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

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Comments (32)

May 15, 2017

Bumping ... help me friends

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May 15, 2017

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

May 15, 2017

If they check at all, they're probably going to look at your score.

May 15, 2017

You should be fine bro

May 15, 2017

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.

May 15, 2017

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.

May 15, 2017

No issue whatsoever.

May 15, 2017

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.

May 15, 2017

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.

May 15, 2017

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.

May 15, 2017

You can only get one free credit report per year not 3 seperate reports from Equifax and the two others every 4 months.

May 15, 2017

Not a big deal

Reality hits you hard, bro...

May 15, 2017

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).

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May 15, 2017

Hi Red-velvet, check out these resources:

  • Mid Level Background Check Credit Check- Unique Situation I am very worried about the credit check. I don't have any bad marks on my credit. No lates, no ... Student loans: 50000 Personal loans (at 9%): 150000 Credit Card/Revolving lines (most still at 0%): 90000 ... with a total credit limit of 150000 My current income is about 180k (and wife makes 50k), and the total ...
  • Background Check HELP CREDIT CHECK been extended an offer pending background/credit check. I have a question regarding background/credit ... check. I had some severe financial hardship and was not able to keep up to date on my credit cards a few ... background credit check? Will they see this on my credit check? Will they deny me? I heard people on these ...
  • Goldman Sachs Credit Check- Background and credit? check, as well as a credit check. My question is when they typically perform the credit check? Is it at ... Hi All, I have a question regarding Goldman's background check process. I have been offered ... the end of the background check process or do they do that in the beginning? Also I am concerned ...
  • Do BB's run credit checks for Credit Analyst positions? Just received an offer at a BB for a credit analyst position. My credit score is awful from ... are on my credit. Is this something I would be dinged for or am I overreacting? ...
  • Division Checked in Background Check? I have made a few applications where I described my position as Summer Intern, Credit Risk- Member ... of the Credit Risk Reporting team... Instead of this, which is what I wrote after asking on WSO ... Summer Intern, Credit Risk Reporting (Finance) (More details here: // ...
  • Credit check, can they withdraw offer? Have you ever heard about circumstances where the offer was withdrawn based on decline credit ... check once you already started working and the check was completed after your start day? Say you ... defaulted on a small amount on a credit card when you were a student, repaid this etc but its still showing ...
  • Credit Check- Starting as FT analyst I wanted to check my credit report. I found some disturbing information. This summer I was taken to the ... Im starting as a ft analyst this summer. As a check before I start my pre-employment process ... collection of 1000 on my credit report. As soon as I saw this I had no idea what to do, so I called insurance ...
  • More suggestions...

Or maybe the following WSO members have something to say: @Hewei-Li @TimurN @.Nana

Hope that helps.

May 15, 2017

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.

May 15, 2017

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.

May 15, 2017

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.

May 15, 2017

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

May 15, 2017

I thought the main reasons behind a credit check was to check identity and to uncover bankrupcies

May 15, 2017

yay for Canada and free health care

May 15, 2017
mika:

yay for Canada and free health care

boo for canada on everything else.

May 15, 2017

Okay so thoughts?

May 15, 2017

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.

May 15, 2017

that's not very nice.

May 15, 2017

phew thanks guys

May 15, 2017

breathe, not a big deal.

May 15, 2017
May 15, 2017