MBNA gave me a card with $1700 CR one month into my first semester of college. To say the least I f*c$ed it up. I was doing well with it for about 1.5 years (making > min payments with 60% utilization). Then my finacial situation went down the toilet and it was either pay MBNA or put money on my account at school so I could eat. Guess what I picked. Anyways, it was turned over to collections and I made several $300 payments. They I stopped when cash got tight again. (I was not one of those kids who was bank rolled by their parents) Now I am in the last year of grad school and I am starting to think about what potential employers are going to say when they see my credit report (I should of started this two years ago). Anyways, MBNA is listed as charged off for about $2200. (My credit limit was $1700). It is not listed in the collections section. (I have an edited version of my CR at http://home.ma.rr.com/cinfo/cr_all.htm ) This attorney calls a few weeks ago and demands 60% or they are going to file for a judgment. I basically said I don't have the $ and hung up. I looked up this law office online and found their website. From what I gather they are pretty seasoned at this. They work out of Philly. I was scared, I didn't want to go to court so I wrote them a letter saying I'll pay $25 a month until I graduate and then we can discuss a payoff. I then received a statement from them for $25. I took a sigh of relief that they weren't going to sue. This $2200 is greater than my limit of $1700. (Assuming the rest is in interest and late fees). This debt is past collections and I am now assuming it has been purchased by this law firm. Thanks for reading so far. I appreciate it now here is my 2 questions. 1.) When I send them $25 so they won't sue should I shove a validation letter in the envelope also? They are going to have to do some digging to get my original contract and proof of the balance. I could make they case thay I don't deny the debt but I dispute the balance (I honestly do. I want to see where this figure came from). Then I would hope that they get tripped up and make some mistakes and get them on some FDCPA and FCRA violation combo. But then again I think to myself that I am going up against a seasoned law firm who may file for the judgemet as soon as they see the letter. I read that a filing for a judgement may be without merit if I am in dispute. I am not sure. Question 2) My credit is screwed and I don't know what to say or do when potential employers pull my report. Has anyone been in this situation? I just want a job so I can earn some $ and get on with my life and get my credit back on track. But poor credit screws my employment prospects. I am in a quagmire. With my education I have the potential to make a good income and begin building positive credit but with poor credit and can't even get a job. --Delgato
IN DRIVING...A POOR CREDIT REPORT DOES NOT MAKE A BAD DRIVER... FOR EMPLOYMENT...POOR CREDIT DOES NOT MAKE A POOR EMPLOYEE... YMMV
That may be true, but I know for a fact that may corporations pull credit reports and use it as a heavy factor in their hiring decision
Yes, companies do pull credit reports. But I had the *worst* credit and I have never been denied a job. I only know of one person to whom this has happened and they were going to work for a non-profit (which will not pay your 6+ years of college loans). My advice with an employer: be honest-sorta. You will have to sign for them to do a credit report. Often they will not do until the final interview process--then ask them why, what do they do with that information. Many will tell you, oh its nothing. Sometimes its done AFTER you are hired. Unless you are working with cash or are in the position to embezzle money, it will not make a difference. If you are the right person, they will look past a lot of mistakes, least of all your credit. But be honest, you were in college, you made mistakes, but you are trying to resolve them. That pep talk aside--my personal opinion is--if you owe the debt pay it. As SOON as you are in a position to settle, do so. But take the $25 a month while you get on your feet. If you get a judgement on your credit report or these guys play hardball--think what kind of impression that will have on a potential employer. However--Whatever you do, if you have student loans, make those payments. As you read on through credit net, you will find that many people agree SL are the MOST DIFFICULT to get resolved on your credit report. Deliver pizzas, bartend at night, do whatever you can to keep those loans current. Each dispursment is a line item on your credit report if you default. Good luck and let us know when you get a job!
Once my loans come out of deferment I plan on paying them agressivly and on time. I see that as my ticket out of this mess.
SCENARIO~~you apply for a job with a company...only one other candidate...HE/SHE has a F.I.C.O. of 701...your F.I.C.O. is 597 you have 3 more years experience in that field and you have a college degree...do they really hire the other candidate because of a SCORE???
Since delgato mentioned there's an attorney on his ass, perhaps Galabar could have phrased the question just a bit differently, viz.: What if they are both equal butt for the score? Give that some thought. Doc P.S. Sorry. It's clearly past my bedtime.
If you are applying for a position with the FBI, CIA or law enforcement or a job with a financial institution then, yes, your credit report will raise red flags. At the very least a prospective employer will ask you to explain your report. Some won't even mention your report and hire you anyway. But the above employers will not consider you at all for employment.
One of the companies that I have a good chance of working for is a large insurance company. I know some people who work there who would refer me. They are big on referrals so my chances of being interviewed are high but I am not even sure if I should bother because of my CR.
Why did you offer to settle without validating the account? Who is the atty. If it is who I think it is, they are easy to get rid of. If you do not wish to post atty. here, my email is on.
