Career prospects with those who have poor credit

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In summary, it depends on the job and the company. A credit check may be required for some jobs, but it's not always standard.
  • #1
StatGuy2000
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Hi there. I have a question I wanted to ask the people here on Physics Forums. I have a friend with an engineering background who has been interviewed for a number of positions related to his field. The one thing he is concerned with is that he has poor credit history (due to some bad decisions he made earlier in his life). Now he is concerned that this may impact his ability to get a job.

Should he be concerned? I know that in my past experience it was pretty standard to have background checks prior to being hired, but this was solely to check whether I had a criminal record -- nothing related to creditworthiness. I was wondering if any of you have any thoughts on this.

BTW, my friend lives in Canada (Toronto, Ontario to be more precise) and he is being interviewed for jobs there.
 
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  • #2
It really depends on the job. I don't think it's standard to perform a credit check for most engineering jobs, so your friend should be fine.

Where it does come up are for jobs that require security clearance. These would be things like police work or national defence positions. A friend of mine was once investigated by CSIS for a government job and the agents investigating him said that what they were looking for was whether the candidate had anything in his or her background that could be used to blackmail the person should he or she ever be in a position of power. As I understand it the police have the same reasoning.
 
  • #3
Hi Choppy,

That makes sense to me. My friend is not applying to private sector work and as far as I can tell in my own private experience, I have never heard of a credit check for employment purposes.

I'll pass this info onto my friend (for what it's worth, he's been working very hard to be responsible with his finances and in consultations with a financial advisor to help improve his credit standing in time).

Thanks for your reply.
 

1. What impact does having poor credit have on my career prospects?

Having poor credit can negatively impact your career prospects in several ways. It can make it difficult to secure loans or financing for education or starting a business, which can limit your opportunities for career advancement. Additionally, many employers perform credit checks as part of the hiring process, and having poor credit may raise concerns about your financial responsibility and ability to handle job-related responsibilities.

2. Can I still get a job with poor credit?

Yes, it is possible to get a job with poor credit. While some employers may consider credit history as part of the hiring process, it is not the only factor they consider. Your skills, experience, and qualifications are often more important. It is also important to be honest and upfront about your credit history during the application and interview process, as many employers appreciate transparency.

3. Will my credit score affect my salary or job offers?

Your credit score alone should not affect your salary or job offers. However, if your poor credit is a result of financial irresponsibility, it may raise concerns for employers about your ability to handle job-related responsibilities. It is important to address any issues with your credit and demonstrate your commitment to improving it.

4. Can I improve my career prospects with poor credit?

Yes, it is possible to improve your career prospects with poor credit. The key is to take steps to improve your credit and demonstrate financial responsibility. This can include paying off debts, making timely payments, and creating a budget to manage your finances. It may also be helpful to seek the advice of a financial advisor or credit counselor.

5. How can I address my poor credit during the job application process?

If your credit history is a concern, it is important to be honest and upfront about it during the job application process. You can address it in your cover letter or during the interview, explaining any extenuating circumstances and steps you have taken to improve your credit. It is also a good idea to obtain a copy of your credit report and be prepared to discuss any discrepancies or mistakes. Demonstrating responsibility and a plan to improve your credit can help alleviate any concerns for potential employers.

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