Bad credit and becoming a CPA

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Nick L in Medford, Massachusetts

40 months ago

J Roll in Williamsburg, Virginia said: Yes I file for CH 7 in 2009 (completed in 2009 also). My credit score is ok (fair category) but I cannot get an interview even with my CPA license and an MBA. This has to be the reason why although I cannot prove it.

I doubt the Chapter 7 bankruptcy is the sole factor if you aren't getting an interview. In my experience, credit & background are checked only after a job offer has been made.. You can check your credit to see if there are any employment related inquiries that you can only see. I received a copy of my background check which was run literally the day before I was supposed to start. It was over 30 pages with my complete credit profile, all previous addresses, previous employers listed, SS# trace etc.. I was told I was disqualified due to not meeting their credit criteria

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joecpa in Gap, Pennsylvania

40 months ago

Hello. I'm in PA and filed ch 13 in 2009. I have the CPA done also, and can't secure a position for any accounting positions. I've been on 10 interviews in 2011 and every time I get a response that they have decided to pursue other candidates. This comes after authorizing my background check. Have even secured round 3 in several tougher interviews with fortune 500 companies. There is no way around it in accounting if u have filed bankruptcy. If there is, then I would be very interested to hear from any of you at joey_cjr@yahoo.com.

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joecpa in Gap, Pennsylvania

40 months ago

J Roll in Williamsburg, Virginia said: Yes I file for CH 7 in 2009 (completed in 2009 also). My credit score is ok (fair category) but I cannot get an interview even with my CPA license and an MBA. This has to be the reason why although I cannot prove it.

Agreed. I'm in Philly, have the same credential as you and can't get hired anywhere. It always stops at the point of background check. I never hear a thing after they run it

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Nick L in Medford, Massachusetts

40 months ago

joecpa in Gap, Pennsylvania said: Agreed. I'm in Philly, have the same credential as you and can't get hired anywhere. It always stops at the point of background check. I never hear a thing after they run it

Have you tried explaining any possible issues before the BK check is run. Maybe saying candidly -- I want to be upfront & let you that if you run my credit report you may see a BK from xxxxx. This is due to xxxxxx because of xxxxxxx however I am very much interested and eager to begin work with xyz company.

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joecpa in Gap, Pennsylvania

40 months ago

Nick-

I did have a phone interview and then was invited in person. At the in person interview I did try this route and explained my situation. And guess what? It worked. They called me 2 days later for interview 3, and I couldn't believe it. At interview three, hiring manager told me in the interview she felt I was overqualified. So I know this route can benefit us by disclosing it up front instead of them finding out on their own. I just changed my method up 3 weeks ago to disclose it and even though I'm overqualified it does give me encouragement that bad credit can be dealt with in the interview positively if you tackle it right from the start. How about for you?

Jcpa in Philly pa

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Nick L in Medford, Massachusetts

40 months ago

joecpa in Gap, Pennsylvania said: Nick-

I did have a phone interview and then was invited in person. At the in person interview I did try this route and explained my situation. And guess what? It worked. They called me 2 days later for interview 3, and I couldn't believe it. At interview three, hiring manager told me in the interview she felt I was overqualified. So I know this route can benefit us by disclosing it up front instead of them finding out on their own. I just changed my method up 3 weeks ago to disclose it and even though I'm overqualified it does give me encouragement that bad credit can be dealt with in the interview positively if you tackle it right from the start. How about for you?

Jcpa in Philly pa

I have worse problems and currently unemployed and don't have a CPA and limited corporate experience. Much of my experience is in financial services. What is worse is that there are supposedly a ton of jobs in this part of Massachusetts and I can't get hired anywhere.

Did you get offered that job?

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joecpa in Emmaus, Pennsylvania

40 months ago

No I did not get hired because I was overqualified. But my point to you is that I addressed the ch 13 bkrptcy on my record up front in the first interview and was still invited back for a next round and my credit did not affect their decision. Yes it is tough but this is the way you have to do it. Secure the interview over the phone and then disclose it in person and in person only. You can get the CPA completed in 6 months to a year and it will really help. Are you the guy that is 35 like myself? If so I had offered to help u in an earlier post to update your resume if u want. You can look at mine If u are interested.

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MarissaH8637 in Macomb, Michigan

40 months ago

I know this post will sound rather naive but I just want to say I think that's terrible that someone would not offer a job because of a Chapter 13 filing. Stupid, stupid, and more stupid is all I can think. It makes me upset. When are we going to stop standing for this nonsense as a people???

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cpapal in Seattle, Washington

39 months ago

I have a bad credit and a large amount of debt on top of student loan. I had accepted a job offer at a Big 4 firm and was cleared on background check although my credit report showed negative items. They wanted an explanation and I provided a personal statement detailing how it happened and what actions I was taking to settle my debt.

I thought I'd be free of debt by the time I start job this Fall. I managed to settle only one account and it's looking impossible to settle with others. Should I file for Chapter 7? Do you think the firm will rescind its job offer when they find out? I believe they will run another credit check for new hires on start date. Is there any way I could discuss this with the recruiter or is bringing up bankruptcy is a big no no?

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jan in Salem, Oregon

39 months ago

michelle in Clermont, Florida said: I am 26 years old and thinking of going back to school . I plan on going for accounting but just like you guys i have bad credit . I was wondering the same thing should i not even bother because i won't be able to get a job?

Get a secured credit card to improve your credit. It is a card for people with bad credit and you pay them your credit limit in advance. The advantage, is each month the secured card company reports to the credit bureaus and this will show your monthly payments. Public Savings Bank is a good card.

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Student 1824 in Bay City, Michigan

39 months ago

Are you serious right now WTF...

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badcredit12 in Los Angeles, California

38 months ago

There are several States last year that recognized this unfair/unethical practice and decided to do something about it. Now, there are few states that now outlaws the use of credit information as a tool to screen applicants. At this point, it is only at the state level. I do predict that everyone will catch on and make it a Federal law. Hence, if you want to get a job with the federal government that will require security clearance, you're automatically disqualified.

However, DO NOT loose hope!!! I appreciate everyone for being supportive to those who are in need.

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Nick L in Medford, Massachusetts

36 months ago

At this point my credit is the least of my problems. For the past 2 years I have been underemployed or unemployed which is now making it nearly impossible to get anything but near minimum wage & short term temp work. At my age of 36 I have NO public experience and recruiters and career coaches (the ones you pay) have told me basically that I am wasting my time with the CPA exam since no public accounting firm will touch me because of my age and even worse because of my poor work history. I have applied to several of the Big 4 in the past and never was able to get any type of invite for an interview.

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Jack123 in Atlanta, Georgia

36 months ago

I would suggest keep patients and don't loose your hope. Everything will be fine don't take decision in hurry.
www.xhiaccounting.co.uk/

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Dana in Napa, California

35 months ago

"I don't want to waste any employer's time."
Yes, I have been in your shoes and I was up front from the very beginning. It worked and they actually helped me pay down the debt; however, it was to become a captive insurance agent. I had my license and a very good book of business. So that is why they worked with me. BUT I hate insurance sales because when a client bounces their check I get a hugh Charge-back of the entire year of comissions, right away. It was not a real wage earning job. I am now back at University earning my accounting degree. My concern is my credit is screwed again because of those charge backs...I did have or open any credit cards, or buy a car or any other payment plans besides trying to be a worker in a failing economy were people could not pay their life, car, or home insurance.

Recently, after I thought "oh my credit is fine everything is paid off, I do not need to bring it up" he checked it and nothing.

So yeah, be upfront about.

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Dana in Napa, California

35 months ago

[ At my age of 36 I have NO public experience and recruiters and career coaches (the ones you pay) have told me basically that I am wasting my time with the CPA exam ]

Oh no I am 41!

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Accountant Woody in Findlay, Ohio

34 months ago

J in PA in Philadelphia, Pennsylvania said: Olive in Arnold,
thank you for your opinion. I completely agree with you that this is how I have to approach the interview now. I'm very qualified and know I should have been hired somewhere 6 months ago. And it is definitely that I have the Bankruptcy on my record, which is holding me back. I was in Big 4 and went through background then too, and was hired on 24 hours later.

Criminal in Stockton,

You are not out of the running yet. Step back from the "BIG" jobs like Big 4 and focus on the local smaller tax and audit companies, and apply there. The 4 person accounting office can be a better experience for many people, has better quality of life and pays "almost" as well. They don't really do background checks at the small places and hire based on personality.

Good luck in your decision. It is very tough that the business world is so rigid.

I agree that while the Big 4 jobs are attractive if you're hard up for a job I would apply to several smaller companies and firms. This was the same type of position I was in and I applied and was up front with the woman about what happened (medical bills from cancer that I beat) and after a few more minutes of hearing about it she commended me for being up front about it. Less than 24 hours later I got a call from her saying when I could start. There is hope out there for us and I think that there is a fundamental flaw in the legal structures in this country. Just because it says they can't discriminate doesn't mean they can't when there isn't any form of true enforcement.

Keep your heads up and don't listen to any of the trash some of these people are spouting on this forum about we should have paid our bills. The 3 biggest reasons for bankruptcies in this country right now are real estate falling out, medical bills, and lay offs. I, for one, am sick and tired of hearing about good people being called trash because life sucker punched them.

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Melmcl in Whangaparaoa, New Zealand

33 months ago

KEVINT1964 in Independence, Missouri said: In my case, settling wasn't an option. My debt was so high that I would've needed a job paying about 3 times what my last permanent job was paying me in order to just make the minimum payments. Even if they negotiated lower balances to make things easier, I didn't have steady work (and the reason why my debt became atrocious), so I still couldn't have made the payments. Bankruptcy was my only choice. It was so bad, I had to borrow the money from my brother to help pay for the filing and court costs.

Within a week of my bankruptcy being finalized with the court, I lost the temp job I was working and got my car repossessed (the bank wouldn't reaffirm it in the bankruptcy). With no transportation, I couldn't get to a job even if I could find another job. This led to my eviction from my apartment, and I've basically been a transient ever since (3 1/2 years and counting). I still don't have a car because I owe a 4 figure past due personal property tax bill from several years ago that I can't pay.

I'm glad you are able to work out a settlement in your situation. I still think that the bad credit history and a high debt to income ratio makes employers think that if you can't control your own personal finances, how can you do the same for my company?

I've been punished for way too long because of my personal financial problems and its resulting circumstances.

OMG. what a crack up. you got to be joking? come to New Zealand, You will definitely get a stable job and love life!!!!!!!!!!

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Cassy in Paramount, California

32 months ago

Hello,

I am currently finishing school and I filed in 2008 due to having lost my job and other unforeseen occurrences. I just started interviewing and I asked a career counselor for advice on the matter and he suggested that honesty is better. The way you go about it is:
- Interview with them and try to sell yourself as best as you can and once you are at the end of the hiring process and they want you, that is when you tell the recruiter about your bankruptcy.
-This will show that you are honest and it will provide you with an opportunity to explain the events that led you to file for BK.
-If you do not inform them of the BK they will find out during their investigations anyways and you will never have the opportunity to defend yourself.

I hope this helps, this is my plan of action and I hope that I can overcome this problem. Good luck!

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Jimi Meshulam in Fremont, California

29 months ago

It's sad to see skilled people being forced out of the job market because of a bad credit. I have recently started my own accounting firm. I do not yet have my CPA exam, but plan to complete this in 2012. I am setting up the accounting firm as a work from home consultant firm, providing both accounting and auditing services as well as administrative services for small and medium sized companies who wished to outsource these time consuming tasks. I would love to give anyone stuck in the credit score dreadlock a job. I am new to the US and is shocked of how the credit score can imprison people and keep them out of the job market. This would not happen elsewhere in the world. As soon as I get my business up and running in 2012, feel free to contact me or send me your resume already now.

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Chris in San Francisco, California

29 months ago

Sounds like there's some sad stories here. It's not been an easy few years, but people, you're asking for a position of accounting for and possibly managing an entity's finances. The rule of thumb is that if you can't manage your own finances, how will you do it for the company? Was too much risk taken? Was too much debt taken? Can the individual not budget? These will be key considerations of the company and the personal assessment is not favorable.

Additionally, nearly anyone with experience has heard of the fraud triangle. Essentially, you have 10% of the population that is a saint, 10% of the population that would try and steal $10 from a dying widow, and the rest relies upon pressure and opportunity. If there's no pressure on the home front, then its less likely the employee will steal. While we are forever trying to make a perfect situation, this position will likely have opportunities to steal. A starving person makes a lousy food waitstaff, and poor credit makes for a lousy accountant. The best you can do is to explain it to your recruiter as a one-off incident and show how this is no longer a situation that applies to you and this is the remainder only.

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Nick L in Medford, Massachusetts

29 months ago

Chris in San Francisco, California said: Sounds like there's some sad stories here. It's not been an easy few years, but people, you're asking for a position of accounting for and possibly managing an entity's finances. The rule of thumb is that if you can't manage your own finances, how will you do it for the company? Was too much risk taken? Was too much debt taken? Can the individual not budget? These will be key considerations of the company and the personal assessment is not favorable.

Additionally, nearly anyone with experience has heard of the fraud triangle. Essentially, you have 10% of the population that is a saint, 10% of the population that would try and steal $10 from a dying widow, and the rest relies upon pressure and opportunity. If there's no pressure on the home front, then its less likely the employee will steal. While we are forever trying to make a perfect situation, this position will likely have opportunities to steal. A starving person makes a lousy food waitstaff, and poor credit makes for a lousy accountant. The best you can do is to explain it to your recruiter as a one-off incident and show how this is no longer a situation that applies to you and this is the remainder only.

Does the same go for existing employees? Do they have their credit run periodically and fired if they get into any credit trouble?? What I find ironic is that the same banks who asked for and accepted TARP money now deem someone ineligible for hire solely on credit card debts.

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Starlite

29 months ago

to me credit shouldn't matter...criminal record yes, but credit no...just because someone has bad credit doesn't mean their going to steal...not even...

If someone really wanted to steal, there's a lot easier ways to do so than to go through all the trouble of getting hired...

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bhills in Atlanta, Georgia

29 months ago

With BK, were you able to work as a consultant?

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Bluetea in Texas

29 months ago

Nick L in Medford, Massachusetts said: Does the same go for existing employees? Do they have their credit run periodically and fired if they get into any credit trouble?? What I find ironic is that the same banks who asked for and accepted TARP money now deem someone ineligible for hire solely on credit card debts.

If you have a job you can have bad credit. If you are looking for a job you can't. Go figure.

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Auditor in San Ramon, California

28 months ago

For what it's worth:
I graduated college 2011. My credit was pretty below average (not terrible). I had one maxed out credit card ($2500), one collection ($100), and past due student loans ($10,000).

I got an auditing job and they checked my background/credit. No one said a thing.

I'm still interested in what they are looking for on the background check...

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Nick L in Medford, Massachusetts

28 months ago

Auditor in San Ramon, California said: For what it's worth:
I graduated college 2011. My credit was pretty below average (not terrible). I had one maxed out credit card ($2500), one collection ($100), and past due student loans ($10,000).

I got an auditing job and they checked my background/credit. No one said a thing.

I'm still interested in what they are looking for on the background check...

They are concerned about collections of large amounts (over $5,000) and charged off credit cards. Past due student loans I assume you just mean late but not in the collection or judgement process. I lost out on 3 TEMP jobs after my background was run and came back 'ineligible' due to excessive amount of debt in collection and/or chargedoff

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Nick L in Medford, Massachusetts

28 months ago

They are concerned about collections of large amounts (over $5,000) and charged off credit cards. Past due student loans I assume you just mean late but not in the collection or judgement process. I lost out on 3 TEMP jobs after my background was run and came back 'ineligible' due to excessive amount of debt in collection and/or chargedoff

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Nick L in Medford, Massachusetts

28 months ago

I just found out that I was rejected for a Temp/contract job starting in April due to a failed background check. This was for a 2 month assignment with a financial institution in Boston. I got a call four hours after filling out the background authorization that the check was rejected.

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reviseM in Harrisonburg, Virginia

28 months ago

just me in Chesapeake, Virginia said: First of all you are not a NFL player and Vick has nothing to do with your issues. He is good at what he do. It is plain and simple, no one wants you to handle their credit or a company doesn't want you if you can handle your own bills. That is the way it is. You should of paid your bills and you would have a job.

Just because one has bad credit does not mean that person is bad or a thief although they are made to feel this way. For all you know done their very best at handling what the economy has handed them job eliminations are everywhere you may be singing a different tune if the same were to happen to you.

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reviseM in Harrisonburg, Virginia

28 months ago

just me in Chesapeake, Virginia said: First of all you are not a NFL player and Vick has nothing to do with your issues. He is good at what he do. It is plain and simple, no one wants you to handle their credit or a company doesn't want you if you can handle your own bills. That is the way it is. You should of paid your bills and you would have a job.

Just because one has bad credit does not mean that person is bad or a thief although they are made to feel this way. For all you know done their very best at handling what the economy has handed them job eliminations are everywhere you may be singing a different tune if the same were to happen to you.

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reviseM in Harrisonburg, Virginia

28 months ago

just me in Chesapeake, Virginia said: First of all you are not a NFL player and Vick has nothing to do with your issues. He is good at what he do. It is plain and simple, no one wants you to handle their credit or a company doesn't want you if you can handle your own bills. That is the way it is. You should of paid your bills and you would have a job.

Just because one has bad credit does not mean that person is bad or a thief although they are made to feel this way. For all you know done their very best at handling what the economy has handed them job eliminations are everywhere you may be singing a different tune if the same were to happen to you.

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jayjay in Houma, Louisiana

27 months ago

I am currently in college and I have bad credit. I have paid off all of my outstanding debt which were all credit cards. I am scared beyond scared that i will not be able to pass a credit check. How long after a person pays off their debt will that person be able to pass a credit check.

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Nick L in Medford, Massachusetts

27 months ago

jayjay in Houma, Louisiana said: I am currently in college and I have bad credit. I have paid off all of my outstanding debt which were all credit cards. I am scared beyond scared that i will not be able to pass a credit check. How long after a person pays off their debt will that person be able to pass a credit check.

You should be fine. These background checks look for bad debt (debt that is in collections or charged off). Most financial institutions & large accounting firms check credit but are looking for bad debt over $5,000. If your debts are paid or current than it won't be an issue even if you have a poor credit score. I was not able to pay my credit cards after getting laid off in 2009. None of the creditors would work with me either which led to all of them being charged off. It seems nearly impossible to get even a short term temp job in financial services (even temps are subject to the full background/ credit check)

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Nick L in Medford, Massachusetts

27 months ago

You should be fine. These background checks look for bad debt (debt that is in collections or charged off). Most financial institutions & large accounting firms check credit but are looking for bad debt over $5,000. If your debts are paid or current than it won't be an issue even if you have a poor credit score. I was not able to pay my credit cards after getting laid off in 2009. None of the creditors would work with me either which led to all of them being charged off. It seems nearly impossible to get even a short term temp job in financial services (even temps are subject to the full background/ credit check)

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Sandy in Tulsa, OK

27 months ago

Many companies feel that bad credit has a higher chance that a person will be dishonest for some quick cash. I know its wrong for companies to think like that.

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Bluetea in Texas

27 months ago

Sandy in Tulsa, OK said: Many companies feel that bad credit has a higher chance that a person will be dishonest for some quick cash. I know its wrong for companies to think like that.

That's bull. Its just a way to thin out the herd.

You can have bad credit if you HAVE a job. You just can't have it, if you are looking for a job. Heh!

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Joel in Fresno, California

27 months ago

In the case of auditors there can also be an independence issue if an auditor owes more than a certain amount to a bank....they aren't allowed to audit that client, because I guess it's presumed they would have an interest in the outcome of the audit.

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Angela in Campbellsville, Kentucky

27 months ago

I have a bankrupcty on my credit too. For those of us that don't have a good chance working for someone else, should we try and start our own businesses?

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Muj in Troy, Michigan

21 months ago

I know bankruptcy does play a big role, what if one had a foreclosure couple of years ago and utility bill dispute which turned into collection? I have a current mortgage with perfect payment history, had three or four car loans that been paid in full and not to mention several investment homes that had been paid in full. It was only loan from countrywide who were leader in fraud. I tried to work something out and settle on the loan by doing short sales etc but couldn't due to title issues which was a mistake of countrywide title company and overvalued.

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Bluetea in Texas

21 months ago

Muj in Troy, Michigan said: I know bankruptcy does play a big role, what if one had a foreclosure couple of years ago and utility bill dispute which turned into collection? I have a current mortgage with perfect payment history, had three or four car loans that been paid in full and not to mention several investment homes that had been paid in full. It was only loan from countrywide who were leader in fraud. I tried to work something out and settle on the loan by doing short sales etc but couldn't due to title issues which was a mistake of countrywide title company and overvalued.

I use to work in "Mortgage Mile": Countrywide, Long Beach Mortgage, Ameriquest, etc. were all within walking distance and even people in the mailroom knew that what they were doing just stunk to high heaven! LOL!

Course, I was laid off and a year later, the whole thing came down like a house of cards.

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Muj in Troy, Michigan

21 months ago

So how much of an impact does foreclosure has on your ability to land a position in accounting field?

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J Medina in Apo

18 months ago

Sheneela in Carmel, New York said: Did you find the answer yet? I was also looking to explore being a CPA however my credit is not in good shape. I had filed for bankruptcy.

My Master's and Bachelor's are both in Accounting . I am just trying to find out if the bankruptcy will prevent me from being a CPA in the future.

The worst thing you can do is file bankruptcy. I was in the same situation as you guys, but instead I joined the military and it placed all my debt and credit cards at 6% apr to 0%. When I get out I will most likely find a good paying job with good credit standing.

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Alan in New York, New York

12 months ago

Does anyone know if a job offer from the state can be withdrawn if you owe money on your taxes. I was offered a job by the state and i know they do background checks and im not sure what shows up on the report. The reason that I ask is because I owe 2,000 to the state that I'm challanging and I'm not sure if the job offer can be withdrawn due to that.

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Mary- in Tampa, Florida

12 months ago

[Are you a footplayer? I do not understand your comment about the football player. Dont attacked someone else because you have failed in YOUR career and could not bounce back.]I am not a CPA ; however, I am an accountant who was forced to file for bankruptcy due to prolonged unemployment and debt incurred in my attempts to stay financially afloat. I filed in 2005, and to this day, still don't have a permanent job (I'm going into my EIGHTH YEAR of not having one). I can't even find temporary work right now because even temporary positions want a "stable work history", and if you're stuck in a "temporary jobs only" circle like myself, you're not considered "stable". I've seen employers requiring a credit check for hiring customer service representatives! Bankruptcy was supposed to give people a fresh start and second chance. It hasn't been that way for me; in fact, it has been worse and in my opinion, discriminatory. Yet Michael Vick, the former multi-millionaire Atlanta Falcons QB who went to prison for dogfighting and is in bankruptcy proceedings right now, will be released from jail later this year and get another multi-million dollar contract with a new NFL team, as well as a possible reality TV show. Total BS!!!

Back to the original subject-in all likelihood, if you have a financial related work background or pursuing such a career and file for bankruptcy, you're screwed. I've found that out the hard way.

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Bensmith1 in Phoenix, Arizona

12 months ago

The following is based on my experience, prospective and opinion working at Vion Receivable Investments.
Premise:
I was fired for taking a 20 minute emergency call with an insurance company.
History:
Week 1:
The first week I was given invoices to enter in A/P by Amy Iacovelli, Controller. I reviewed the invoices including the support detail that was attached to them and entered them into A/P. On day two it appeared Amy was frustrated with my performance so I approached her and she explained that it was taking too long to enter invoices into A/P. I explained what I was doing and stated I will not provide analysis and just enter the invoices as directed. I explained that I was not given a specific deadline and assumed I had time to analyze and try to understand how the company operates since I just started. I apologized and explained that it would not happen again. At the end of the week I inquired about my performance and Amy stated, “You must be happy with yourself.” Amy indicated that I did well and to continue the good work.
Week 2: There were no problems or misunderstandings and Amy appeared to be pleased with my work.
Week 3: The second day of week three I had to take an emergency phone call dealing with an insurance company since I was dealing with an incident that took place in December 2012. The call lasted 20 minutes. Amy interrogated me in front of my co-worker, “What have you been doing for the past hour?” I responded, I was on an emergency phone call that lasted 20 minutes, working on writing-up invoices, and revising my notes (all requested by Amy). Within 30 seconds Amy called me into her office and reamed me for taking the call. I explained that the call was an emergency and I needed to take it, I asked her “What would you like me to do in the future?” Amy replied, “You need to run all your calls through me first. When you come to work you better be in your seat.” I said, “I come in early and sometimes stay late.”

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M Tilly in Beaverton, Oregon

8 months ago

Curious whether any individuals here have updates...
Did you remain in the accounting profession or move on to something else?
Did you pursue a CPA?
Work for yourself?

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Nick L in Medford, Massachusetts

8 months ago

Mary- in Tampa, Florida said: [Are you a footplayer? I do not understand your comment about the football player. Dont attacked someone else because you have failed in YOUR career and could not bounce back.]I am not a CPA ; however, I am an accountant who was forced to file for bankruptcy due to prolonged unemployment and debt incurred in my attempts to stay financially afloat. I filed in 2005, and to this day, still don't have a permanent job (I'm going into my EIGHTH YEAR of not having one). I can't even find temporary work right now because even temporary positions want a "stable work history", and if you're stuck in a "temporary jobs only" circle like myself, you're not considered "stable". I've seen employers requiring a credit check for hiring customer service representatives! Bankruptcy was supposed to give people a fresh start and second chance. It hasn't been that way for me; in fact, it has been worse and in my opinion, discriminatory. Yet Michael Vick, the former multi-millionaire Atlanta Falcons QB who went to prison for dogfighting and is in bankruptcy proceedings right now, will be released from jail later this year and get another multi-million dollar contract with a new NFL team, as well as a possible reality TV show. Total BS!!!

Back to the original subject-in all likelihood, if you have a financial related work background or pursuing such a career and file for bankruptcy, you're screwed. I've found that out the hard way.

Yes I am in the same vicious circle. can't find a perm job because I don't have a 'stable work history' and get offers for temp jobs in the financial services industry & accounting related rescinded once the background check is done and they see credit card chargeoffs. You cannot have collections or chargeoffs that are above a certain dollar amount like $1,000 either.
and it is almost impossible to change careers once you are in your late 30's and you are competing with people in their early 20's

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jolievoila in Magazine, Arkansas

6 months ago

I, too, am concerned. I thought I had good credit, until the other day when I got a rejection letter from a bank. Most jobs I've held has been as a staff accountant, though I don't have any credentials. I just sort of fell into it. But yesterday, found that I have a FICO score of 599. Last time I checked, it was 640 but this was years ago. I have been lazy about checking it because I hate signing up to those things! They want your credit card and to send you things, and charge you!

My report turned up (what I thought) was not too bad. All of my bills for the last few years are all paid on time. But there were two things: One was a state tax lien from nearly seven years ago - which I paid off nearly seven years ago. It's indicated that it was paid, so I'm not sure if this was the reason for Arvest Bank rejecting me.

The other thing was a student loan in collections. For this, I don't know what it is exactly, so it's going to take a little more time to figure it out. I really didn't know it was there, but one thing is for sure: I can't afford to pay it until I get a job. It's for $3900.

Other than that, everything on credit report is paid on time every single month. I went over my credit limits twice, and I do have $50k in student loans that I'm paying on.

I live in a state that isn't protected by the Fair Credit practices law. Tomorrow, I'm interviewing for a night auditor position with the state of Arkansas at one of their lodges. Now, I'm freaked out because it's a cash handling job.

I guess I'll like you guys mentioned and bring it up in the interview. It's really just not that big of deal, I thought. Here, there aren't very many jobs in my field, and since everyone is online, well, it's almost hopeless. I fear that I'll have to take a labor job.

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