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.