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I wasn't pulling the story out of thin air about a separate credit standard for the super rich. They don't buy things with 10-30 year mortgages, or hastle with credit apps if they're in the club.
If you have enough money you can get one.
There's a credit check... but it ain't FICO. And, there are other purchasing devices more elusive than this for the super rich. The truly wealthy don't even deal with FICO scores, and there are more of them than you think.
A site to see just how may people earn 10,20,30 million dollars per year that 90% of the population don't even know exist... THEY RULE
It's a graphical chart to see who sits on what boards of what corporations and what other companies they run. Many earn 10s of millions from several different corporations. They make so much money that the FICO score is meaningless to them... yet people want it to determine if a person gets hired for a job at the local Pizza Hut working the register. Sad.
Another thing is, if they call, they never get sent to the call centers in India, the Philippines, etc. Their accounts are set up to go to the call centers with people whose english is always understandable. Another perk of being rich.
How many people have gone or will go to prison because of money scams? How was their credit?
Bernie Madoff had excellent credit.
One scammer I knew of that hit two investment banks big by selling insider trading information also had excellent credit and passed all background checks, drug tests, etc.
Excellent credit is no guarantee they won't be crooks.
Let's say that someone applied to work for you. You run a small auto repair business in an iffy neighborhood, the person would be your cashier, inventory clerk, and bookkeeper. Many of your customers pay cash for their repairs, sometimes thousands of dollars at a time.
A woman applies to work for you, and she's got rotten credit. Doesn't seem to have paid anything on time, ever. When you run her credit and see the disaster, you ask her about it--has she had any life events that would cause her financial problems, and she says, "no, I just don't keep track of my bills, and last year I got really behind because I had to pay for my vacation to Hawaii."
Can you honestly tell me that this is a person you want handling your cash and your books?
Why propose such a la-la land scenario and not include any other qualifiers? There are an untold number of things that would effect my decision and you of all people (seeing as how you claim to have done this kind of work before) should know that. What qualifications does she have? What's her criminal record like, etc? Come on now, this is because Hiring 101 here.
And talk about hedging your bets there with that line about Hawaii. I wouldn't hire that women just because she was dumb enough to say that to me, regardless of what her credit looked like.
Why propose such a la-la land scenario and not include any other qualifiers? There are an untold number of things that would effect my decision and you of all people (seeing as how you claim to have done this kind of work before) should know that. What qualifications does she have? What's her criminal record like, etc? Come on now, this is because Hiring 101 here.
And talk about hedging your bets there with that line about Hawaii. I wouldn't hire that women just because she was dumb enough to say that to me, regardless of what her credit looked like.
Welll, the funny thing is that I KNOW that woman. She is a former coworker who is crying about not being able to find a job anywhere. She's qualified for the type of work she's looking for (bookkeeping, cashier/inventory). She has a pleasant personality and good personal grooming--you woldn't be embarrassed to have her greeting your customers. And yup, she went to Hawaii last year--after getting laid off no less--and came back with no money to pay her bills.
And before you begin--her credit was trashed when I first met her four years ago, it had nothing to do with being out of work for the past 18 months. She almost seems proud of it...
Then you don't know many people. Medical debt is the #1 cause of bankruptcy in America.
Bankruptcy is different from having bad credit. A person can struggle along with bad credit for years, simply due to their own poor decisionmaking.
Quote:
Originally Posted by Bosco55David
Every major study on this matter disagrees with you.
Can you cite any of these studies? My personal experience differs, as does that of my 2 most recent employers, both of which are very large companies. I would really be interested in reading professional literature that comes to a different conclusion.
Welll, the funny thing is that I KNOW that woman. She is a former coworker who is crying about not being able to find a job anywhere. She's qualified for the type of work she's looking for (bookkeeping, cashier/inventory). She has a pleasant personality and good personal grooming--you woldn't be embarrassed to have her greeting your customers. And yup, she went to Hawaii last year--after getting laid off no less--and came back with no money to pay her bills.
And before you begin--her credit was trashed when I first met her four years ago, it had nothing to do with being out of work for the past 18 months. She almost seems proud of it...
And what's your point? I see nothing in there about criminal history, so I assume she has none.
Bankruptcy is different from having bad credit. A person can struggle along with bad credit for years, simply due to their own poor decisionmaking.
People who declare bankruptcy already have trashed credit 99% of the time.
Quote:
Can you cite any of these studies? My personal experience differs, as does that of my 2 most recent employers, both of which are very large companies. I would really be interested in reading professional literature that comes to a different conclusion.
I'll see if I can dig them up. I think the most recent was done by the University of Chicago.
If she's qualified and got a clean criminal record, why not? I wouldn't hesitate to hire her at all.
I gues we'll ahve to agree to disagree. I wouldn't hire anyone who was that careless with their personal affairs to handle mine.
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