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If I go bankrupt, and start all over, will this show when they do a credit check on me when I apply for a job?
Personally, I don't see what my finances have to do with my ability to perform a job anyway, but it seems companies want to know everything about you nowadays, down to your sexual preferences.
Is it better to have a high debt when applying, or go the bankruptcy route, where I owe nothing???
What field are you in? This makes a huge difference in how much your credit report matters when applying for a job.
If you are in banking or finance, for example, you can forget about finding a decent job if you've had a bankruptcy in the last seven years or your credit score is in the 500's. Why should anyone trust you to manage other people's finances when your own are in such disarray?
If you are a construction superintendent, it really shouldn't matter too much, and any credit check that a prospective employer makes would more than likely be to look for things like judgments, unpaid child support, etc.
In all honesty, if I were hiring someone for a stressful, demanding job, I would rather they have wiped the slate clean with a bankruptcy than have overwhelming debt constantly weighing on their mind, which could negatively impact job performance.
From what I understand if you apply for a job and they TELL you they are going to do a credit check, then bankruptcy or having a foreclosed home will show on your credit report.
How much that matters to an employer is anyones guess.
I have a friend who works in management with AAA, has to have a clean credit report or she can not continue in her position. They make that statement right up front.
Agreed, it would depend on the job as to why your finances matter. For instance, if you need a security clearance, or will be in a position of trust with valuable items or money, financial difficulties, especially bankruptcy, would make you prone to espionage or theft. Also, some employers would interpret this as irresponsibility, see the damage caused to your creditors by you, and fear for his own financial security. If I were an employer, this wouldn't necessarily negate your chance for employment, but it would be a major strike.
From what I understand if you apply for a job and they TELL you they are going to do a credit check, then bankruptcy or having a foreclosed home will show on your credit report.
How much that matters to an employer is anyones guess.
I have a friend who works in management with AAA, has to have a clean credit report or she can not continue in her position. They make that statement right up front.
Positions in management usually require expenses of her own that she would need to be reimbursed for (so how she manages her own money) or the company may require her to carry a company credit card that she must have good credit to obtain.
Employer's credit checking systems are much different than you, the consumer, see on your end. They don't show the credit score. They don't care about that. They care about you having a mortgage(s), open credit card accounts, how much you are in debt, any and all history of delinquency.
Employer's credit checking systems are much different than you, the consumer, see on your end. They don't show the credit score. They don't care about that. They care about you having a mortgage(s), open credit card accounts, how much you are in debt, any and all history of delinquency.
Why is it their business? A company does not disclose its financial statements, gains and losses to me.
Why do they need to know how much I am in debt?
I am in medical, by the way, and every job and every application runs a full credit check.
Banking, Mortgage Companies, check cashing places , etc..yes I can see them doing a credit check.
Retail like Wal-Mart or Target, grocery stores, food service, factories, hotels, warehouses, construction..I highly doubt they do but I could be wrong but I don't see the point in some place doing a credit check for a dishwasher position or to work at an amusement park.
Besides things do happen. Case in point...my neighbor found out recently his late father ( he died last year ) had opened up a credit card account under his name a few years back. He had no knowledge of it until he saw it on his credit report when applying for a car loan. By then the card is in default and now he is in the process of trying to settle the situation since the card is in his name.
Plus what about the millions and millions of people who saw their credit card payments double and found themselves in a situation between paying their VISA card or rent? Then you have those of course who have lost jobs for various reasons and then they can't make their payments. Sounds familiar? Not really fair to say these people have to be unemployable because of either bad mistakes or no fault of their own.
It depends on the employer and a surprisingly large number pull credit. As far as banks are concerned - I have come across a super regional one where credit check is part of individual job requirements. Teller - no, admin - yes. Three delinquencies - out, bankruptcy - no problem.
I work from home. I think if you can, its a great idea. I save SO much money doing it this way not too mention time and I don't have to worry about anyone running a credit check or whatever on me.
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