Catlover159797 Posted August 8, 2013 Report Share Posted August 8, 2013 Hi everyone, Despite a few late payments that I had I easily obtained the 250 000 max for a line of credit since i'm going to be a med student, yay! I know that bad credit can not be removed for around 7 years...I am wondering if this will affect me as a resident in terms of finding a residency job...I know that quite a few people are in the same position. The bad credit was due to more of technical errors and nothing to do with being able to pay (no, I can not get it removed, the onus is still on me). If for the next four years I do not make any more mistakes could this be fixed?... Link to comment Share on other sites More sharing options...
WtsupDoc? Posted August 8, 2013 Report Share Posted August 8, 2013 I don't see how a credit score would affect your residency prospects in any way. You can improve your credit during the next four years. The best way is to use your credit card and make you payments on time. Make sure you pay all other bills on time as well (cell phone, rent, utilities, taxes etc.). This will also help to build good credit. Link to comment Share on other sites More sharing options...
BlurstOfTimes Posted August 8, 2013 Report Share Posted August 8, 2013 I've never heard of a potential employer doing a credit check. Usually those are done by entities who expect *you* to pay them - banks, landlords, etc. But in residency, the hospital will be paying you, not the other way around. Maybe I'm missing something - why do you think it would have an effect on your ability to secure a residency? Link to comment Share on other sites More sharing options...
Catlover159797 Posted August 8, 2013 Author Report Share Posted August 8, 2013 Thank you for your responses! I heard that hospitals do background checks on doctors including their credit rating, other employers do this as well. Perhaps I'm wrong about this then? I did not see a reason for them to check this but who knows... Link to comment Share on other sites More sharing options...
BlurstOfTimes Posted August 8, 2013 Report Share Posted August 8, 2013 Hmm, that's interesting. I'm still quite far away from dealing with residency applications so I could be wrong, but I just can't see a reason for that to be an issue there. Link to comment Share on other sites More sharing options...
WtsupDoc? Posted August 8, 2013 Report Share Posted August 8, 2013 I've done some quick looking around and it looks like employers are looking at credit history more and more when hiring new employees. It seems quite common in the US but can happen here as well. A bad credit score is thought to be indicative of character and/or decision making. They do have to ask your permission to pull you credit score but saying no could be a red flag itself. I'm not sure how bad your credit score is right now, but I wouldn't worry too much. I also sincerely doubt it will affect your residency applications. Here is a link from the Government of Canada on tips to improve your credit score in the mean time: Improving your credit score: http://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02178.html Link to comment Share on other sites More sharing options...
schmitty Posted August 8, 2013 Report Share Posted August 8, 2013 Many employers definitely check your credit - I have had several jobs where this was the case. Usually they are jobs that put you in a position to handle some money. However, this should not effect you at all in residency. Plus, it doesn't sound like yours is that bad - I wouldn't worry about it at all! Link to comment Share on other sites More sharing options...
rmorelan Posted August 9, 2013 Report Share Posted August 9, 2013 Hi everyone, Despite a few late payments that I had I easily obtained the 250 000 max for a line of credit since i'm going to be a med student, yay! I know that bad credit can not be removed for around 7 years...I am wondering if this will affect me as a resident in terms of finding a residency job...I know that quite a few people are in the same position. The bad credit was due to more of technical errors and nothing to do with being able to pay (no, I can not get it removed, the onus is still on me). If for the next four years I do not make any more mistakes could this be fixed?... Shouldn't have impact on your residency position and since you are a med student now you will spend the next 6-10 years in magically doctor finance land where credit score doesn't really impact you. By the time it would matter it would be already removed. No one ran a credit check on me at any point - you can find how how screened your credit if you want. It just wouldn't be all that useful to separate out candidates compared to everything else that they have to work with. Link to comment Share on other sites More sharing options...
shady Posted August 10, 2013 Report Share Posted August 10, 2013 you will spend the next 6-10 years in magically doctor finance land I like this expression. I will use it from now on Link to comment Share on other sites More sharing options...
rmorelan Posted August 10, 2013 Report Share Posted August 10, 2013 I like this expression. I will use it from now on ha It really is stunningly amazing how much we get. 200-250K LOC, no co-signer at prime? No problem Prime during repayment? No problem Premium Visa, fee waved? No problem Banking Fees? Charges for cheques or drafts? That is something only regular people pay. Not us - for say 6-10+ years. likely max OSAP which we only pay back 1/2 and no interest for ages. No problem. Other provinces are amazing as well. and as resident it gets better if you can believe it. Up that LOC to 275K? No problem 320,000 mortgage, at absolute rock bottom rate? No problem want to by a house/condo WITHOUT a down payment? No problem, just use your LOC to cover it with no rate increase by 2-3% on the mortgage like everyone else on the planet. No let's just keep that rock bottom 2.79% rate. What a 30 year mortgage with that - sure why not. Let keep those payments low. You want one of those special open mortgages where you can pay of basically any amount at realistically any time. No rate increase for this again like everyone else, no problem. Lock all this in for your entire residency on the low rate - sure, why not. Why don't we just keep that rate forever - sure! This means you could get a 400K house/condo by the way - on a residents salary of about 50K when you already owe potentially 200K on an unsecured LOC. Without a downpayment. Anyone else - impossible. For us, no bloody problem, and again at the LOWEST possible rate on top of this. almost no serious credit checks in all of this - you have to mess up kind of seriously to get shut out. Most of all this is so automatic that people don't even realize how amazing all of this actually is. All done so that you would stay with them likely for your career - and yet you could still leave at any time. Not actual attachment required. Even a cell phone plan asks for 3 years - but a 275K LOC - nope. mind blowingly amazing. Link to comment Share on other sites More sharing options...
Jochi1543 Posted August 11, 2013 Report Share Posted August 11, 2013 ha I really is stunningly amazing how much we get. [......] mind blowingly amazing. I know, right? I'm trying to explain to my husband that we do not have to eat Ramen and minimize our flights between AB and BC to see each other to no more than 1 weekend in every 4 just because I have a lot of debt. He was telling me how he was gonna stock up on Kraft Dinner for himself to "help me pay off the debt" and was wondering whether he should book an earlier flight home on Labour Day weekend to save like $40 and cut our weekend short by 6 hours. I was like, YOU DON'T HAVE TO DO THAT. Link to comment Share on other sites More sharing options...
rmorelan Posted August 11, 2013 Report Share Posted August 11, 2013 I know, right? I'm trying to explain to my husband that we do not have to eat Ramen and minimize our flights between AB and BC to see each other to no more than 1 weekend in every 4 just because I have a lot of debt. He was telling me how he was gonna stock up on Kraft Dinner for himself to "help me pay off the debt" and was wondering whether he should book an earlier flight home on Labour Day weekend to save like $40 and cut our weekend short by 6 hours. I was like, YOU DON'T HAVE TO DO THAT. It is kind of pointless to even try on the small stuff. The point of residency is to learn and survive Link to comment Share on other sites More sharing options...
Catlover159797 Posted August 12, 2013 Author Report Share Posted August 12, 2013 haha this thread is hilarious. I'm feeling a lot better now, thanks guys! Link to comment Share on other sites More sharing options...
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