WSO Elite Modeling Package

  • 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF
  • Elite instructors from top BB investment banks and private equity megafunds
  • Includes Company DB + Video Library Access (1 year)

Comments (4)

Jun 26, 2011 - 10:38pm

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.

Jun 26, 2011 - 10:42pm

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.

Jun 26, 2011 - 11:32pm

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.

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