Credit Check - Incoming BB IB Analyst
Hello all,
I am a current senior undergrad who summered in IB in NYC last summer and am returning FT this year. Currently submitting background check information and noticed the bank does a credit check.
I'm currently sitting on $5k of credit card debt. I have made all payments on time and recently paid of $3k of it, but unfortunately this payoff will not register on my credit score until June 9th, after the credit check is performed (google hard vs. soft credit inquiry for more info on this).
I have no other defaults/liens/etc but basically am worried that this could get my offer pulled.
Anyone know much about this? Should I be concerned or plan to reach out HR about it? All thoughts/advice appreciated
Bumping ... help me friends
Carrying a debt does not matter in terms of job offer. They are looking for instances of fraud and what not.
Edit- unless you have 6 or 7 figures of debt
If they check at all, they're probably going to look at your score.
You should be fine bro
They hire tons people with student debt in the area of $50k every year, they just want to make sure you aren't a criminal or have filed for bankruptcy - makes onboarding process a little more difficult but would probably still be fine.
Credit Check - Few late payments? (Originally Posted: 11/14/2007)
When a bank does a background check, if you have had a few late payments on your credit card bill over the years, will that be a big deal?
Remember this:
1) the Credit Card company doesn't want to screw you on your credit, they only "report to the 3 CC bureaus" when you're late for more than one consecutive billing cycles...
So. If you get your September bill, pay it late.. then pay your October bill on time... your late payment is never reported, however they still nail you with the 29$ to 39$ fee depending on your slavemaster (i.e.- credit card company).
SOMETHING THAT RECENTLY HAPPENED TO ME REGARDING CC COMPANIES:
I get my bill, it's like $1500, I only pay $1300 for whatever reason... anyway... I charge another 2 grand in the following billing cycle. Logic tell you that you probably owe interest on the $200 dollars unpaid right? Well, the CC company charged me the 'daily average balance' which was close to $2000 (because I charged 2K this current period). Moral of story: my interest payment on what should have been the $200 ballooned to literally 10 times that because of the clever 'daily average balance' part of my user agreement. Apparently, this is wide spread, so beware. This is the first time I didn't pay my balance in full in a few years so I was a little annoyed.
No issue whatsoever.
Remember this:
1) the Credit Card company doesn't want to screw you on your credit, they only "report to the 3 CC bureaus" when you're late for more than one consecutive billing cycles...
So. If you get your September bill, pay it late.. then pay your October bill on time... your late payment is never reported, however they still nail you with the 29$ to 39$ fee depending on your slavemaster (i.e.- credit card company).
SOMETHING THAT RECENTLY HAPPENED TO ME REGARDING CC COMPANIES:
I get my bill, it's like $1500, I only pay $1300 for whatever reason... anyway... I charge another 2 grand in the following billing cycle. Logic tell you that you probably owe interest on the $200 dollars unpaid right? Well, the CC company charged me the 'daily average balance' which was close to $2000 (because I charged 2K this current period). Moral of story: my interest payment on what should have been the $200 ballooned to literally 10 times that because of the clever 'daily average balance' part of my user agreement. Apparently, this is wide spread, so beware. This is the first time I didn't pay my balance in full in a few years so I was a little annoyed.
if you're that worried about your credit, you should check it yourself.
www.annualcreditreport.com
you can check your credit once a year with each agency and since there are 3 agencies, you can check your credit every 4 months.
To net worth or nothing: do you use Amex? I think this is a pretty common practice for them, but haven't heard about it happening with other cards.
You can only get one free credit report per year not 3 seperate reports from Equifax and the two others every 4 months.
Not a big deal
You can get one report from each of the three every year; in other words, you could very well split them up and take one every 4 months. Just FYI they don't actually have your credit score on them, though of course they offer you the chance to buy it for 5 bucks or so. Wouldn't swear to it, but I think the algorithm for determining the score is not that difficult to come by with a quick Google (of course I'm not going to check for myself, I don't care at the moment).
Credit check nightmare (Originally Posted: 11/20/2017)
Hey monkeys,
I'm in the background check phase for an offer at a BB in their Ops division and am getting really nervous about the credit check portion. Basically, I had a run of horrible luck at life for the last year and have had medical issues stemming from a car accident, student loans go unpaid, and a credit card (about 2800) get charged off.
I'm trying to get my life turned around and this position will give me some solid ground to stand on - I don't come from a wealthy family nor do I have any means of settling these debts on my own in the near future. My credit is also horrible (around 550 or so) but I've kept up with card payments over the last 2 years or so with a missed payment here or there. Basically what's killing me are student loans and that charge-off on a credit card.
Aside from that; my background is as clean as they come - only one ticket in my entire driving history and no criminal record. I should add that there are no judgements/liens/bankruptcies on my record at all.
What are the chances of my offer being pulled due to poor credit and basically getting shafted for the last year? I really need/want to turn my life around and don't know what to do if my offer is pulled - if anyone has any advice as far as how to approach this subject; please comment or message me privately. Should I contact HR and bring these issues to light or adopt a wait and see attitude? A lot of threads say not to worry so long that I don't have bk/liens/etc but I'm losing sleep over this.
Hi infograb1111, any of these discussions helpful:
More suggestions...
I hope those threads give you a bit more insight.
Credit Check - Starting as FT analyst (Originally Posted: 03/21/2007)
Im starting as a ft analyst this summer. As a check before I start my pre-employment process I wanted to check my credit report. I found some disturbing information. This summer I was taken to the hospital by ambulance after some medical problems. All of the doctors, the emergency room and everyone involved filed with my insurance properly. The ambulance company for whatever reason did not file with my insurance. As I moved right after the incident, I never received notification. So now there is an outstanding collection of 1000 on my credit report. As soon as I saw this I had no idea what to do, so I called insurance and collections and back and forth. It became apparent that the easiest thing to do was to settle with the collections and file for insurance to reimburse me. As a result of this situation and late payments on a credit card that I thought had no balance, my credit score is rated as fair. How should I move forward? Should I contact HR and explain my situation before they run the background check so they will be prepared?
Sounds like you have a valid reason, so I don't see how it would hurt you to explain this to HR beforehand. Every firm definitely does a credit check, so it's not like you'd be bringing this up yourself, since they'd find out either way. If I were you, I would let HR know of your situation, and what steps you are taking to resolve it. Besides, a "Fair" rating isn't necessarily a bad thing, is it?
OT, how much did it cost to get the credit check? I've been meaning to do one, but all of those "free credit check" things seem to be a scam.
you can go directly to the credit union's site and get a free one every year. I don't tend to trust a free report so I just went to site and paid 20 bucks for a combined report with all three unions and scores and stuff.
Get your free credit report/score through Citi identity monitor. They offer a free 30-day trial, you can cancel at any time;no charge. Afterwards it is $12.95/mo. All 3 reports + scores.
To OP:After you pay the amt owed, see if they remove the item from your file. I'm going through a similar situation (medical bill I was unaware of) and biller said they would do this.
www.annualcreditreport.com
this is free and not a scam. it is sanctioned by the government because they recently feel people should have access to credit reports for free. you get 4 different companies to choose from, but you can only get a report from each company once a year. so best thing to do is check your credit every 3 months between the 4 companies. hope this helps
I thought the main reasons behind a credit check was to check identity and to uncover bankrupcies
yay for Canada and free health care
boo for canada on everything else.
Okay so thoughts?
You have no bankruptcy... You have no liens... You have no foreclosures... You are fine.
Even if you did have a bankruptcy and a lien etc.... so long as these are paid and recorded as paid on the credit reports, you will be fine. Nothing to lose your head over.
Life is life. Companies understand that for a variety of reasons people may fall on hard times (e.g. illness, divorce, school, layoff etc.). What the credit check is for is to (i) confirm your identity, (ii) make sure that you don't have any outrageous delinguencies, among other things.
In any career within the financial markets, for most positions you are entrusted with fiduciary responsibility or at the least your are exposed to significant client financial information etc. The credit report check is meant to capture that you don't have any derrogatory information. Even if you do, they would want you to settle those or submit proof of settling those when you start working.
that's not very nice.
phew thanks guys
BB Credit Check Emergency (Originally Posted: 05/04/2016)
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