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Old 12-04-2015, 08:37 AM
 
1,210 posts, read 1,393,084 times
Reputation: 1562

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I plan on settling about $20,000 of unsecured credit card debt with my creditors in 2016 via lump sum payments, which will obviously have a significant impact on my credit score. There is also the chance that my attempts will fail and I eventually get my bank account levied forcing me to live on a cash-only basis (my state does not allow wage garnishment for credit card debt). I'm 26 and this is about mistakes with consumer debt I've had since I was 18. I don't plan on changing employment any time soon, but I wanted to get an idea of how this could effect my opportunities down the road, such as 5 years from now if I continue down this path.

I currently work at a small regional boutique management consultant firm and I see myself staying in this industry. Is there a way to mitigate a bad credit score with prospective employers other than time and rebuilding credit? I have always made my rent, car, utility, student loan, and electronic payments on time and intend to continue doing so. My goal is to one day be recruited out of this firm if that makes a difference.
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Old 12-04-2015, 09:32 AM
 
Location: Tennessee
23,847 posts, read 17,764,696 times
Reputation: 27898
After five years, your credit should be substantially better, provided you don't get back into a mess. I wouldn't worry about it from that standpoint and I don't think the average employer would either, but prestigious consulting companies are likely more stringent.
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Old 12-05-2015, 03:16 PM
 
9,280 posts, read 11,966,829 times
Reputation: 14566
Employers seldom look at your "credit score". What we look at your "credit report".
A score is just a snapshot in time where the report provides a narrative of your credit.

If I see a fairly uneventful credit report with one big ding from a hospital, those are normally overlooked as we know hospital expenses are huge and often unpredictable. But, if I see several remarks from utility companies, stores, credit cards and such (even if they are not big expenses), it shows a pattern that raises red flags. I'll speak to you about it and your answers will determine if we move forward.

Debt happens even to the best of people. How you deal with it, own up to it, and address it is what we look at.
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Old 12-08-2015, 05:25 PM
 
Location: Western MA
1,608 posts, read 1,055,883 times
Reputation: 4199
Whatever you do, don't file for bankruptcy. That could make you permanently ineligible for employment in some industries (most typically financial companies, but I'm sure there are others).

Other than that, do everything you can to build a positive credit history. You should be able to do it over the course of the five years if you keep your nose clean.
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