Whats a good credit score for a job check? What do they look for?

[Ghamu]

Just wondering, I got a score in the mid 500's (on a scale of 150-930, how do you translate scores?)

I'm applying for a job for a large defense/goverment contracter, and I am wondering what exactly they are looking for. I don't have a any bankruptcys, just a fair number of 30 and some 60 day late notes with high revolving debt.

Am I screwed? Or are they just looking for TOTAL flakes or bankruptcys?

I'm a new grad hire btw.

 

[kranky]

Does the job have anything to do with finances? Hopefully not.

 

[conjur]

credit score shouldn't affect job qualifications...

But...mid 500s is about the bottom 5%.

3 Bureau credit report and FICO score from 1 - $1

NOTE: Be sure to cancel before the 3 month trial is up or it will cost you $89.99.

 

[Ghamu]

..how do you see what the score translates too? The scale I was given mine in seems different, it says from 150-930

The job is in engineering btw

 

[conjur]

scales I've seen typically run from 350 - 850. But, mine's in the lower 500s and I'm pretty bad off (unemployment, divorce wreak havoc on one's finances)

 

[Zugzwang152]

Originally posted by: kranky
Does the job have anything to do with finances? Hopefully not.

why would they care how wlel off you are financially?

 

[conjur]

There's a table toward the bottom

Just an approximation.

 

[kranky]

I believe its importance would depend on the specific company and how much they care about credit scores. Obviously they would be very suspicious of someone with a rotten credit score applying for a job that would involve handling company money.

Some companies might assume if you can't handle your personal finances, you won't be able to handle a complicated job.

The smart thing to do is prepare a response in case they ask you to explain. Do you have extenuating circumstances which would explain the black marks without looking like you are incompetent? For example, did they all happen at the same time? You might have been very ill and unable to work temporarily which could explain it. If they are spread out over a long period of time, and you can't come up with an explanation other than you simply can't handle your finances, it could hurt your chances.

 

[kranky]

Zugzwang152, it's because if you have poor credit, and are trying for any type of job that would involve handling company money, they would be concerned that you might embezzle from the company to fix your personal money problems. Instead of taking a chance, they would probably take someone else.

 

[Ghamu]

..to answer your questions, they care about credit scores cause there have been studies relating how reliable a employee is and his credit score, and important factor in any type of job I would assume.

I was just wondering how bad is bad, and what they look for... I am sure someone will chime in that knows, I hope.

And yeah, I am/was college student, so the score sucks because I lived of credit cards sometimes without a income (it happens) and was 30 days late a couple (several?) times.

But what the heck is up with my score that is out of 150 - 930? I paid $30 for it online (all three agencys), what gives?

 

[conjur]

What do you mean what gives?

I told you the mid 500s will be in the bottom 5% of the general population. That's pretty bad. You'll be hard-pressed to buy a car, and if you do, you'd get a rate of at least 18% with a good chunk down.

 

[Ghamu]

Originally posted by: conjur
What do you mean what gives?

I told you the mid 500s will be in the bottom 5% of the general population. That's pretty bad. You'll be hard-pressed to buy a car, and if you do, you'd get a rate of at least 18% with a good chunk down.

Thanks for replying to my thread, but are you paying attention? I was 560 (or so) on a scale of 150 to 930, I wanted to know why I was given a non-standard score. Using some rough algerbra, this translates to a score of 665 or so on the 450-850 score, still sucks, but slightly higher at around 35%.

But specificlly I was wondering at what point are there warning flags, and maybe what the average college grads score was (that is who I am competing against for this job). Any hiring mangers out there reading this???

 

[conjur]

ok...where'd you get the score? Is it your FICO score? If so, 560 is 560 is 560 no matter the lower/upper boundaries of whatever scale you're talking about (150-930 or 450-850).

 

[RossMAN]

IMHO a satisfactory credit score is 640+

 

[conjur]

Originally posted by: RossMAN
IMHO a satisfactory credit score is 640+

680, to me. But, I'm going to be much harder on myself from now on...going to clean it up and keep it clean!

 

[RossMAN]

Originally posted by: conjur

Originally posted by: RossMAN
IMHO a satisfactory credit score is 640+

680, to me. But, I'm going to be much harder on myself from now on...going to clean it up and keep it clean!

I said 640 to make myself feel better since I'm at 634

 

[conjur]

:beer: