Repair Credit Score

Archive for July, 2009

Question: How low can a person's Credit Score be before he/she is looked over for employment?

I would just like to know what kind of Credit Score is at risk for not getting a job.

Answer: Although your Credit Score does not matter regarding getting a job, Your personal credit history may. If you are applying for a job that involves the handling of cash and other such things, Your personal financial state is sometimes considered. The reason being that if you need money badly you might be tempted to steal it from where you work. Also if you can't handle your own finances perhaps you can't handle the companies either. When employers look into your personal background they are also allowed to look at your credit status. How you pay your bills etc tells them how responsible you are. So it is not the score they care about but your general credit history. Someone that has never borrowed money, has no bad debts, etc may not even have a Credit Score yet.

Money Management : How Do Credit Ratings Work?

Question: Old debt vs. new debt?

I am 27 years old. I have been on a roller coaster with my debt for about 7 years now. I have some very old debts, (4 years or older) such as a repossession and outstanding utility bills, along with some credit cards. I also have a smaller amount of current debt (2 years or less) leftover from my past marriage (credit card and a couple small utility bills). I want to improve my credit and start paying things off...the trouble is I'm a college student who barely makes minimum wage, so I am not in any position to pay it all off. I need to be thrifty and choose what to pay. I've been told it's better to pay off current debts cuz they affect your credit score more than older debt does, and some of my debts I can actually have dropped from my report because they are 7 years old. I realize in a perfect world I should honor all of my debts, but right now I'm just looking to do what's going to help me in the shortest amount of time. I realize it won't happen overnight.

Answer: Concentrate on the newer debt. The old debts may be beyond your states statute of limitations to take legal action.
The newer debts could get nasty and you might wind up in court fighting a judgment order for garnishment.

Let the old ones drop from your report, they can not be re-dated and placed back on your credit report as this is illegal per the FDCPA (15USC1681s-2] § 623).

P.S. follow Slimick's advice and get rid of those utility bills as this will cause you to have to pay a hefty deposit for services if you decide to move.

Hope this answers your question.
LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.

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