Most people understand that having low credit scores can limit your borrowing options but you may not realize that they can also lock you out of some job opportunities. In some positions, you are required to demonstrate that you have great credit scores as proof that you are reliable and you will protect the company interests.
Most importantly, almost half of all companies consider the applicants’ credit scores when trying to narrow down on a candidate. And while some employers don’t take it very seriously, certain positions require that you have a stellar credit score. While you may pass the interview, qualifying for the position may be out of your reach. If you intend to work in the following careers, a low credit score can limit your success rate.
Mortgage loans originator
Securing loans to people who want to purchase houses can be a lucrative job. However, every mortgage loan originator is required by the law to have a license and before you get it, your borrowing and repayment habits will be reviewed. In every state, there is a regulator who is charged with the responsibility of reviewing the credit details of mortgage originatorsand they can revoke your license if your profile is damaged.
These officers must demonstrate their financial responsibility so that they can make sound decisions with regard to submitted applications. This requirement has been introduced as a safety feature considering how people were approved for debts they couldn’t afford during the recession. As such, banks and other lenders are very cautious when selecting employees in order to maintain good financial management.
Military service and law enforcement
Joining the military offers you a great opportunity to serve the country. However, this will only be possible if you haven’t filed for bankruptcies, you have collection accounts and outstanding $2000 loans. These things can limit your security clearance since the information is used to determine your character. Different branches in the military have varied credit score requirements. For example, you won’t get admitted into the air force if your recurrent monthly credit utilization is more than 40% of the pay you are about to receive. Having previous repossessions, bad credits, canceled charge accounts, and debts that are more than 50% of your pay grade will get you rejected by the navy.
When you are in the law enforcement, you are required to uphold the rule of law at all times. But if you are drowning in debts, it’s easy to be tempted to take a bribe and turn a blind eye to a criminal just because you need the money. As such, if your credit profile indicates that you’ve been struggling with your bills and your debt has piled, the department might reject your application. Your profile is also used to determine your patterns of responsibility since it is a necessity in the uniformed forces.
Just because you have a great resume doesn’t mean that you’ll get hired for that temporary position you’ve been eying. As long as your credit scores are suffering, you might be shown the door. Nowadays, employers are keen to screen job candidates before hiring. And while the law doesn’t forbid this practice, reviewing an employee credit profile is a widespread precaution. The checks are crucial in determining whether an applicant has sufficient money management skills or if they have serious financial burdens that may jeopardize optimum performance.
One of the reasons why agencies offering temporary positions require people with spectacular credit scores is that you may be getting in a position where security breach is a possibility. At the same time, it is highly likely that your temporary position will morph into a permanent one and making the checks reduces future problems. In addition, the hiring agencies want to remain flexible and be able to give you all sorts of assignments.
Accounting and other positions dealing with money
If you have a dream of getting into the accounting of auditing career, you must make sure that your credit scores are speckless. The fact that you will be granted unrestricted access to critical company and individual information requires a good demonstration of reliability and discretion. In this industry, having late payments on your accounts and bankruptcies will highly limit your success rate when hunting for a job. In fact, most employers will quickly turn you down without considering how you got the negative marks.
Most finance companies will always review the credit profiles of prospective employees. This is quite important when the position you seek is high-ranking because you have to demonstrate that you understand how finances and credit scores work. As such, this can only be proven by practicing what you know.
Tax professionals tend to fill a very important gap in the business world. Besides dealing with intricate financial matters, they are called upon to offer advice to businesses. While they are subjected to a series of strict tests and certifications, they are required to have outstanding credit scores in order to prove their competence.
Political and religious leaders
Over the years, politicians haven’t been reported to be the most honest people. However, you need to have a good credit report if you expect to have your campaign funded. If you are lucky to climb higher in the hierarchy of politics, you may be required to disclose your financial information and having a spotless credit profile makes the journey easier.
When you are offered the opportunity to serve in a religious congregation, your credit report may not bear too much weight. However, a lot of church committees involved in the hiring process are likely