Importance of good credit

[bucknutz30]

From what I have seen and heard, the credit check is a fairly important part of the hiring process. I'm somewhat concerned about that because I have very little credit. It's not that I've declared bankruptcy twelve times or anything, it's just that I'm only 20 years old and haven't had the opportunity to build up much credit. So I have two questions: A) Do you think this will hurt me in the hiring process? and B) What is the best way to improve my credit score? Thanks.

[knucklehead]

You should be just fine....as a matter of fact consider yourself luck because when you get a little older it is easy to get too much credit and that's where you get yourself into trouble...

It's not the fact that you need a high credit score to become a LEO...I mean your not trying to buy a house or something..haha. They just don't want someone with bad credit..ie charge off's, late payments, bancrupty, things like that...

The reason is that things like that would show that if you can't even manage your own money, how could you manage the rigors of police work...plus I am sure their are other reasons..

[lawdawg]

Originally posted by knucklehead
The reason is that things like that would show that if you can't even manage your own money, how could you manage the rigors of police work...plus I am sure their are other reasons..

If that is an actual reason they use, then they are morons. The two have no bearing on one another. I heard they just don't want you hard-up for cash to pay bills, so you're not tempted to steal cash you may come across on the job.

[metallicat]

When I was called by the police for a background check for a friend, one of the questions they asked me was if he was good with his money. I think more than anything, they would want to know if he is going to be a responsible adult, and money is a good determination of responsiblity in my opinion.

[lawdawg]

I agree with that, but when they look into the past, old stuff when you were young that created bad credit should be overlooked.

[quicksilver98]

Your credit scores and such won't be a factor. They are looking for judgements, bankruptcies, repossessions...stuff like that.

[mcsap]

A bad credit history typically begets an irresponsible person. Just the kind we DON'T need as an officer. Like it or not, your credit background IS used in the decsion to hire. It is not the only factor but if you have repo's, a foreclosure, late payments , bad checks etc is that the kind of person you WANT as an officer ? Not us.

You don't have credit and want to establish some? Buy something ( that you were going to buy anyway) and see if you can get 90 days same as cash financing, a credit card ( pay off the balance by the end of the 30 days) , a loan of any kind through a bank or credit union and make sure it gets paid off promptly.

[lawdawg]

I don't know anyone who hasn't had some financial difficulties, or got into trouble early in life. Believe it or not, if you don't make a lot of money, you won't be able to afford alot of your "needs" and you end up overextending yourself trying to survive. Or you come on hard times and you get your car repo'd. These don't happen just to irresponsible people; they are just unfortunate, and in this day and age, its awfully common.

[mcsap]

If it was 10 yrs ago , probably not a big deal. I never had a car repo'd, nor did anyone in my family of 7, no homes forclosed, no sheriff sales, no bankruptcy's. And we were/are not related to money either. If someone can't manage their fianances to the point that they run into these types of problems, that is unfortuante. The chances of them getting a job as an officer around here are reduced. There are plenty of people who have not had these problems that apply.

[Stump]

I agree with Mcsap.

In order to build credit, you need to get credit cards. That in itself will raise your score. In addition, buy some items (groceries, gas) using your credit card and pay it off the very next month. It will take a few months at the least to raise the score, but it will. If you are desperate to raise your score (if you want to buy a house in the next few years or something), take a personal loan out - it doesn't have to be much, just a few thousand - and pay it on time every month, and pay it off early if you can (don't pay it off a month after you get it because that won't help, ex: if you get a 5 year loan, pay it off in 3 years). I've learned all sorts of tricks for financial planning when I was in accounting. lol

Originally posted by lawdawg
I don't know anyone who hasn't had some financial difficulties, or got into trouble early in life.

Me. I have never had financial problems when I was younger, because I have always been very conscious of not living beyond my means. I was able to pay for my first car cash, and have only had a co-signer on a loan once - and that was because I couldn't legally be held to a contract (I was under 18). Out of the possible credit score of 850, mine is over 800, and always has been.

As far as getting into TROUBLE early on.... :shuffle:

[mcsap]

Very nice Stump and since you brought it up...what secrets about your early life do you want to share with your support group ?:shuffle:

[Stump]

Originally posted by mcsap
Very nice Stump and since you brought it up...what secrets about your early life do you want to share with your support group ?:shuffle:

Do you want to hear about all the times I've been arrested, or are you referring to the "other" stuff? ;)

[mcsap]

I would settle for the arrests but don't have a lot of time to sit here and read all night !!

[bucknutz30]

Thanks for the replies, guys. It's good to be able to put that on the list of things I don't really have to be concerned about.

[razdaz]

Sometimes, though, foreclosures, repos, late payments, bankrupcies can result NOT due to mismanagement of money, but due to forces that may be beyond one's control. How many people truly have the money to keep up mortgage payments, car payments, etc. if a severe loss of income happens over an extended period of time? I'll bet not many, if any, has it. Sell you say? Well, that is an option and good one at that, but what about those that try to sell, but no one buys? You see, you have to take the totality of the situation at hand and no two situation are exactly alike. That is why it is just PART of the hiring equation and not the sole reason.