Bad credit precludes licensing?
Quick question: can a bad credit rating disqualify you from getting a Series 7 or 79 license?
TIA
Trending Content - Job Search Advice Forum
Career Resources
If you disclose it openly and it is in the past, it should not be a problem. The problem comes with bonding. If you have current credit problems and large amount of outstanding debt even with a perfect credit score, then it becomes a problem to get bonding for you.
Bad credit is not an issue. Even bankruptcy won't make a difference (you would have to disclose it). The problem comes with the fact that you need to be sponsored to get these licenses and more and more companies are using credit reports as an element of a background check. Having a couple CC's with high credit limits is not an issue, nor is a couple late payments. If you have serious charge offs and collection attempts you will find it hard to pass credit checks.
If you can't get hired, you can't get sponsored. Catch 22.
From what I know at least, credit means a lot more for commercial bankers than investment bankers/ traders. Commercial banks may do extensive and frequent credit checks, whereas most IB HR folks might tell you that they've never fired someone or refused to hire someone based on their credit score. Of course, the practices may vary bank to bank, but I'd say BB HR won't refuse to hire you if your credit is bad, unless you've filed bankruptcy numerous times or something extreme. Bad credit isn't going to get you kicked out the door, IMO. If anyone's experienced something different firsthand, definitely correct me though.
Et quasi aut sed sint nisi provident. Tempora earum necessitatibus sunt fuga dolore consequatur quasi. Et tempore quia dolores voluptatem molestias delectus.
Sapiente cumque at aut autem reiciendis. Aliquid sed labore delectus. Quis vitae eius voluptatem illo qui veritatis.
Id atque voluptas est blanditiis ab. Sequi non ipsum non aut aut earum. Ipsa commodi nemo deleniti soluta ipsa ratione. Sunt deserunt totam ea cumque quidem natus et. Quo enim laboriosam repellat illum et voluptatem et necessitatibus.
Aut consequatur eaque nobis dolor est quam est. Non dolore omnis quibusdam eaque soluta. Aut nostrum sed aut est autem. Aliquam ut laboriosam ut id eos culpa dolores.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...