Credit Check in Job Application

[Guest]

^^^ Ut oh .. I think PE-ness may start looking into annual credit checks based on that post! :laugh:

JR

 

[SSmith]

^^^ Ut oh .. I think PE-ness may start looking into annual credit checks based on that post! :laugh:

Oh dear god I left the door right open, didnt I?

 

[benbo]

I think there is a huge difference between user generated credit pulls (hard pulls) and business generated credit pulls (soft pulls). Hard pulls impact the credit score much more dramatically than soft pulls do. (Incidentally, there are credit rating increasing strategies that revolve around creating user generated soft pulls. Evidently, the FICO system has an automated feature that after a certain amount of soft pulls, it will start removing the hard pulls thereby increasing your credit rating. People who play the credit card arbitrage game tend to take full advantage of this feature flaw.)

I think you better be darn sure before you start trying this. I bought a CD at my bank, where I have banked for 25 years and have a lot of money and credit. And they ran my credit. Get that - I was putting more money in and they ran my credit. I was furious. They said it was going to be a soft hit, but it dropped my FICO 5 points. That doesn't matter much, unless you happen to be at one of those transitional levels in your score.

 

[Brody]

Did they ask permission for a background check? A credit check is a standard part of a background check.

 

[SSmith]

I think you better be darn sure before you start trying this. I bought a CD at my bank, where I have banked for 25 years and have a lot of money and credit. And they ran my credit. Get that - I was putting more money in and they ran my credit. I was furious. They said it was going to be a soft hit, but it dropped my FICO 5 points. That doesn't matter much, unless you happen to be at one of those transitional levels in your score.

Some banks are notoriously bad about doing hard pulls for CDs and other banking products (even including checking and savings accounts). Its worth the time to ask the question if there will be a credit pull based on what you are trying to do. Sometimes its worth it, sometimes its not. But at least you'll know before its done.

As far as the "bumping" strategy goes, I first heard about it on the FatWallet Finance forums. There are lots of people there that have very detailed systems to maximize the 0% Intro APR offers they get in the mail. Here is a good thread talking about some of the positive results that it generated.

**edited to fix messed up hyperlink.

 

[benbo]

Some banks are notoriously bad about doing hard pulls for CDs and other banking products (even including checking and savings accounts). Its worth the time to ask the question if there will be a credit pull based on what you are trying to do. Sometimes its worth it, sometimes its not. But at least you'll know before its done.
As far as the "bumping" strategy goes, I first heard about it on the FatWallet Finance forums. There are lots of people there that have very detailed systems to maximize the 0% Intro APR offers they get in the mail. bump" target="_blank">Here</a> is a good thread talking about some of the positive results that it generated.

I can see running your credit for a checking account - you can overdraw those. But a CD? I have no idea what relevance there is for that. THey claim there's a possible way to game it, but I don't see how.

THe main reason I was mad is because they claimed it would be a soft hit. I guess the kid who sold it to me didn't know what he was talking about. Let's just say all my investments of any kind are now at my credit union where they don't pull this kind of garbage.

 

[Brody]

I got my free credit reports recently and saw that a lot of the junk credit card applications I get in the mail are related to pulls listed on my credit report. I felt ****** around by all those pulls, that's for sure. I hope the firmness of my credit rating hasn't been diminished by all that pulling. I wonder if PE-ness knows anything about soft pulling versus hard pulling.

 

[EM_PS]

^D@mn Brody, where the hell u been? I thought maybe the study gremlins crept off with you. . . . :asthanos:

 

[Brody]

^D@mn Brody, where the hell u been? I thought maybe the study gremlins crept off with you. . . . :asthanos:

I miss the old bunch here. I'll be dropping in more now that I'm going to be getting seriously into studying.

 

[Katiebug]

Slight aside...
I am looking at apartments for the new job I am taking until our house sells. One apartment complex wanted for me to give them authorization of my bank account information so they could verify the account balances. I laughed and walked out. Another apartment wanted a note verifying "future employment." I told them I wanted one of those too and if he found a place that would guarantee future employment to let me know. Again, I laughed and walked out.

Both times the person asking were kids no older than 17 who insisted that everyone does it and its no big deal.

This happened 5 years ago when I got my first apartment out of college...they wanted me to give them access to my bank account information in order to make sure I earned enough money. I laughed, told the dumb girl at the leasing office that I probably made twice as much as her, and said if they wanted to lease the apartment to me, they'd better be satisfied with LOOKING at my most recent bank statement. They were.

This was the same management company that took issue with my husband - HUSBAND - moving into my apartment because at the time he was a full time student and wasn't working. They claimed that he had to be able to afford the apartment all on his own and that if he couldn't, we'd have to leave. That was a protracted fight that was cleared up when we reported them to the fair housing commission. We stayed for another year until we bought our house.

Oh I wasn't worried about peeing in the cup, I just thought the procedures prior to and after peeing in the cup were a riot. I had to go into the restroom and wash my hands. Then I had to come back out and collect the cup. Then I had to go back in and fill the cup to the precise level, I wasn't to flush the toilet or use the sink while I was in there or my screening was invalidated. After filling the cup and not flushing the toilet I had to bring out the sample and watch the nurse seal the container. Then I could go back to the restroom, flush and wash my hands. This was the first drug screening I have ever had to do, I found the process pretty amusing.

And prior to the whole ordeal I had to empty my pockets with the nurse watching intently. I was a little worried things were heading towards a full cavity search. hmy:

When I did my drug test for my job, we had a nurse on staff in the building and she handled all of that. It was actually very laid-back - she just told me not to run the water or flush until I brought the specimen cup back out to her. Now they send people to Quest, and I'm told the folks there are a bit more stringent on following the "procedure".

Heck, I'm pretty sure that when my brother has his random testing, courtesy of Uncle Sam, there is actually a guy in the restroom "observing".

 

[TXengrChickPE]

More asides...
I've noticed that younger people, say college age or younger, don't have much trepidation in handing out this info, so they probably do think it isn't a big deal.

Hell, I've heard teenagers at the grocery stores saying Social Security Numbers aloud.

I think this will come back to bite them in the not to distant future...

My daughter's school wanted us to put her social security number on a field trip permission form that would be given to the chaperone in charge of her for the day! I refused (they still let her go on the field trip). They also wanted us to send her SS#, address, and home phone # so that they could work on memorizing them in class. Again, I refused and asked why a 7yr old would need to have her SS# memorized. They said that everyone should know their SS#. Kids are NOT being taught that their personal information is private. Some schools still use SS# as the "student ID".

 

[ktulu]

Hey TX,

Nice to see you. How's the baby???

<< Here's mine, now 3 months

 

[ODB_PE]

Some schools still use SS# as the "student ID".

I thought that was illegal these days, but only at the state level. In some states. For public schools.

http://www.privacyrights.org/fs/fs10-ssn.htm

 

[Guest]

Heck, I'm pretty sure that when my brother has his random testing, courtesy of Uncle Sam, there is actually a guy in the restroom "observing".

Typically that is the case.

When I was active duty and during my active reserve we would have a corpsman come in and watch. One time there was a new guy that was just a little too motivated to be 'observing'. I told him, "If you get a little closer, you can hold it for me while to make sure I don't commit any slight-of-hand tricks on the container." :laugh:

They also wanted us to send her SS#, address, and home phone # so that they could work on memorizing them in class.

Back in the olden days .. ld-025: .. most things DID go by SSN. In fact, being a military brat, I have my dad's SSN still committed to memory from when I was grade-school aged because it was used for all points of access (e.g. school record, military medical, etc.)

I think there are WAY TOO MANY PEOPLE that are too cavalier with thier personal information. I don't blame you for being disinclined to go along with the school assignment. I think your daughter will learn more from PROTECTING her identity than rote memorization of her SSN.

:2cents:

JR

 

[mudpuppy]

I think there is a huge difference between user generated credit pulls (hard pulls) and business generated credit pulls (soft pulls). Hard pulls impact the credit score much more dramatically than soft pulls do.

According to my friend, they are doing a hard pull for his security clearance.

 

[PE-ness]

^^^ Ut oh .. I think PE-ness may start looking into annual credit checks based on that post! :laugh:
JR

Well, I don't know much about credit checks, but I do know enough to recommend soft pulls, over hard pulls. Hard pulls have their time and place, but in my experience, hard pulls should account for no more than 5% of overall pulls, and should usually only be attempted when you are ready to close a deal.

 

[SkyWarp]

Hard pulls impact the credit score much more dramatically than soft pulls do.

A soft pull has no adverse impact on credit score. But a hard pull should be worth a lot more than this:

 

[SSmith]

A soft pull has no adverse impact on credit score. But a hard pull should be worth a lot more than this:

Its at least worth a Dr Pepper.

 

[Guest]

Its at least worth a Dr Pepper. Pecker.

I fixed it for you!

JR

 

[Capt Worley PE]

You know, I have a made up name, address, phone number, and SSN I use for grocery cards and credit card apps if they have a really cool t-shirt giveaway.

I see no reason for the grocery stores to sell data on me.