5 Ways Your Credit History Can Hurt Your Chances of Employment

5 Ways Your Credit History Can Hurt Your Chances of Employment

Sometimes you don’t get that dream job because there was another candidate who brought more to the table than you do. That is all part of the job search process, but did you also know that you may be the best person for the job yet still not get it because of your credit history?

Not every employer takes a peek at your personal credit score and history, but there are a growing number of employers who make it their business to get into your financial history. Employers view a good credit history as a sign that you are reliable and dependable, and that you will be on schedule with important tasks and projects.

Here are 5 things to consider when you are looking for a job and have a less than favorable credit score:

1. Future output

People get into financial troubles for all sorts of different reasons, none of which really matter to an employer. All they are concerned about is that you may have a crisis situation of sorts on the home front that could affect your performance at work. Financial troubles could lead to a lack of productivity or lost work days that a company would sooner avoid at all costs.

2. The job you are applying for

If you have made a career in banking or finance, or are seeking a position in an accounting department, you can bet that prospective employers are going to take a look at your credit history. If you can’t keep your own personal finances in check, how can you be expected to potentially handle millions of dollars for a major corporation?

3. The deciding factor

As we already mentioned, it’s not every potential employer who will take the time to look at your credit history. That said, they may need a deciding factor if they find that you and another candidate are too similar to separate. What that means is that you could end up losing out on a job just because your closest competitor was bringing a better credit score to the table.

4. The long haul

Employers don’t hire people with the thought of just keeping them around for a month or two before cutting them loose. Longevity is the name of the game, and employers will often look at people with a bad financial history as being something of a long-term risk. There is some debate as to whether or not businesses really place a lot of stock in the financial history of the people that they are thinking of hiring, but evidence does suggest that it is beginning to become more of a factor in their final decision.

5. The vicious cycle

If you have ever been rules out of a job because of your financial history, it becomes all too easy to bemoan the fact that it’s tough to get out of your money woes when you can’t get a job. Rather than constantly complaining about it, start thinking about ways to improve your credit score so that it does not become a factor when searching for a job.

About The Author

Edwin is a marketer, social media influencer and head writer here at I Am 1 Percent. He manages a large network of high quality finance blogs and social media accounts. You can connect with him via email here.

1 Comment

  1. IAN

    Basically with all your gibberish you are still more then 6 MILION DOLLARS from being in the 1% assuming your vague “Total Investments” and “Real Estate” don’t tank. Carrying student loans and CC debt at your age is just plain idiotic. I had my CPA look at your website and we had a good laugh.
    It turns out she is worth much more then you and is much closer to being in the REAL 1%. She’s a little younger then you and makes more then 500K but is short of 8.5 million by a little.
    Your tips:
    “They Make Paying Off Debt A Priority” which is something you preach but don’t follow.
    You said in so many words don’t be a lawyer.
    My attorney makes more then your net worth in a year so you got that one wrong.
    Big Pharma – Wow did you blow that one. One of the guys I grew up with worked for a Pharma company that let the senior scientists keep some
    patents on what they developed. They were bought by one of the Giant Pharma companies who decided that what they were working on didn’t meet their criteria for profits. Too shorten this earlier this year he sold the rights to his patents for almost 10X your alleged “net worth”.
    In all fairness he did go to an Ivy League school and his wife is still a professor there even though they don’t have to work another day in their lives.
    A couple more things. $539,000 in NJ after deductions is the prerequisite for earning, roughly 8.5 million in wealth to be in the 1%.To quote YOU: “It’s simple math bro”.
    My Tip: 1. Start a business 2. Sell your business. 3. START ANOTHER BUSINESS
    You brag about how you are in the 1% using useless internet garbage, hell depending on the website there are people who earn $200,000 who think they are in the 1%. You have to love BLOGS.
    As for your “Christian values” Ferd did need a pep talk. Human life trumps any wealth and you very could of well of been playing with someone’s life. By the way I love the moron comment, at the end of last year I bought the parcel next to me for 4 million. Did I need the extra acreage? No, but my neighbor had pretty much bankrupted himself holding onto it.
    Added to my parcel it’s now worth roughly 5 million. I’m such a moron.
    For kicks I did buy (I had to order it last year) a Challenger SRT HELLCAT at sticker (it pays to know the owner of the dealership) for fun. I really don’t see it depreciating, I could flip it today for 20k more then I paid. You keep blogging, I’m off to Norway for a month. I had forgotten all about your iam1percent BS based on 2009 internet figures and was having lunch with my CPA. It popped into my head and I asked her if she wanted to read a funny blog. We went back to her office to read this garbage and had a good laugh. At least you did that for me and others, gave us a good laugh because I know she sent it around her building which are all building wealth CPAs.
    They know tricks you would never dream of. Those tricks cost me money so I just don’t give them away.
    Alright I have things to take care of before my trip so you have a good albeit not 1% life. There’s nothing wrong with being in the 99% but thinking that you are in the 1% is pretty funny. Since you make me and many others laugh, there is no “haters will hate…” Keep it up, you bring many people amusement.
    A FUNNY BLOG!

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