Does Goldman + other IBs check your CREDIT SCORE?

Does Goldman check your credit score after they extend you an offer? I know financial firms do this, but how strict is it? I messed up my credit score in just one year of college and it's below the national average. Even if I get into a top bank with good scores, would they revoke my offer if my credit is really bad?

Comments (30)

Dec 11, 2009

I did get an offer; and yes, they just informed me that they'll be doing a credit check on me... so this step is definitely unavoidable...

Dec 11, 2009

Do you know what happens or what criteria they use to determine if someone "doesn't pass"? Do they look at how much you owe total (including 5-figure student loan debt)? Do you know the normal range of credit scores that would pass by them? Also, how do you know if they automatically kick you out with a bad credit score or can they be lenient?

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Dec 11, 2009

I don't think its about that... I think its more like a background check... to make sure you don't have any criminal records...

Dec 11, 2009

They just do a background check; i.e. do you have any misdemeanors etc.

Dec 11, 2009

If your FICO isn't >700 you get canned before training.

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Dec 11, 2009

^^^that has to be a joke

Dec 11, 2009

Don't listen to the above posters. The banks hire a 3rd party to do a full background check which includes criminal record, credit, transcript, job references, etc. Having a bad credit score in of itself is not a reason for them to disqualify you. If you have delinquent or unpaid accounts, or you are in a lot of debt, that is something they would worry about.

There was an extensive post about this only a few days ago so do a search on background check and you should find your answer.

Dec 11, 2009

thanks

Jan 25, 2014

Do you know the most used third party to do a background check?

Jun 1, 2015

hi,
Do these third parties check for extracurricular activities done in college ?
I took part in some and mentioned them in my resume. Now my worry is most of them were unofficial like part of stage controls team, team member of cricket team etc for which college might not maintain official record. So is it going to be an issue ? Please reply.

Jun 1, 2015

I will let anyone correct me here for any specifics on banking jobs doing this versus other professions. When you give an employer permission (and they hire a 3rd party for this most likely) what they do is a "soft pull" which does NOT show your actual score. However, if there are liens, charge offs, or judgments then those will be seen.

Again, I am speaking from the consulting/hiring side with this so for the Wall Street jobs it could maybe dig further. Anyway, regardless of that, if your most recent 12 months or so show responsible use of credit and on-time payments you may be ok.

Get your facts first, then you can distort them as you please.

Jun 3, 2015

hi,

I left my company 4 months back. I told them i am leaving due to family emergency and might not work for 2-3 months. I also added i have other company offer but wont join them until 2-3 months. Now in my new company which I am joining after 3 months I have told them I left previous company due to family emergency. I haven't lied.
Now what if new company verifies from previous company about reason for my leaving and they tell them he had other offers ? Reason I am asking this is my previous company HR was very reluctant kind of person. In my exit interview also he didn't ask my reason for leaving as far as I remember. I don't know what they might have updated in the database. Is this going to be an issue ? Please reply ASAP.

Jun 2, 2015

Can anyone please reply to above mentioned query ?

Jun 3, 2015

No, I know an analyst that wanted to live like his father and prayed his credit card debt would magically go away.

On the other hand, think about all the students who wanted to go into finance because they came from a poor family, firms cannot discriminate you because you are poor.

Jun 3, 2015

I had a similar situation when my firm (sell side trading) did a credit check on me. My student debt was mainly from credit cards and I had a score in the 500's. My check turned out fine. I wouldn't worry about it--when I was freaking out and looking on WSO for advice, the consensus seemed to be that they just want to see if you've had any bankruptcies so they can make additional provisions in your contract. Even then, it won't affect your salary/hiring or anything, it's just a technicality.

Jun 3, 2015

Thank you

Jun 3, 2015

You should relax...unless you have any felonies or you assaulted your former boss you should be fine. A 30 point reduction in your credit score from something that happened in 06 will not have an adverse effect.

Jun 3, 2015

Credit check only looks for bankruptcies or other huge defaults.

Background check: usually just verifying dates. I've only had one that did a thorough reference check.

Jun 3, 2015

If I am not on good terms with one of my last employers, but that employer was on my resume, do I have to give the hiring company references and contact info for that company?

Jun 3, 2015

bump bump please help!

Jun 3, 2015

how long ago, what were u there, intern? doesn't really matter unless that was ur only job or most recent position. if it was something two internships/jobs ago, don't worry about it.

I'm making it up as I go along.

Jun 3, 2015

they will run a credit check for any position during background checks. Idk if this is bad enough for them to reconsider.

Jun 3, 2015

I would hope and think that's not bad enough. Most college students have zero credit history or one that's been beat to shit by the fact that they have a high credit utilization given they haven't had a chance to make any money until now.

Jun 3, 2015

I sure hope not.

Jun 3, 2015

Bump, any other opinions?

Jun 3, 2015
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Jun 3, 2015