But did you know that, in some cases, it can actually impact your ability to get a job?

It can be surprising how far-reaching the influence of your credit score can be.

Luckily, your credit score doesn’t impact your job prospects in every field.

However, there are some areas, such as financial advising, military, government, and others, where a low credit score can make you less hirable.

Here are six potentially surprising types of jobs where your credit score will have an impact.

1. Accounting

A good credit score is crucial if you want to be hired as an accountant.

The reason for this is that if you are an accountant, the company is trusting you to keep track of their finances, which could make or break the success of the company.

A poor credit score reflects on your personal ability to keep track of your finances.

If you cannot repay debts on time and make other important financial decisions responsibly, it is likely the company will think you cannot manage their finances well either.

2. Military

If you plan to enlist in any branch of the military, be it Army, Navy, Coast Guard, Marines, or Air Force, you should plan on undergoing a credit check at some point.

Some branches are stricter than others, and each branch has their own credit requirements.

Again, recruiters want to see that you have the ability to make responsible decisions, financial or otherwise, for the future.

Planning is essential for any military enlistment.

• In the Air Force, for example, the “40% rule” applies. This means any debts not including deferrable debts like student loans cannot surpass 40% of anticipated military pay. Otherwise, you are not eligible for enlistment. Presumably, this is to ensure enlistees truly want to enlist, not just find an easy way out of debt.
• In the Navy, on the other hand, they consider total debt instead of monthly payments. Debt obligations should not exceed half of annual salary in the future. You can also be disqualified due to a history of writing bad checks.
• The Marines have a different system, where a financial background check is only required if the enlistee needs a dependency waiver. The Army has the same requirement.

3. Politics

It makes a lot of sense that a job in politics requires you to be in excellent financial health.

Again, here the credit score is a reflection of your ability to plan for the future, and that is the whole job of an elected representative.

You can see by the chart below that members of Congress have an exceptionally high net worth compared to the general population.

This makes them at risk for mismanagement of such a high salary.

If it is known to the public that you have a poor credit history, it is pretty unlikely that anyone would be willing to elect you.

For example, Marco Rubio experienced some serious trouble in recent elections after his financial background was scrutinized in detail.

4. Security

Although not all jobs in the security field require credit checks, many still do.

So it is better to expect that you will have to undergo one, rather than be unprepared.

Most security firms do this in order to evaluate the integrity of the applicant.

They want to be sure that you don’t have a poor credit history so that you will not be likely to accept bribes or engage in other criminal activities for monetary gain.

One famous example is the TSA, which performs credit checks on all employees on a regular basis.

They want to be sure the applicant is trustworthy and reliable, an area where a credit check is often a good indicator.

5. Government

Similar to security, not all government jobs require credit checks.

However, many do.

Some examples include jobs in transportation, the Internal Revenue Service, and others.

There is no blanket policy regarding debt, but many employers for the government believe those with poor credit are more likely to steal or accept bribes, something the government is clearly hoping to avoid.

Government workers often have to jump through many different hoops to get hired due to security and safety purposes.

6. Financial Professionals

This is the most obvious area where a credit check makes the most sense as part of the hiring process.

If you are in charge of advising others on their finances, you certainly need to get your own finances in check first!

Here, a poor credit score doesn’t just reflect on reliability and trustworthiness, but your actual ability to carry out the responsibilities of the job in a reasonable way.

Organizations usually perform credit checks on employees throughout different levels of management as well as lower level employees.

Leadership positions have more stringent rules, usually with the expectations that management will have extremely excellent financial history.

Whether you are hoping to be a banker, a stockbroker, a financial adviser, or otherwise, expect potential employers to dig deep into your financial background.

Unfortunately, there are millions of jobs waiting to be filled in America, but a poor credit check result can disqualify otherwise perfect candidates for jobs.

Improving your credit score can be hard, but luckily there are plenty of resources for helping to get on the right track, improving your score and helping you in your job hunt.

The post Can Your Credit Score Keep You From Employment? appeared first on National Credit Federation.

One of our main goals for everyone of our clients is to ensure they have a better understanding of how their credit score is made up. We want you to know what you need to, to ensure that you can keep the score we help you achieve and to keep improving it after your program ends.

Remember we included in your membership completely free to you; a fantastic, easy to use budgeting software. If you have never used one, give it a shot. Many of our employees love this tool. Sign up here and check it out.

Below we outline how the credit bureaus calculate your scores:

1. Payment History = 35%

The figure that most significantly impacts your credit score is the ability for creditors to be able to trust that you will be able to pay back your loans. These are the components you need to consider:

• Are you paying your bills on time every time on every one of the accounts on your credit report
  Late payments have an immediate negative impact on your scores.
• How late were you if you were late?
  30, 60, 90+ days….The later you are the greater the negative impact
• Collections, charge offs, debt settlements, bankruptcies, foreclosures, suits, wage attachments, leins or judgements? A major red flag to potential creditors, this shows that you might not pay them back at all.

2. Amounts Owed = 30%

Just behind payment history is how much money you owe. The factors below is how this is determined:

• How much of your balance limits are you using?
  Owing a little bit is better than owing nothing at all. Creditors want to see that if you borrow money that you pay it back. Keeping a small balance shows activity on the account which looks better than paying it off completely each month. A good rule to follow is the 30% Rule. Never carry a balance above 30% of your available credit limit, but make at least the minimum payment required but leave a few dollars as a balance so it is reported to the bureaus.
• What type of specific accounts do you owe on: mortgage, auto loans, credit cards and installment accounts?
  It is favorable to have a good mix of different accounts and being a to responsibly manage them.
• What is the total amount owed?
  This is one where less is better.

3. Length of Credit History = 15%

Something potential lenders are going to want to know is how long have you been using credit. A long history is good to have, but a short history isn’t necessarily bad either. Just as long as they are not marred with late payments or any other negative items.

4. New Credit Items = 10%

FICO considers the new accounts that you recently opened. Basically the thinking is if you recently applied or opened new accounts you may be at a great risk of not managing them as well.

As a common example, you go to apply for a mortgage, the lenders are wanting to know what your obligations are to make sure you can afford the new loan. Showing a number of new credit cards could be an indication you are planning on using them increasing your monthly payment obligations that could interfere with the mortgage payment.

5. Types of Credit In Use = 10%

The last thing the FICO algorithm looks at is that you have different types of credit accounts. These could be credit cards, store cards, installment and home loans. It also looks at how many account you are carrying. This is a small component of your score so it isn’t necessarily essential that your pay much attention to this area. Don’t open new accounts just so you can increase your mix.

The Bottom Line

In general there are a few things you can do to increase your scores by using the system but the most important things is just to manage your credit responsibly.

The post How Your Credit Score Is Determined appeared first on National Credit Federation.

NCF’s Member Referral Program

Do you know that 1 in 5 Americans have mistakes on their credit report? That’s right, and its because of that fact many of our clients as they get a better understanding of what credit is and our services find out they have friends or family that have similar issues.

We have good news if you do, if you refer someone to our program and they enroll you will have a $50 referral bonus paid out to you for each person you refer that enrolls. Either as a credit to your next payment or as check we send to you!!!

If you know anybody that you think could benefit from a no obligation, free Credit Consultation to determine if this is right for them, simply register HERE and you will be able to refer as many people as you like.

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Thank you so much,

Jake Jordan – Carlyle, Illinois

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Tampa, FL – October 2, 2015 – The multi-million dollar credit repair company, National Credit Federation (NCF), is proud to announce that it has earned exclusive rights to DisputeCRM, which is a groundbreaking new software for the credit repair industry. DisputeCRM is the fastest, most reliable and easy-to-use credit repair software on the market, and is specifically engineered for the credit repair industry. DisputeCRM, which gained the interest of many players in the business, will now be unique to NCF.

According to Dave Fulk, President of National Credit Federation, “DisputeCRM was initially developed for the entire credit repair industry. As soon as we saw how advanced this system was and how far beyond it was to anything else on the market, we knew we had to have it! So we went to work and were able to secure exclusive rights to DisputeCRM.”

This new software recognizes and solves the obstacles that the industry has long faced. Instead of a standard of mediocrity that has clouded the credit repair business for years, DisputeCRM addresses four key pillars which will revolutionize the way the industry does business. Those four pillars are:
• Speed
• Reliability
• Scalability, and
• Mobility

DisputeCRM will be instrumental in NCF’s ability to reach their fullest potential. The company is proud to be on the cutting edge of technology.

About NCF:
National Credit Federation is a nationwide, membership-based organization. Members are individuals who are currently in the midst of, or have successfully come through, a financial crisis

Contact:
Dave Fulk
2803 West Busch Blvd., Suite 210
Tampa, FL 33618
813-515-0813
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Carlos Duran

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