Got hired for Co-Op, Question!

[Davor]

Im really excited today as i got hired at Canadian Tire Financial services for my co-op which lasts almost a year. Ill be doing PC deployment and support as IT.

I got a question, maybe someone know about this. They require to do a Criminal check which im clear on and a credit check, and my credit score is quite low as ive never really had a steady paying job to pay off my debts. Would they withdraw the employment offer because of my low score?

Thanks in advance if anyone can answer my question.

 

[molested_cow]

Nah, I think the credit score is mainly to check if you have bad records, like not paying or issuing bad checks. When I applied for my internships back in school, I didn't even have credit score because I was fresh off the boat.

I started to hate this country when cellphone companies wanted to charge me $50 more for security deposit just because I didn't have a credit score. WTF!

This credit score system is ridiculous IMO. Coming from a culture where you can't buy if you don't have collateral, people don't make a purchase if they don't have the cash for it, which includes cars in many cases. That's why the idea of "savings" is much stronger than "investments". When crisis like the recent one that hit the US, investments suffer and savings remain intact for the most part.

Sorry for taking this away from your original intent. Good luck on your new job! Remember, it's not how much you make, it's how much you can save.

 

[reedshots]

I agree with the savings coment - money invested is almost the same as playing black jack some times you win some times you don't.
as for the credit check - a low score should not be a problem as long as it isn't because you don't pay your bills.

 

[Josh66]

I guess it depends on why they're checking your credit... I think everywhere I've worked checked my credit, and it's pretty bad. They still hired me.

Just be up-front with them. Don't try to candy coat it - just tell them the truth, they're going to find out anyway.

If they mention that you owe money to a lot of people, just say "Yeah, why do you think I'm applying for this job?" :lmao:

 

[CCericola]

Credit checks are the norm for financial institutions here in the USA. It's not the lack of credit that will hurt your employment opportunity at a bank etc...It is bad credit. For instance, if you applied for a position as a teller at the bank and they see that you have bad credit, that you are very behind in payments, they might not want to give you a job where you are in charge of thousands of dollars. Sometimes access to money can turn good people bad.

 

[skieur]

I agree with the savings coment - money invested is almost the same as playing black jack some times you win some times you don't.

Actually not, if you know what you are doing. If you invested competently, you should have made a minimum of 8% return in 2010.

skieur

 

[molested_cow]

Farmers work hard to produce food. A waiter works hard to provide service. Both provide direct product and service to the society in exchange for equal value of financial return. What does a financial investor provide to the society to gain his "interest"?
The financial industry contributes the least, if at all, to the progress of the society's progress and well being.

We created something called "money' out of "debt", yet we want to make more money out of the "debt" in the form of "interest"? I don't know about the others but I am not trained in magic.

In terms of "wealth", financially speaking, I spend only on the things that I need to keep my life going healthy, managed to save about 40% of my income and therefore have "extra money" to buy camera equipment. I am not rich by the general standard, but I am not worried about getting laid off tomorrow because I don't live pay check to pay check. I find this a luxury because I know what is mine and don't have to worry about an unforeseen disaster happening in another planet that may collapse the financial market.

 

[skieur]

What does a financial investor provide to the society to gain his "interest"?
The financial industry contributes the least, if at all, to the progress of the society's progress and well being.
QUOTE]

Easy question! A financial investor provides money to companies and businesses to expand their businesses, buy capital equipment from other companies, and create more jobs which can expand the economy and contribute to your well being, whether you understand their role or not.

Putting it another way, an investor buys a stake in the company. If the company gains in value, then the investor shares in that gain, which is considered a return on investment.

Why would anyone consider that there is something wrong with that basic concept, M Cov?

skieur

 

[Davor]

I guess it depends on why they're checking your credit... I think everywhere I've worked checked my credit, and it's pretty bad. They still hired me.

Just be up-front with them. Don't try to candy coat it - just tell them the truth, they're going to find out anyway.

If they mention that you owe money to a lot of people, just say "Yeah, why do you think I'm applying for this job?" :lmao:

Yeah i figured that much, i mean we all did stupid things when we where young and mine haunts me to this day.

 

[Josh66]

we all did stupid things when we where young and mine haunts me to this day.

Yeah, really. I've gotten over it and moved on, I don't know why the hell they can't do the same.

 

[Davor]

Well it seems that was a big issue to them and they withdrew the co-op position, this whole systems can be so dumb at times. What happened to the days where you get hired based on your skill and talents not your credit score. I even told them, if your financial institution can't you guys help me make some kind of payment plan so i can fix this and of course i got some smart a** reply back that they cannot. But w/e ill move on hopefully find another one, its just now its more difficult since exams are about to hit us and i can't concentrate much on getting co-op.

 

[molested_cow]

Sorry to hear that. Yes it sucks to be judged with things that doesn't seem to be the core value. Happens a lot. The world isn't fair, and it isn't supposed to be. These are just hurdles you have to learn to cross to grow stronger.

 

[Josh66]

That does suck.

I'm really surprised that they turned you down just because of a credit score...

 

[mikehaugen]

I know that credit scores are getting to be more of an influence lately when hiring someone. I guess it's just another way to eliminate possible candidates with so many people looking for work (in the US at least). Though I can understand why in certain instances it may be important. If you were either an accountant or or somebody in charge of a budget they would want to make sure you were responsible with money, and while a credit check may not be the most reliable measure of a persons judgement, it's really all they got. I don't see why it would weigh so heavy for someone in an IT position though. But again, you said it was a at a financial institution, right? It's probably just a standard rule that they use for everyone, regardless of your potential role in the company.

 

[c.cloudwalker]

I know that credit scores are getting to be more of an influence lately when hiring someone. I guess it's just another way to eliminate possible candidates with so many people looking for work (in the US at least). Though I can understand why in certain instances it may be important. If you were either an accountant or or somebody in charge of a budget they would want to make sure you were responsible with money, and while a credit check may not be the most reliable measure of a persons judgement, it's really all they got. I don't see why it would weigh so heavy for someone in an IT position though. But again, you said it was a at a financial institution, right? It's probably just a standard rule that they use for everyone, regardless of your potential role in the company.

Credit checks are done by many, many companies in the US now. Even companies you would not believe cared... Did you know property rental companies run a credit check? Guess they want to know if you're going to pay the rent.

Back to the OP's case. Banks are crooked institutions so they know what a crook can do and an IT position could be great to send money to an account in Swizerland Note also that the OP doesn't mention what exactly is on his credit report. A bankruptcy is a red light for many companies hiring you but I can easily imagine a bank not wanting you just for having debts. Again, crooks...