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not so. it means you incurred debt you did not intend to pay or did not have the capacity to pay even though you agreed to the debt. either way bad judgement and the employer is right to take note. you will find if you do start working, you are far more willing to overlook your faults than your superiors.
So people who lost their jobs and had good credit before are responsible for something out of their control.
Why does credit score matter in regards to employment? So bad credit means you cant get job to pay your bills to increase your credit score which makes your credit worse....see the cycle?
You don't want a business relationship with someone who can't manage their personal finances. You don't get bad credit from being broke, you get bad credit from welshing on debt.
YEP! Because "employers" are not familiar with the concept that you need money to maintain good credit, and pay your bills. Thank Republicans for this one too. I am waiting for the day when "credit" will be required when buying toilet paper too!
Your "Credit" should ONLY matter to a job if that job has any financial involvement on your part. Meaning, where you are required to physically handle large amounts of money. Even though, if you're an honest person who never abused credit in the first place, you should be given the benefit of the doubt. Innocent until proven guilty.
You have bad credit because you think you are entitled to a lifestyle you can't afford. Instead for earning the money and paying for cash, you took the easy way and borrowed it. You got your "benefit of the doubt" when you borrowed the money. Your poor performance with debt is public record, and you have been proven guilty.
If you want to erase that, do what you have to do to pay your bills. If that means living in someone's spare room where you can take the bus to work, then do it. If that means no TV, no movies, no beer and beans 6 days a week, then live that way. You already spent that money. Just seven years of making all your payments on time will clear your credit record. Start digging.
Not to mention student loan debt was a decision made by the potential employee. If the loans are unable to be repaid, then the person had no plan in place to pay those loans back, which was poor pre-planning. If you really look for the root cause of every action you will see that many of these bad credit situations were from a lack of planning. Employers know this.
OK and let's for argument sake take the case of a college graduate who graduated in August 2008 through May 2010 so that's six graduation dates. At this point student loans REGARDLESS of the major was considered "good debt" by most experts (though now it's not the case and people point to tech, engineering and nursing.) These graduates were taught that say Underwater Basket weaving could get them a job and invested three/four years in before the fall happened and most were pretty set in their course and would actually have to take longer to finish their degree to get a major IF the programs weren't capped. This would also increase their loan or max it out to a point it would come from their parents or even their own dime. They planned for getting any job but then come out and have no opportunities because just about everyone had a hiring freeze and those that didn't raised their preferred requirements to five years of specific experience with a degree in that specific field (or if not a fairly close field.) My question to you, how could they have planned for that without going back to high school and suggesting a better major and not increase their student loan debt?
Your article is over 5 years old, and was written before implementation of the Affordable Care Act. One of the results of everyone having medical insurance is that they no longer will be dumping the expense on everyone else.
So people who lost their jobs and had good credit before are responsible for something out of their control.
Depends. We can't control let's say getting cancer and the costs that go with it (testing, treatment, post-care, etc.) but car loans and mortgages we could have gotten less expensive homes or automobiles or had higher down payments to offset monthly installments.
Depends. We can't control let's say getting cancer and the costs that go with it (testing, treatment, post-care, etc.) but car loans and mortgages we could have gotten less expensive homes or automobiles or had higher down payments to offset monthly installments.
Nope.... but they could control the savings they had. I think I've said this on the forum until I'm turning blue. You have to find the root cause. Getting sick wasn't the root cause of bad credit. Not having an emergency fund or backup plan was.
Lol what? You can't equate a credit score with job performance.
Actually you can and the results may surprise you. Click this for an APA for a study by Laura Koppes Bryan of the University of West Florida and Jerry K. Palmer of Eastern Kentucky University. The used the hypothesis that many of us follow, that late payment (bad credit) is an accurate prediction of poor workers. The results of their study proved the hypothesis FALSE and that they were actually better workers and more likely to have a positive and even better first performance evaluation than those who pay on time.
OK and let's for argument sake take the case of a college graduate who graduated in August 2008 through May 2010 so that's six graduation dates. At this point student loans REGARDLESS of the major was considered "good debt" by most experts (though now it's not the case and people point to tech, engineering and nursing.) These graduates were taught that say Underwater Basket weaving could get them a job and invested three/four years in before the fall happened and most were pretty set in their course and would actually have to take longer to finish their degree to get a major IF the programs weren't capped. This would also increase their loan or max it out to a point it would come from their parents or even their own dime. They planned for getting any job but then come out and have no opportunities because just about everyone had a hiring freeze and those that didn't raised their preferred requirements to five years of specific experience with a degree in that specific field (or if not a fairly close field.) My question to you, how could they have planned for that without going back to high school and suggesting a better major and not increase their student loan debt?
Sure.
It's debt. Doesn't matter if it was good or bad, it is still debt that can turn volatile very quickly. There's no such thing as good debt. There's debt in good standing, and delinquent debt. But at the end of the day, it is still debt hanging over your head.
If students were taught that underwater basket weaving would land them a job, it was their decision not to investigate that for themselves and figure out if that were true or not. They should have researched the fields that they showed an interest in, researched average salaries, and trends to determine if that job market was stable. (For instance, my Associate's is in IT, but after researching I found that our area is saturated with IT personnel so I changed my major to Business Administration for my Bachelor's). I saw the saturation and chose to avoid it.
They may have planned for taking any job, but they did not plan to have to go without a job. (See how the root cause thing works?)
Planning starts very early in life. It starts with parents teaching their kids financial management. Then once they get older, it's bought experience. If you get into a hole, dig yourself out. Problem solving skills are necessary. You can't just throw your hands up and say you're done.
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