Is bad credit a character flaw?

[aegis]

Quote from Lethn:

Apologies if someone has already pointed this out but:

Wouldn't the reason that you got a degree and have low credit be because you took out a student loan? Of course it depends on the country but if it were somewhere like the UK it would pretty much just be added to the hideously rising national debt and hardly anyone would notice.

Credit Card companies wouldn't be able to tell the difference because they're privately owned and wouldn't have access to such information so isn't that a completely misguided and baseless assumption on their part?

Feel free to correct me but that's how I see it.

Stafford loans have no bearing on your credit score. They're based on need and everyone qualifies, or at least that's how it works in the US. Now, if you fail to make the minimum payments after you graduate, of course it's going to affect your credit.

I went back to school at 22. At the time, my credit score was in the high 700s. I can't say that it ever helped me land a job.

 

[jficquette]

Quote from u21c3f6:

Actually, this has more to do with the job than the credit score but I would actually hire the high credit score, no degree.

Joe.

Me too.

 

[aegis]

Quote from jficquette:

Me too.

Well, apparently 99.9% of employers don't agree with you because credit is one of the last things they check. You can't get your foot in the door without the degree, so a good credit score combined with no degree won't do you any good.

 

[PPT]

These generalizations are worthless.

Bernie Madoff had EXCELLENT credit and was a much better human being than all of us......until........

Same with Lay, everyone else at Enron, etc...

Stanford....

list goes on.

The dollar is like a FICO score for the Fed.

It just all depends what job, your experience, connections, and what kind of company.

I would hold it against someone if they had bad credit, but that would be used only if they were borderline.

Is divorce a character flaw?

looking at porn?

too much TV?

posting on ET?

lol

 

[maxpi]

Before I defaulted I was increasingly feeling like the credit score thing was enabling extortion.

Another question might be: When your rates get jacked to 30+% because your automatic bill pay service malfunctions continually [happened to me] do you give in to the extortion or do you declare war?

I took it all to a lower level of organization. I moved to an incredible area for weather where no car is needed, rented a room, [at that level of renting they are checking your eyes for drug use more than a credit score...] I have lots of friends right in the neighborhood. I walked 15 miles this week so far for shopping and for fun, got lots of sunshine which raises vitamin D levels, enjoyed great restaurants, etc...

Another question might be: If I need a credit score am I living at too high of a level of organization to be really happy?

Max

 

[the1]

A high credit score will not get you a job but a low one will most certainly prevent you from finding a job. I'm so glad I don't have to work for the man anymore. If you can't find a job start your own business. It really isn't that hard if you have decent personable skills and the desire to pound the pavement.

Quote from aegis:

Stafford loans have no bearing on your credit score. They're based on need and everyone qualifies, or at least that's how it works in the US. Now, if you fail to make the minimum payments after you graduate, of course it's going to affect your credit.

I went back to school at 22. At the time, my credit score was in the high 700s. I can't say that it ever helped me land a job.

 

[the1]

I have an 845 credit score. Had a 6k balance with BAC at 1.99%. They raised it to 13.99% and I paid it off. I've had numerous cards send notices my rates have gone up to the 20% area but they have zero balances. Only 1 card with a credit line cut so far. I don't think these moves are a reflection on credit score but just a sign of the times. The credit orgy is over, thankfully.

Quote from Dr. Zhivodka:

Wow...that really does suck man. I'm very surprised with that score and having never been late they would try that stuff with you. No rhyme or reason. They're certainly not incentivizing you to be a good customer.

Quote from Roman Candle:

778 with equifax. I have tons of credit lines, they have all been cut. They tried to raise my rates, I opted out and closed the line. So I can pay off the debit at the original rate.

I had a B0fA account for 20 years, 35k credit line, 7.99% never late ever. It was cut to 5k and rate raised to 24.34%

 

[MattF]

at that point, I'd stop using them...well, actually I'd use them very lightly. Like one for all gas purchases and then pay it off in full every month.

Let the card company close it down...then fight it

 

[MattF]

I don't fully buy into the not getting a job bit with a low credit score these days.

Maybe a few spots might check it out...but they should have to disclose they are pulling your report when you apply, or are getting interviewed, etc.

Otherwise IMHO there's just too many applicants to be pulling all those reports...again unless it gets whittled to a few after a while.

The pendulum has swung from only a "few" people in the past to "lots more that it's becoming common nature."

 

[the1]

The credit report is one of the last things to do along with the background check. The company has a pretty good idea they are going to hire you before they spend the bucks on the background check/credit report. They can't get a credit report w/o your permission. When you sign on the dotted line you are giving them permission.

Quote from MattF:

I don't fully buy into the not getting a job bit with a low credit score these days.

Maybe a few spots might check it out...but they should have to disclose they are pulling your report when you apply, or are getting interviewed, etc.

Otherwise IMHO there's just too many applicants to be pulling all those reports...again unless it gets whittled to a few after a while.

The pendulum has swung from only a "few" people in the past to "lots more that it's becoming common nature."