July 02, 2009

Sufferin' Succotash

This is SO annoying--there aren't very many jobs to begin with, and the ones I am more than qualified for require a credit check, which, because I have been out of work for 6 months, I am NOT going to pass. Plus, I seem to recall hearing somewhere that having people check your credit counts against you for your credit rating.

I am so screwed.

Posted by Susie at July 2, 2009 10:10 AM | TrackBack

I used to work in the credit card industry and it depends on whether or not people do a hard or a "soft" check, as to whether or not it impacts your credit rating. That said, if there are potential employment credit checks, they are likely to be hard checks.

Lack of income hurts your credit standing, but nowhere near as much as delinquency and/or default. If you've managed to stay-somehow- afloat during these last six months, your credit rating won't be too bad. The report will show zero income, of course, but that will be explainable by the zero job during that time.

Again, businesses tend to read the report, rather than simply rely on the FICO of whatever credit bureau gets used. Delinquencies, default and collection are big no-nos if you seek a job in the financial sector. Actually, the delinquencies not so much, as long as they aren't frequent. Almost everyone-except for my mother- makes the occasional late payment.

In other words, don't sweat it. Just don't apply for too many jobs requiring credit checks within a specified period. That could have an adverse impact on your rating. Be sure to inquire whether or not the checks are hard or soft. If they're soft, really don't sweat it.

Posted by: physics geek at July 2, 2009 12:58 PM

Good sound advice there, keep plugging away, you'll get a break soon!

Posted by: The Gray Monk at July 2, 2009 04:34 PM

Since when does a credit report show your income? And since when does a prospective employer do a credit check, and for what purpose?

Honestly, people are so snoopy these days.

Posted by: Tuning Spork at July 2, 2009 05:46 PM

Don't worry about it too much. If they're dumb enough to pass you over, they're not they type of organization you'd want to work for anyway.

Posted by: Harvey at July 3, 2009 07:09 PM

Thanks, guys. Your support is really appreciated!

Posted by: Susie at July 4, 2009 09:23 AM