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

 

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.

 

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.

 

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).

 

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.

 

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

 
Best Response

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.

 

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