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Can credit card debt cost me my job?


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Old 22nd September 2017, 5:53 PM   #1
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Can credit card debt cost me my job?

Things are finally turning around for me. Iíve been made an offer of employment for a considerably higher salary. Weíve set a start date and I am in the background check stage. But I am concerned that my credit history will cause them to rescind the offer. I donít have any derogatory marks, but I have massive credit card debt. I have two or three cards maxed out due to circumstances beyond my control. Should I be worried? 😟 has anyone had a job offer retracted because of what was on their consumer report??
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Old 22nd September 2017, 5:59 PM   #2
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Congratulations on the new job. I know how keen you've been to get out of your last situation.

I'm not in the US, but my gut feeling is that our background checks would be similar to yours. The main background check is about your criminal history. Or, if you're to be a CEO then they need to make sure you're not bankrupt.

Seems ridiculous to reject someone because they are working to pay off debt.
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Old 22nd September 2017, 6:34 PM   #3
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Like Basil I'm not US based but background checks here in the UK basically consist of eligibility to work legally, security checks (charges, convictions etc) and checks with former employers to find out if there were any issues with dismissals, tribunals and other serious work related incidents such as (sexual) harassment.

If your record is clean of the above, I wouldn't worry about your financial situation.
Most employers don't give a rat's @ss about their prospective recruits financial position.
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Old 22nd September 2017, 6:47 PM   #4
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Most employers don't give a rat's @ss about their prospective recruits financial position.

That isn't true, it depends mostly on the type of job, an accounts receivable job or payables or a job that handles the company's books or money.. even the electronic money credit history is paramount to hiring.

Many other type of companies have the bar set high on credit to make sure employee theft isn't going to be an issue as well..
Most Banks for example don't allow people to work for them that have bankruptcies or bad credit.

As far as many jobs that don't fit into those type then yes, credit history isn't going to make a difference.

To the OP, all you can do now is wait it out.. chances are it won't make a difference for it for jobs not in the financial industry.
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Old 22nd September 2017, 10:22 PM   #5
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OP, IMO if you return clean on the DMV and criminal checks, and don't have marked derogs on the credit report, presuming they pull a full commercial report, you'll be fine. If you've been paying your debts as agreed, even though a couple cards are 'maxxed out', it's unlikely that'll be a problem. However, if you get a followup because of that factor, have an explanation prepared in writing, same as you would for a lender. We nearly always looked favorably on applicants who were honest and thorough in their presentation of their finances. Life is imperfect. Yup, people have debt. It's how one manages challenges that imputes confidence in their abilities. Good luck!
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Old 23rd September 2017, 2:13 AM   #6
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In certain states in the US (California for example) it's illegal for an employer to deny you employment based on information obtained from your credit report but to be honest that doesn't mean it doesn't happen.

I was however denied a federal job in my past for a misdemeanor.

I was cited for riding a dirt bike on private federal land but the DA put "disturbing the peace," on my record which incidentally made my offense look much worse.
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Old 23rd September 2017, 4:14 AM   #7
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That isn't true, it depends mostly on the type of job, an accounts receivable job or payables or a job that handles the company's books or money.. even the electronic money credit history is paramount to hiring.

Many other type of companies have the bar set high on credit to make sure employee theft isn't going to be an issue as well..
Most Banks for example don't allow people to work for them that have bankruptcies or bad credit.

As far as many jobs that don't fit into those type then yes, credit history isn't going to make a difference.

To the OP, all you can do now is wait it out.. chances are it won't make a difference for it for jobs not in the financial industry.
Whoa....I wonder if this is a regional thing. My background is in accounts/admin/international money transfers and I've never had my financial history investigated.
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Old 23rd September 2017, 6:49 AM   #8
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Whoa....I wonder if this is a regional thing. My background is in accounts/admin/international money transfers and I've never had my financial history investigated.
it's been a thing for a while..

How to land a job despite bad credit | Interest.com

We check someone's credit when hiring in the front office, of course we have also had a bookkeeper with money issues who would steal from us in small amounts and was fired for that very reason.
It took us quite a while to figure out how she was doing it.
We don't however check their credit until the very last stage in hiring and have never had to not hire someone because of a bad credit history.
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Old 23rd September 2017, 7:55 AM   #9
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The credit report an employer pulls is different then the one a creditor or potential lender gets. It does not include your D.O.B. or credit score but it does give info about your financial stability. In some states it is illegal to check this -- mostly the western US plus MD, DE, VT, IL & CO.

If your new job is one of financial trust you could very well have the new job offer rescinded. I lost a job once when they pulled my driving record & confirmed that 10 years earlier I had a DWI. I had disclosed to the local office that it was there & the person who wanted to hire me went to bat for me with the national office but they would not budge on their policy.
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Old 23rd September 2017, 10:58 AM   #10
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My credit is still recovering from it's pre-divorce state, but I got a great job anyway, with the gov't. Unless you are working at a financial institution I wouldn't worry too much.

And congratulations!
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Old 23rd September 2017, 11:49 AM   #11
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Originally Posted by Redguitar35 View Post
Things are finally turning around for me. I’ve been made an offer of employment for a considerably higher salary. We’ve set a start date and I am in the background check stage. But I am concerned that my credit history will cause them to rescind the offer. I don’t have any derogatory marks, but I have massive credit card debt. I have two or three cards maxed out due to circumstances beyond my control. Should I be worried? �� has anyone had a job offer retracted because of what was on their consumer report??
The way this works is like this.. Do you own more than $5,000 or higher than $10,000 in credit charges. Have you paid back anything yet to the credit card holder. Do you live in a no fault state? You have the option to take the job if the credit fair act check comes up with a min on the amount that is allowed. So it works 50/50 you paid some money to them and they gave you some credit if you have stop making payments on the debit then you might show up as not a good chance to be put of the team at the company you have be placed at. Every company has rules for this in place. Take the job if they tell you the credit check came back fair. They will tell you if you can work or not after the credit check has failed your chances.

This happen to me and I am okay now.. After 10 years you fall off the radar if you don't use CC anymore and use DC, DPC (debit prepaid card) you can use these as CC but they show up still as DC. Get's confusing has hell. But I rather use them the CC is merely money loan option. Interest rate is so high. I use to have 900 plus score after 10 years of not using CC it was 700 score. The racket behind this I could explain some things you can do to get around so much red tape. If you live in CT and you got a CC from there you're in trouble with the brower they can come after you with court order. Just have to be careful using CC so much. Take over your life. DC and DCP are better you mange the money yourself.
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Old 23rd September 2017, 11:56 AM   #12
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I doubt your credit history would matter for your job - from what I've seen, background checks for jobs are usually to check for criminal history, not financial. Your credit history WILL matter for other things like renting a place, getting a loan, etc though.
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Old 23rd September 2017, 12:01 PM   #13
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I doubt your credit history would matter for your job - from what I've seen, background checks for jobs are usually to check for criminal history, not financial. Your credit history WILL matter for other things like renting a place, getting a loan, etc though.
Renting is hard enough, getting a loan is not a good option you have to pay that off it's another way the system works against you. JOBS they check the history for Credit under the Fair Credit act, if you have more than $10,000 you owe you might not get the job. 1 card though if you have more than 1 card doesn't look good in your favor.

I really don't care for the CC score nonsense, not my cup of tea. I rather be off their radar and use DC/DCP option instead those have VISA or MC logo on them. Just work make your money save and buy what you want. This way you can manage yoru own money instead of owning money on CC which should be called LMC Loan Money Cards..
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Old 23rd September 2017, 12:05 PM   #14
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Renting is hard enough, getting a loan is not a good option you have to pay that off it's another way the system works against you.
Certainly, I was not suggesting the OP apply for more loans... I was just listing areas which credit score usually impacts.

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JOBS they check the history for Credit under the Fair Credit act, if you have more than $10,000 you owe you might not get the job.
Interesting, I had no idea this was done in the US. What is the rationale behind it? How will someone pay back their debts legally if they can't get a job?
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Old 23rd September 2017, 12:31 PM   #15
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Interesting, I had no idea this was done in the US. What is the rationale behind it?

The employers think it goes to reliability & the ability to make good decisions. Obviously if you have control over the company's finances they don't want to hire somebody who will be tempted to steal to pay their own debts.


$10k on disposable toys doesn't look good. $10k in medical bills is a different story but then the applicant faces the possibility of being discriminated against over health or caregiver issues.
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