Looking to get into IB but have an account in default from years ago
Hi everyone.
I was a reckless spender when I was younger and racked up quite the credit bill (around $15k). The account eventually defaulted in 2020, and I haven't done anything about it. It is with a top 5 bank here in Canada.
I decided to pursue a career in finance because of exactly what I went through. I was interested in being more financially literate/responsible, hoping I could help myself and others out there not to make the same mistake. Regardless, I now have an account in default for about 3 years. I am in full-time school, taking out student loans, so I cannot pay off that bill. I will be graduating in 2027, 7 years after the account defaulted. In Canada, I believe most defaults will disappear from your credit history after 7 years, though I'm not exactly certain of this.
Will this significantly impact my chances? What should my course of action be? Will a good GPA, internships and extracurriculars balance this, or is this just a complete deal-breaker? Please help me with approaching this...
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