Refused Job due to Experion Credit Check

Tektonnic

Hey all,

I graduated from uni last May and during which my use of credit cards was, a little in-advised, but I recently cleared the total balance of the offending card and my other cards are being paid of on time and I have yet to miss a payment.

I was recently verbally offered my dream job, in Investment Banking, but had the offer retracted based on my credit history provided by experion, as a result I am massively depressed and have ordered the report so I can see where I have failed...is there anything I can do or do I just have to accept this?

Thanks, Tek

dmg24

Welcome to MSE Tek,

Unfortunately, if the bank have checked your report and it does not meet their criteria, there is little point in appealing.

Perhaps you could get another job, build up a more solid credit history, and then reapply to the IB in a few years? x

Zebedee69

You just need to find out why your rating wasn't that good. Could be anything so report back when you get the letter through the door.

If its fixable then we can help you fix it and you can apply again next time around........

Butlers1982

use of credit cards was, a little in-advised,

I think the OP knows why they have bad credit, the answer is in their post.

unfortunately, their credit file is going to be poor for a period of 7 years.

As with any job in the finance industry, you have to have clean credit before you can deal or advise others about their finances.

Voyager2002

It sounds as if you have a pretty good idea about what was wrong, and have already done a good deal to put things right.

I do suggest that you contact the person at the bank who interviewed you and ask their advice. They will also be feeling pretty down -- recruitment is an expensive and time-consuming process, and after finding a good person for the job they will not be happy at being told to try again, or maybe settle for the person who was their second choice after you.

Your ray of hope is that perhaps they looked at an out-of-date credit report on you, and did not see that you have already put things right with the offending credit card. If you can give them this information (and document it) they might well be able to persuade their management people to let you join after all. And even if the worst comes to the very worst, they were obviously impressed by you and will be willing to give advice. Even if the advice is "go straight for the next couple of years and then come back to us" it is likely that the job will still be there for you.

Basically, the worst thing you can do is nothing.

Zebedee69

Butlers1982 wrote: »

I think the OP knows why they have bad credit, the answer is in their post.

unfortunately, their credit file is going to be poor for a period of 7 years.

As with any job in the finance industry, you have to have clean credit before you can deal or advise others about their finances.

You know what I mean though Butlers, it could have anything on it so it could be bad......... it might not be so bad and it could be fixable with some gaffer tape and screws:rotfl:

dunstonh

Financial solvency is an FSA requirement in certain roles. Certainly things like a good credit record are when a control function is involved.

If it was just a clerical role and not a control function role then its harsh. If its a control function role then there isnt a lot you can do about it until you clean your record.

Butlers1982

You know what I mean though Butlers, it could have anything on it so it could be bad

Yeh sorry i wasnt disagreeing with you there- just saying that the OP understands they have a poor history- history being the key word.
They are up to date now, but the issues lay in the past

Primrose

I think this is one of life's very hard lessons - that some of the foolish things we do in youth come back to haunt us later. Anybody contemplating a career in the finance sector needs to be aware of the financial solvency requirement in their student days to ensure that they don't unwittingly spoil their chances of landing their dream job. The only thing Tektonnic can do is go back and talk to the prospective employer, once he has a copy of his credit record, to see if there is anything they are prepared to consider to offer another chance. Unfortunately I suspect the French Rogue Trader incident will only have served to make banks even more cautious about their employees' records.