Kara Asks… Is it possible that I could lose my job or have trouble finding a new one if my credit score is low?

Excellent Question – especially in this environment! Credit is king right now and it’s so important that you do your best to keep the scores high for a variety of reasons – including your employment!

For many employers routine credit background checks have become quite common in today’s business world. 6 out of 10 private companies check the credit history of their job applicants. Also, if you work for or plan on working a federal job with security clearances, credit checks are required. Private and federal companies use credit checks as a way to prevent crimes such as theft, due to the idea that those with debt problems will be more likely commit a crime.  However there is little evidence that those with bad credit will be likely to commit crimes against the company.

Unfortunately, when it comes down to it, a company does have the ability to check your credit score during the hiring process and a poor credit score may hinder your chances at getting the job. With the fierce competition in the job market this is one more thing that could help or hurt your chances of being hired. On the other hand, it’s much less likely that you will get fired from a job specifically due to your credit score unless there is something else to pair it with such as job performance.

My best advice for you, if you are concerned with your credit score and its effect on your employment would be to review your credit report and make sure the information is accurate and if it needs work – get to it  ! There is no better time than now to start improving your credit rating and maybe your employment as well!

Meet Cheryl!

About Cheryl

As a successful business owner and community leader, Cheryl Braunschweiger is known and respected for getting things done with a degree of skill and enthusiasm that bring out the best in those around her - colleagues, clients and friends. The name of her business, ALMC Mortgage, reflects Cheryl's philosophy and personality. She says it stands for All Loans Must Close –a reflection of her determination to do whatever it takes to serve her clients. Cheryl has been in the mortgage lending business for 20 years. Read More About Cheryl
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