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Lender's credit

credit4115
Contributor

Re: Lender's credit

I had a credit check for a state job.
They ran my credit and the logic they had is if you have a giant amount of debt you can not afford or if you are in financial trouble you are more likely to take a bribe/steal/commite a crime.
(Law enforcement type job)
Message 11 of 15
TheSkyIsBlue
Valued Member

Re: Lender's credit

My fiancé is a mortgage banker and they check his credit quarterly. He has one late payment from 6 years ago and once a year he has to write a letter explaining why. It's simple, he just write 2 sentences saying "I forgot, oops." While I don't believe it's a law to have a good credit score, most major finance companies require it. Theory being how can he give others finance advice if he can't handle his own. Obviously we know that's now always the case. The standards are still pretty low, I think his company requires a 620 and 2 years post any charge-off or bankruptcy to be hired. I'm not 100% sure of the protocol once you're employed. I know a coworker/friend of his recently filed BK due to a crappy housing investment. He had to jump through some hoops, take classes, and write an explanation that went in front of a review board. As a human, I would feel like a piece of sxxt if that was me. Like please explain how you're in this financial disaster, someone will review it and maybe you get to keep your job. Oh and through this process a dozen more people will learn you're filing BK. Ugh.

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Message 12 of 15
babbles
Established Contributor

Re: Lender's credit

Thanks for the replies, especially  the past couple of posts.  It just seems likely you would have decent credit if you are  in the decision making process.

 
 
 
Message 13 of 15
babbles
Established Contributor

Re: Lender's credit

Wow!  I can understand that too! Makes sense!

 
 
Message 14 of 15
babbles
Established Contributor

Re: Lender's credit

Not sure I buy that story.   I have oustanding credit and was  turned down for refinanace by Citizens Bank when they were around because I had too many  inquries in a year, very stable employment, and a low DTI, so how can someone with less credentials turn me or anyone else down?   That was pre housing market bust.

 
 
Message 15 of 15
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