Will Poor Credit Effect My Job?

Question

I've been offered a new job in finance. However, the position is pentending my credit and background check. I once got fired from a job, but it was done for unlawful reasons. But, I never pursued legal action. Will that effect my chances at getting the job.

Secondly, I have poor credit. I don't believe I even have the ability to get a credit card, although I haven't tried. I do have a car payment that is up to date and in good standing.

How bad does you credit have to be, in order to be denied a job?

Answer 1

It could. Depending on why you have bad credit. Jobs in finance and many other jobs really need to verify the character of the people wanting to work in the industry. If there is any reason why they may think you would steal from them or do dishonest things in your business dealings with them they won't hire you. They check credit to see what kind of debt you have also. If you have a lot of debt you are more motivated to steal and do dishonest things.

Answer 2

I am speaking from personal experience...I was offered a job at Countrywide Homeloans and they checked my credit. They rated my credit by scoring it according to how bad the items were. Judgements were 20 points, charge offs 15 points unpaid collection 10 points and paid collections 5 points. They also included my student loans that are deferred (no payment) because I am a student and I got 5 points for each of those. If you scored below 80 you were hired pending other conditions. If you scored 80 or higher, sorry about your bad luck was the basic responce.

So in other words, yes you can be denied employment because of your credit. You may want to check your states governing on the subject.

Answer 3

Listen, don't get paranoid, when jobs do credit checks on employees or new hires, they are just simply looking to see if you are in deep trouble with money, they are looking for something suspicious or illegal, like for example, big time debts over $100,000 with several creditors that you don't bother to pay for. That's just an example. If your making your car payment on time & you feel confident about applying for a credit card, then you should go ahead & do that, see what happens. You should also get a copy of your credit report from all 3 major credit bureaus (Experian, Equifax & Trans Union). Make yourself familiar with your credit should there be some errors on it, you can have it fixed. Know & be aware of what employers are looking at on your credit history.

GOOD LUCK!

Answer 4

First and foremost, lots of people have at one time or another, been fired from a job so I wouldn't worry too much about that one. As for the credit, since you said the job is in the financial field, this could potentially keep you from landing the job if this employer checks your credit and finds it unacceptable to their hiring standards.

You can get a free credit report by going to: https://www.annualcreditreport.com/cra/index.jsp

Here you can get free credit report from the big three reporting agencies: experian, transunion and equifax. Check your report thoroughly and make sure that it's correct. If you find any items that can be disputed, by all means file a complaint with that particular agency.

Good luck !

Answer 5

As long as you don't have a bunch of collections on your report you should be fine. In finance they check credit b/c if you need money really bad you're more likely to steal from them and of course they don't want that. I think you'll be fine though. Good luck....and congrats just being offered a job is great!

Answer 6

it depends on the employer....yes, after you have provided written authorization an employer may check your credit report...