[lawrence260]

I would like to hear the opinions of getting licensed with bad credit. Our state regulatory commission here in NC require that you have a score of 600 with no foreclosures. I understand the point is you dont want anyone giving advice on a financial decision if your finances are not in order.

I was turned down for a great job based on my current credit. I had perfect credit and owned my own RE firm until the end of 08. Deals dried up, had property in FL, that I couldnt keep or sell. Basically I was one of many that it just snowballed on me.

My frustration is, that would have no influence on me as a lender, insurance, or advisor in my eyes. Thats was the licensing classes and such is to teach is for lenders, advisors, to advise is based on.

With our economy and jobs in shambles, millions of Americans such as me cant get into a career, such as insurance, Financial Advisement, and Lending, which is what I know.

The percentage of professionals with unsatisfactory credit was changed dramatically since the recession, and our regulators have made it even more difficult for those to obtain careers, while it was the lack of regulation that got in the spot we are in. While the professional is penalized for it even more so.

How long is it going to be for everyone to be discriminated against for credit for jobs, while our unemployment is so high. So they make it tougher for the millions of suffered through the recession?

Finally, has anyone dealt with this and overcome it?

[annerk]

the point is you dont want anyone giving advice on a financial decision if your finances are not in order.

You said it.

By the way, the majority of us came through the recession with our credit intact because we weren't leveraged to the hilt with no actual cash (not just "paper") to get us through some lean times.

[lawrence260]

I was far from being leveraged to the hilt. Not even close. Very little debt.

Originally Posted by annerk

You said it.

By the way, the majority of us came through the recession with our credit intact because we weren't leveraged to the hilt with no actual cash (not just "paper") to get us through some lean times.

[annerk]

Originally Posted by lawrence260

I was far from being leveraged to the hilt. Not even close. Very little debt.

But no savings to back up what debt you did have, which still means you leveraged.

[lawrence260]

At the age of 28 and I had one mortgage, with savings!

You have made 2 assumptions, I was to the hilt and had no savings.

My point in this was what would this have to do with my working for a lender.

If anything I would be more qualified.

Originally Posted by annerk

But no savings to back up what debt you did have, which still means you leveraged.

[annerk]

You're not getting it--which is EXACTLY why you shouldn't be licensed to give financial advice.

THE MAJORITY of us had the savigns to back us up so we didn't lose our homes through these lean times. Homeownership isn't for everyone, and should never be undertakenw ithout enough cash left over after the purchase to keep up the mortgage payments even with a loss of income.

[EscAlaMike]

LOL @ lawrence. Not that I agree with regulation. I am firmly against any kind of government regulation, and I believe that you should be allowed to work in any job where an employer is willing to hire you. If you succeed, more power to you. If you prove yourself to be inept, that will take care of itself through the free market. You will either be fired, or if you are working for yourself, you will lose customers, thereby going out of business.

But, you really showed your true colors with that little outburst, and it sure doesn't help your case.

[mzkisha2011]

I thought they did away with the credit checks as a condition of employment. I'm not sure, but you should check it out. Sometimes you have to IGNORE people with superiority complexes. If you dig below their surfaces, you'll find that in their personal lives they are miserable.

[annerk]

No superiority complex, just the truth. I wouldn't want someone who was unable to handle their personal financces giving me or anyone else financial advice. What a joke! (Bernie Madoff anyone?)

[vaughanwilliams]

Give it a little while and our legislature will make sure licensing, regulation and over site are a thing of the past. The invisible hand of the free market, buyer beware and all that. The consumer will just have to rely on an agent's word that he knows what he's doing.

@lawrence- it does seem unfair to base so much on a credit score, but if it's any consolation, there's millions of folks out there who got caught up in the real estate feeding frenzy, so you're not alone. It could happen to anyone.