Can a job offer be rescinded due to poor credit? (interviews, unemployed)
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IMO you're taking it way too personally. Ok, your situation sucks. Now what? Could you have done anything differently in the past to mitigate it? What does hindsight tell you? What can you now do to mitigate it, given the climate for hiring today?
Don't confuse tone for substance here, or focus too much on the excessively negative or empathetic people out there. Believe me, I mean this in a constructive way. If you just want to vent here and receive commiseration, which a lot of people on this board do, then that's your call, but 'misery loves company' and in my view can become debilitating.
For the record my credit is just fine.
I gave examples of what other people go through because I went through a bit of that myself, mostly heath related issues. Many, especially those on here to feed their ego and brag, lack compassion mostly because they can't relate.
My posts reflect my position that most people with low credit scores have them due to circumstances beyond their control (health, job loss, divorce, etc). Down on their luck people deserve the chance to work and pay off debts and not take the easy way out. I am sticking up for them, no more, no less.
No the company I used to help manage did not initially run background investigations. The extent of the checks were our Operations Manager calling past employers to verify work dates, and checking references.
My examples are not extreme, they happen. Note that I did say this was not the rule, but was an exception that happened more frequently than I cared to have to deal with it. We have hired people down on their luck, and I used to sit and listen to the stories. The very last person I terminated was the worst example yet.
This guy came in almost begging for a machinist position. He had basic manual skills, but no CNC. He did very well on his manual machinist test. His story was, that he had moved back from Chicago, had two kids at home to support and was down on his luck. Neck deep in debt from a drug addict ex-wife. He was willing to work any job we had. Eventually we collectively made the decision to hire him on. For the first 90 days this guy was rocking work out and really impressing us all. About day 100, something changed..... he started getting grouchy, coming in late, slipping out every 20 minutes to smoke ( and leaving his 3 axis machine running unattended), and arguing with his co-workers non-stop.
We had a long sit down about what was going on and tried to figure out a way to improve his performance and attitude. He pretty much told me he felt like he deserved more money. I told him we would need to see a vast improvement before I could even justify a raise, but if he could show me serious improvement that I could justify to the owner I could try to get him a raise eventually. He got mad and stormed out.
On that day, I gave him his 2nd written warning (after 2-3 verbals for different issues). He went to the owner that evening to talk about what had been going on and (supposedly) to apologize. He then asked the owner if he could come in on Saturday and pick some vegetables from the garden behind the facility (the owner was a garden nut) and he was told no problem.
Well, he came to work with a truck on Saturday, loaded his tool box, stole every micrometer, set of calipers, and tool he could from the people's toolboxes that weren't locked, and then went to the garden and stole the owner's $400 tiller, a pushmower from the maintenance shed, and a weedeater.
Again, not everyone is like this, I understand. But the ones that are, really make it difficult for companies to trust those who aren't.
After this guy, the company began running extensive background checks, including credit checks.
Bolded: If you all were not running background checks I can see how.
I'm stunned as I thought all of those types of companies did background checks.
I gave examples of what other people go through because I went through a bit of that myself, mostly heath related issues. Many, especially those on here to feed their ego and brag, lack compassion mostly because they can't relate.
Except that I can..... read a few posts back. My mother died of cancer. Not to mention I spent over a year in a leg brace from a rafting accident. Even with my insurance our medical bills were ridiculous. They cut into our savings by a substantial amount. It took me almost two years to build it back up. It took my dad almost 6 with the loss of my mother.
Quote:
Originally Posted by John13
My posts reflect my position that most people with low credit scores have them due to circumstances beyond their control (health, job loss, divorce, etc). Down on their luck people deserve the chance to work and pay off debts and not take the easy way out. I am sticking up for them, no more, no less.
My divorce and health issues are in the past.
The bolded issues can't really be lumped together. Not living within your means and nesting away a savings in the event that one of these issues is preventable and completely in everyone's control.
I do agree that everyone deserves the opportunity to pay off their debts. But....they may have to accept the position they are in and work their way back up from a lower level job. Building a stable work history, and showing a stable credit history will go a long way in getting them a better job in the future. Everyone pays their dues.
Quote:
Originally Posted by John13
Bolded: If you all were not running background checks I can see how.
I'm stunned as I thought all of those types of companies did background checks.
Not all smaller businesses. And it hurt us in the long run. The company I work for now requires a security clearance.
So the takeaway from all this is simple. Guard your FICO score like a pit bull guards the junkyard. More and more decisions will be based on how you conduct your personal affairs. Being a better and more disciplined person is not optional. It is now required, unless you are willing to languish in loser-land. In the past we had privacy and there was no Internet. Today our lives, and our conduct, and our decisions, are more of an open book.
It's not a bad thing, being forced to be better. It will benefit everyone in the long run.
Credit scoring, personal finance, budgeting and planning, mortgages, stocks, bonds, commodities, insurance, retirement planning, home purchase, home maintenance. All of it should be a MANDATORY compound course given in all 4 years of high school with no graduation unless you pass.
An 18 year old graduating today should be excited and energized to be someone who plans, saves, KNOWS STUFF, values a high credit rating, and is technically prepared to handle MONEY like a pro and maintain their financial lives impeccably.
The real takeaway is that most peo0le dont spend wastefully. Before the recession happened most people found jobs rather quickly because there was enough people 5o satify jobs causing people to basically accept employees because they needed to fill the position. Now since the recession, companies have found many more people than jobs. The number with stats is anywhere from 3 to 5 to 1 with job seekers to jobs. Before it was fine to spend but now it isn't. Many people lost jobs and had credit issues pop up. Add in medical issues and when it rains it, pours and there goes savings.
As I mentioned by employee performance reviews, don't show a cause/effect, only anecdotes do.
The real takeaway is that most peo0le dont spend wastefully. Before the recession happened most people found jobs rather quickly because there was enough people 5o satify jobs causing people to basically accept employees because they needed to fill the position. Now since the recession, companies have found many more people than jobs. The number with stats is anywhere from 3 to 5 to 1 with job seekers to jobs. Before it was fine to spend but now it isn't. Many people lost jobs and had credit issues pop up. Add in medical issues and when it rains it, pours and there goes savings.
As I mentioned by employee performance reviews, don't show a cause/effect, only anecdotes do.
No, that is the determinist, defeatist, collectivist interpretation of life in the USA. The reality is there are millions of jobs, and millions of opportunities, and millions of ideas leading to millions of new businesses to be opened. We have freedom, and that is all that matters, and that is all you should expect to receive from your country. There were never any guarantees in the good old days which never existed. There are none today. There will be none tomorrow. Whining and malevolent universes of failure are not allowed.
And most people don't spend wastefully? That's correct; because it is a gross understatement. Almost ALL Americans spend wastefully. Not surprising or unexpected. There is no training in high school on how to deal with money on a day-to-day basis. Financial illiteracy is ubiquitous. If you ask 1000 Americans what FICO stands for, 999 of them wouldn't have the foggiest clue.
We need a massive commitment to educating future adults on the vital topic of money, with all its nuances and intricacies.
Last edited by Marc Paolella; 10-16-2014 at 04:47 PM..
No, that is the determinist, defeatist, collectivist interpretation of life in the USA. The reality is there are millions of jobs, and millions of opportunities, and millions of ideas leading to millions of new businesses to be opened. We have freedom, and that is all that matters, and that is all you should expect to receive from your country. There were never any guarantees in the good old days which never existed. There are none today. There will be none tomorrow. Whining and malevolent universes of failure are not allowed.
And most people don't spend wastefully? That's correct; because it is a gross understatement. Almost ALL Americans spend wastefully. Not surprising or unexpected. There is no training in high school on how to deal with money on a day-to-day basis. Financial illiteracy is ubiquitous. If you ask 1000 Americans what FICO stands for, 999 of them wouldn't have the foggiest clue.
We need a massive commitment to educating future adults on the vital topic of money, with all its nuances and intricacies.
The underlined is a case of the pot calling the kettle black with the bold.
I agree that we need more training in high school because it doesn't exist today. I'm sorry a quarter of budgetary home economics isn't enough. HOWEVER, boomers and gen Xers had this sort of class and guess what, many were a part of the foreclosed homes, defaulted mortgages, late credit card payments and bills. And you know why that was, partially because of planning but the same reason I have pointed to time and time again THE 2008 ECONOMIC MELT DOWN!!!!!!!
Why is that the case? As of the 2012 election we were roughly equal to Obama's job gains were three times were more lower wage (retail and fast food industry) than they were high wage jobs (source: CNN Fact Check: About those 4.5 million jobs ....) That and we saw more middle and higher wage jobs lost than lower wage jobs so the jobs created were bad compared to the jobs lost (source: CNN Fact Check: Job creation versus unemployment.) This means: That with the 4.5 million jobs from mid 2009 up through September 2012, there was 4.5 million jobs created BUT 3 to 1 jobs were lower wage jobs compared to the middle and high wage jobs lost. And this doesn't include millennials entering the workforce and those who had to return to the workforce because their investments went south. Safe to say, planning was part of it but the majority was the restructuring of the economy of the 2008 economic melt down and if you can't see that, I have nothing more to say to you.
I think it is great that they consider credit scores with people applying. If you can't take care of your own affairs how can you handle a job? If you can't afford it, don't buy it. Most of the bad credit is due to dumb things like cable TV, big screen TV's and buying a home too big or renting a too expensive home, etc. You do dumb things, you should pay the price. I have great credit because I make it that way. You should do the same.
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