Help with job search question

[CSW]

Hello,

I got my discharge for Ch.7 back in August of 2005. Soon after, I hired the services of a credit rebuilding firm. I read here where some people say this is just wasting time, that all past due accounts and other negative history are legally allowed to stay on your record, even after BK. Now, I am starting to think this is true.

Whenever I get the dispute letters from the credit report agencies, I open them before I forward them to the credit repair firm. These letters are the results of the investigations. I always check what they say, and so far the credit repair agency has been able to remove only a very small number of accounts, out of the many I had on my report after the BK.

I am currently job hunting. I am applying to positions of prestige, mostly in finance. I haven't been getting any offers my way. I suspect it has a lot to do with the background checks on my report that these firms surely must be performing.

My question is two fold. First, will ALL information on my credit report be gone after 7 years, so that I could potentially get a brand new start in attempting to land some of these coveted finance positions I aspire to?

Second, does the week-to-week work of the credit repair firm delay this 7-year period for me? In other words, say that they are not succesful in cleaning my record in another year, even two more years from now, will everything still wipe clean slate 7 years from the original discharge?

Thanks for your answers in advance.

[FloridaGirl]

Good questions. I don't have the answers for you, but I'm sure someone will. I am responding because I have a question for you. What type of job are you looking for in the finance industry? I ask because I am about to take the steps to become a mortgage broker here in Florida. After reading your post, I wonder if I will have a hard time landing a position due to my credit history. There are no books which give the answer. I'm not sure if credit history would be a factor for mortgage brokers or not. Do you know?

[gak555]

Florida Girl: I don't want to step in the middle of CSW's thread, but could you send me a private e-mail. I am also thinking of starting in the mortgage business, and want to know what made you decide to go that route.

[tinroofrusted]

Florida Girl: I don't want to step in the middle of CSW's thread, but could you send me a private e-mail. I am also thinking of starting in the mortgage business, and want to know what made you decide to go that route.

I am in the mortgage business right now, and would like to talk with you further about what it's currently like.

Please PM me!

[CSW]

Florida Girl,

I too am in Florida, so I guess I would be Florida Guy from now on :-).

I just graduated with an MBA this past week, with a concentration in finance. I am applying mostly to financial analyst positions in a corporate setting, but anything that has to do with corporate finance I am interested in (brokerage, wealth management, treasury, controller, etc...). My fear is that the nature of these positions will undoubtedly call for a thorough background search. I read about this everywhere and I am very concerned I am wasting my time and effort with trying to get the jobs I really want.

Sorry but I don't know how the mortgage business is in this respect, so I cannot advise you, but I am sure other folks here will.

Hopefully, someone will be able to shed some light on the questions I have.

Thanks all.

P.S. tinroofrusted, could you please also forward me with information regarding how things are in the mortgage business after BK?

[FloridaGirl]

Thanks for your response! I appreciate it.

[highNdry]

I'm currently working at a very well respected investment firm in Orange County California, and I can tell you this unless you are going to apply for a trader your BK-7 is not an issue. They will ask you question as to why you filed it and stuff but it will not be an automatic denial. Also according to HR a BK is better than charged off and outstanding bad debts.

Also they check your background after all interviews are done and you have been selected for the position.

[Roadrunner]

CSW-

Nothing should be able to restart the 7 year rule. Regarding the agency you are using-as I understand it, the credit bureaus are 'wise' to their tactics and don't respond to them the same as they would respond to you. If there truly are errors on your report, you could write dispute letters and try to get them fixed/removed on your own. Without paying someone else to do the same.

[tinroofrusted]

Florida Girl,

I too am in Florida, so I guess I would be Florida Guy from now on :-).

I just graduated with an MBA this past week, with a concentration in finance. I am applying mostly to financial analyst positions in a corporate setting, but anything that has to do with corporate finance I am interested in (brokerage, wealth management, treasury, controller, etc...). My fear is that the nature of these positions will undoubtedly call for a thorough background search. I read about this everywhere and I am very concerned I am wasting my time and effort with trying to get the jobs I really want.

Sorry but I don't know how the mortgage business is in this respect, so I cannot advise you, but I am sure other folks here will.

Hopefully, someone will be able to shed some light on the questions I have.

Thanks all.

P.S. tinroofrusted, could you please also forward me with information regarding how things are in the mortgage business after BK?

Credit wise for me they were fine.

However, the mortgage business, I feel, is NOT the business to be getting into right now. Ameriquest has just cut 3K jobs, manY LO's.

My company has had its worst 3 months in 8 years.

Interest rates are going up, and it is not even a good housing market right now. Home values are way overinflated, and it scary out there.

[CSW]

Thank you all for your responses. I appreciate it.