How much will fico impact job search?

[Anonymous]

Am looking to change jobs and need to know how much a 640 fico will impact job search? Am considering liquidating some retirement money to pay off dabt and raise score.

[Anonymous]

You won't have a problem finding a job. I have a job with a TS/SCI clearance and when I got hired my scores where in the very low 600s. I wouldn't recommend using your retirement money to pay the debt down if you are only doing it to get a job.

[Anonymous]

aagreed...........do NOT touch your 401(k) or whatever plan you have.

[Anonymous]

Contrary to popular mythology, most employers do NOT pull CRs on prospective employees or new hires. Even if the employer did pull a credit check, they wouldn't get a FICO score. If they did, they'd likely have to violate the law to get the score.

[Anonymous]

You should always read the fine print on job application forms.  Very often it says that you are giving them permission to check your credit (by pulling your reports), even if they don't habitually do it.

If you are applying for a job with a security clearance, it's a certainty that they will check your credit.

[gNaRKiLL]

I did have to get a pretty serious security clearance to work where I am at and they did do a credit check on me.

I had a fico back then of less than 600 and they didnt even ask me about it, I was freaked out about it like you are.  They didnt do a hard pull on me just a soft.

Places you do need to worry about are if your applying to a bank or any financial consulting place. They like to see people with good debt management skills since that is a reflection of how responsible you are, and how you'll treat their clients' accounts etc.. I mean would you want someone who is behind on their bills and is in hawk up to their eyeballs manageing potentially millions of dollars?

Alot of places also look at your debt. If you have a lot of debt in credit cards etc that is bad as well. With a lot of debt your a liability since you might be more willing to take a bribe in order to exchange some priveleged information.

Talk to the HR people, they'll tell you straight up usually if thats an important factor or if its just to verify the information you put on your application.

Message Edited by gNaRKiLL on 01-22-2008 02:44 PM

[Anonymous]

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gNaRKiLL wrote:

Talk to the HR people, they'll tell you straight up usually if thats an important factor or if its just to verify the information you put on your application.

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But don't act like you're worried about it ... 

[Anonymous]

With a security clearance, if it's a higher level one, yeah they will run a credit check. I've heard mixed things about how nit-picky they are. Probably depends upon the demand and whether you're THE candidate, or A candidate out of 25 for 3 positions.

I've worked contract and perm gigs, private and government, that dealt with money, loans, payroll, etc. Only once did anyone ever pull or talk about pulling a credit report. Was once considering a contract gig with Capone, and they do run a check on all FTEs and contractors.

Anecdotally, people who commit white collar crime and steal from their employer don't do it because they are in debt. It's almost always because they feel slighted in some way (passed over for promotion, didn't get a large enough raise, etc.) and many don't see it as a crime. It's just getting them what they believe they deserved.

There was a study out of a university that recently hit the news. Although I've been unable to lay hands on it, I clearly remember it. Study indicated that workers with bad credit as a group are slightly better workers.

[Anonymous]

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masdeocho wrote:

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gNaRKiLL wrote:

Talk to the HR people, they'll tell you straight up usually if thats an important factor or if its just to verify the information you put on your application.

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But don't act like you're worried about it ... 

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One way to set HR at ease to tell 'em you're planning on buying or refinancing a house, or buying a new car soon, and you didn't wanna mess that up with a credit check. They might just say fine, whatever, and won't do the credit check. You've given them a plausible reason, and 99 out of 100 people won't know the truth about INQs.

[Anonymous]

I was passed up on for two potential jobs due to my credit last year, both were with financial institutions, the first one was with Countrywide........told the recruiter they loved my resume and wanted an interview BUT they needed to run my credit...........they declined to even talk to me after that. Second one was with a local Bank, interviewed for 3hrs with the CTO and I just KNEW he was going to hire me (after the interview he told me all that was left was just a few formalities such as running it by the other Officers, credit check etc and my heart just sank right there) Though I remained upbeat and didn't give any indication that there was a problem, he went on to explain that as a bank they were expected (required?) to hire people with good personal financial records (I was interviewing for an IT role) They sent me a decline letter a week later From all indications, I don't think they were interested in the score as much as making sure I didn't have a bunch of Negatives on there. After that I just told my head-hunter to find me jobs without the Credit requirement and I was still able to land several interviews and eventually a sweet position!! Also, a few years ago I took the FBI Special Agents exam and attended their 3hr orientation, their credit check requirements were pretty much the same, didn't seem to care about the score, just make sure you were being responsible. They were also super lenient about Collections items, they said as long as you had were making SOME attempts to take care of them, then you were ok (you had to have had the payment plan in place 6 months prior to your employment date, coincidentally it takes an average of around 3-6 months to get through the hiring process as a special agent). Anyway, just sharing my experience.........it depends on what industry you're trying to get into

Message Edited by worth_more_than_myfico on 01-23-2008 08:26 AM