never know when you will get kissed off by the company. There are some real nasty companies out there too. I've seen some horrible stuff. I've seen people diagnosed with cancer who were very good at their jobs and worked there a significant amount of years, get laid off for some ridicoulous reason. The truth is, the unspoken rule is to lay-off someone who gets ill enough to cost the company too much money for treatment. I know 3 people that happened to and it is virtually impossible to prove that in court. Same with your credit, they are not supposed to directly tell you they hold that against you for a potential job, instead, when you credit report arrives, they give you another reason why they can't hire you. There are many "unspoken rules" and you never know when you will be enemployed. Some American citizens who were born here or are official citizens of our country are out of a job, while illegal immigrants work here. So FYI, a crappy job is 2X less than what you said, to make $40,000 is not easy, and even if you are, there no such thing as a dependable job. It's a game of monopoly here. It's never as fun as it sounds.

[katie79]

that the $21,000 yearly salary is an estimate of a typical NY office worker. Many salaries are lower than that...like $15,000 a year, NOT INCLUDING TAXES (you don't take that home!). Salaries are much lower in the south and parts of the mid-west, so go figure.

[alphamale]

Originally posted by katie79

that the $21,000 yearly salary is an estimate of a typical NY office worker. Many salaries are lower than that...like $15,000 a year, NOT INCLUDING TAXES (you don't take that home!). Salaries are much lower in the south and parts of the mid-west, so go figure.

 

I work with canadian and most of them say the job picture is much worse in canada than here.

[wretched_wench]

Hi, I'm a newbie.

 

I was actually going to post a similar topic, but now that I found this...

 

Anyways, I've got really bad credit; today I was told that my account is in default

 

*tries not to panic*

 

I don't know if I should've done this, esp. now that I regret it, but I told my creditor about how I'd left my job after a month to get better training...BEFORE I landed another job.

 

Now my question is: if I'd told my creditor about that, yet I omitted it on an application, seeing as how it would look bad for me, would they report that to a potential employer? Because where I live, they do background checks on credit as well.

[wretched_wench]

never mind. my q's already been answered.

[Waileka]

Originally posted by alphamale

 

Why do most large companies, on average, only hire college graduates? Well, because ON AVERAGE college grads are smarter and work harder and are more self-motivated. But not ALL college grads are like this, a minority of them may be not so smart, lazy and not motivated at all.

 

That's just plain bulls__t thinking! I graduated from high school at the age of 13, got legally emancipated and walked right into an apprentice programmer position with IBM, 46 years ago. I never got a degree but I am certified as a network engineer (solaris, microsoft, novell) and as a programmer (c, c++, java, vb). I have never met a college grad who was 'smarter' worked 'harder' or was more 'self-motivated'.... unless they were some of the adult students I teach at night school (adjunct professor at a major university). Kids who go from high school straight through college prove they are smarter, harder working and self-motivated... HOW??! They are usually in college on their PARENTS' nickels, not their own. All these college students prove is that they are followers. They followed their parents', teachers' and friends' advice and went to college. Period. End of story.

 

The adults who complete college years after high school. Now THOSE are the college grads who prove they are hardworking and self-motivated. They go to night school after a long day's work, after taking care of their kids, etc. etc. That's self-motivation But do they prove they are smarter? No. Just wiser.

 

As to the validity of ruling out a potential employee based on bad credit. That's bulls__t too. Unless the credit check show that a person never pays their bills, which it hardly would, because if that were so, then the person wouldn't HAVE a credit history... then there's no reason to use a person's credit against them. That's like suggesting that if a person has 'neat handwriting' they are somehow 'better' than say, a person like ME, who's handwriting isn't legible, not even to ME, because you see my typing speed is around 180wpm and I've been typing since the age of 13, not writing by hand.

 

To 'rule in' a recent college graduate as a potential hire because they have 'good credit' is one of the most shortsighted things I've ever heard suggested as a possible reason for ruling someone IN. After all, the recent college graduate hasn't gone through economic downturns and emotional situations yet... they don't even (generally speaking of course) have empathy for the human condition because they haven't gone through adversity (but don't worry, they will). For all the H.R. person knows the recent college graduate's bills are still being paid by their PARENTS.

 

I NEVER hire recent college graduates except for very entry-level positions. And if I find a high school graduate with experience but no college degree, you can bet I will hire THAT person over the 'recent college graduate', ANY day of the week!

 

As for the person who made the suggestion that being a college graduate 'proves' anything... please do not apply at my company. I won't hire you, just based on your naivety and the silly words you let pour out of you, in a public venue.

nuff said.