Back when I was a general manager of a statewide collection agency on the east coast, there was this one employee that worked as a bill collector by the name of Brett. Brett had 3 years working for me and in my opinion had the talent for greatness in the collection business. I could see Brett as a collection manager. This guy was a motivator. He was driven and seemed to possess the innate ability to bring out the best in the people that he worked with. He was on his way up.
Seeing the traits that Brett possessed I was determined to promote his ability to lead. I promoted Brett to the title of Collection Supervisor, responsible for the production of 5 bill collectors in his department.
Without missing a step, Brett performed outstandingly in his new position. In such a competitive environment as the collection business, his performance was quite impressive. In less than one year, Brett was maturing beyond his supervisory role.
In my management capacity, I felt Brett was prepared to hold the title of Collection Manager and I made no secret of my plan to propose my recommendation.
I held a private meeting with Brett to find out if this would be a position that he would consider. The meeting, as it turned out, was merely a formality as Brett left me with no doubt in my mind that this was absolutely a challenge he was especially prepared for and extremely eager to accept. He could barely restrain the big fat grin on his face when I told him that the position provided for a $ 10,000 dollar per year increase in his salary.
I personally was thrilled for Brett, as he certainly had earned it. However, this kind of promotion was not mine to hand out. As with most major corporations, there are proper channels one must go through to receive authorization to promote someone. This was standard practice.
On the third morning of my submitting the promotion forms to the higher ups, I walked into my office and was surprised to find the internal mailing on my desk. It was marked 'promotion authorization'. I found it unusual at how quickly it had come back to me. Normally it was a seven to ten day turnaround before I would receive a response. Well, I must say that after opening and reading the memo to myself, I was stunned.
It certainly was not what I was expecting.
I called Brett into my office. As he walked into my office, he took notice of the 'promotion authorization' envelope. He had purposely left my office door open behind him for all to hear the good news of his promotion. As he pulled up a chair grinning ear to ear, I asked him to 'please close the door'.
I had to do this quick. I was sitting behind my desk. I made eye contact with Brett after he sat back down and without me saying a word, I picked up the envelope with the memo attached. Arduously, I reached across my desk and handed it to Brett. This was going to be bad. I observed Brett's demeanor as it went from being elated to being dejected.
The memo read: "though your candidate for promotion exemplifies an exceptional performance record with our company, we regret to inform you that the application for promotion has been denied. If you have any questions … blah, blah, blah, blah, blah . "
There was a code at the bottom of the memo. Brett did not know what it meant … But I did.
It meant that Brett had a low credit score. A low credit score means that you don't pay your bills on time or that you don't pay your bills at all. To some companies, your credit score is a measure of your character and integrity. When a promotion requires that you receive a security clearance to the internal system of operations, character and integrity are important attributes. The reason for slow payment or no payment is not listed on the credit record and really does not matter.
Is this fair? Maybe not, But it is what it is.
What gets me is this. If these higher ups had met Brett and had the opportunity to see him in action, then maybe they might have decided differently. The reality of the matter is simply this, and you need to understand and be aware of this truth.
The parties that have the power to decide whether or not you receive approval for a particular job, a
line of credit, an apartment lease application, a home mortgage, an auto loan, a checking account or
anything else that would involve your credit report, more than likely will never meet you face to face
or speak to you. When entities base their decisions to approve or disapprove applications on your credit bureau report it's best that it be the best it can be. Now there are several other factors involved in the approval process, but you can rest assured, that if your credit bureau report is not favorable, it is most likely that the approval process will stop there.
Needless to say, my expectations for Brett had been neutralized. There were no magic words that I could have said to alter his credit report. That was something he would have to tackle on his own if he elected to do so.
So what is the answer to the question "IS GOOD CREDIT Really all that important?"
I will present to you a challenge. Will YOU be prepared to walk through the doors of opportunities that
suddenly present themselves to YOU?
My point is simply this, your credit record is the key that will afford you the power to open many
doors of opportunity. By having a good credit score, YOU DECIDE which doors to open.
Or you can wish. But I gotta tell ya, I have yet to witness a 'wish' that can open a door of opportunity.