It’s bottom-of-the-totem-pole jobs like that which are where folks end up, when they absolutely positively need income, and can’t get hired anywhere else. I know we’ve already talked about that issue here and I don’t want to start another argument. But I think the days of those jobs being held by only the young, and/or those who just need a part-time job for some extra spending cash are long past, now they use payday loans in FL lenders. Most of the fast food joints I’ve gone into in the last few years (and it’s a lot less than it used to be, but it used to be almost every day), 1/2 of the staff were easily more than 30 years old, and they were there every day. This might be one of the reasons why. Or they’ve turned into house cleaners or yard mowers or bottom-rung construction workers or pizza delivery folks or whatever. I used to think that when I worked minimum wage while making a mortgage payment, I was unique. We know now that’s becoming more and more common. Sounds like a viscious circle to me. Can’t get higher paying jobs, and can’t get anywhere with the bottom-rung jobs they have.
We don’t run credit checks on potential nor actual hires. We use it only for hiring purposes to add them to payroll. What I wonder is how many credit checks are run without getting permission? There is no place on the apps we use to give such permission, though we could type up a letter for that purposes for them to sign if we decided to do it.
When I was unemployed, I think that only one or two of the applications required permission for such a search. But the problem is, not everyone can BE self-employed.
So if you don’t apply for jobs because they require good FICO scores, then what’s left? And what about those whose scores have tanked *because* they were unemployed(or underemployed). It’s kinda hard to pay off debt when you can’t get a job because you have too much debt.
We need a revolution…
is that you cannot complete the application without giving that information (and thus that implied permission). They won’t let you progress to the next page without that “required information”. It’s a slick setup – you don’t want to cooperate, you don’t get to finish. I used to only see that once in awhile but this latest job search in Sept featured that on every single web-based application I filled out. And ALL of the job postings required that I fill out their online form. No paper versions allowed. A few sites were so blatant as to say that paper resumes and applications would be dismissed without being read.
Nothing like being herded into the cattle car. That’s about how it felt. So I am not surprised in the least that they would then use that SSN information to run the credit report. Which is why I stayed in the “self employed” category, despite earnest intentions to get back into Corporate America (or even non-profit America for that matter). They don’t want to be cooperative, then I sure as heck don’t want to work there.
But the whole idea is stupid. You could have two million dollars in the bank, but no credit score because you refuse to borrow money. So an apartment building that uses FICO score to screen tenants might not rent to you, even if you could buy the whole damn BUILDING…
A potential employer MUST get permission. If they ask you for your ssn on an application, it probably says that you’re giving permission for such a search. I’ve seen such wording on an application before.
However we have had plenty of people post here of Murphy hits that came one after the other in a short time. You know that old saying (and truth to many) that trouble comes in three’s. Individually a $500 hit can easily be covered by $1000 but 3-4 of those hits in a couple of months or less is difficult to cover with $1000.
I would say though that about $2000 – $2500 for most people would be sufficient.
Your insurance companies, your current creditors (banks, credit card companies, etc) can and do run periodic checks on customer credit scores. Credit reports are required to list who has run a report within the last 3 months whenever a report is issued, but no they don’t need permission.
Then cut your expenses to the bear bones. Raise deductibles, drop cable, walk/bike places instead of drive, cancel hobbies, cut cell phones, cut your own hair, slash the food budget, turn down the heat, shop thrift stores.
Get gazelle and find $1000 a month to throw at those student loans.
Get the kids involved. Get them to sacrifice things and make money too.
Find ways to make extra money too.
You can do it! Pay those loans off ASAP.
it’s not forever, just buckle down and get it down quick.
Then you can focus on getting your retirement percentage to 15%.
Your kids may have to get jobs, grants, and scholarships. Do what you can, but make your retirement savings the priority.
since being laid off New Year’s Day, 2011, and since joining the DR list. To date, I sent out about 50 resumes sent out. These resumes were very well matched, I had years of work experience in that particular position, and in a lot of cases I was either asking for, or would have asked for, less than the going rate (as researched for each position). In all that time, got two callbacks for interviews, and those didn’t end up anywhere. I have often wondered if it was a) that I never use Facebook, so they can’t see who I “am”, and/or b) that I had a low credit score after stopping the use of my credit cards. Of course I can’t prove anything. But just statistically speaking, I should have gotten a lot more response than I did. It wouldn’t surprise me at all to learn that companies were using this to rank applicants.