New Job- High Debt Level Question/Help?

[mockingboy]

Hello All-

I just joined your forum and thanks for everyones assistance. I was hoping someone could help me out with this...

My credit scores are 650 on transunion, and around 700 on experian and equafax.

My parents made too much money for me to qualify for subsidized or federal student loans as they both paid their way through undergraduate and graduate school themselves. They thought it would be a good way for me to learn the value of a dollar.

I have never been late on one single payment and have widdled from $100,000 in debt down to $60,000. Late last year, I got an opportunity to transfer 75% of my debt to credit cards with 0% interest rates and I did which expires in September. So now I have $45,000 or so on zero interest and 15,000 in private loans. I should be able to pay off $40K or so by the time the 0% time period expires

I just got a new job offer that pays a salary of $120,000 and a bonus potential equal to 150% of that number. It is obviously a finance job (actually in real estate investment) and is high paying.

I had to get a credit check and I am nervous the employer is going to freak out at my high level of credit card and private loan debt (I am 25 years old).

Does anyone have any experience with this and do I have anything I should be worried about? Like I said before, I have no deliquent, late, collection, etc. accounts and I never have had any. The only reason I got the 0% deal was my parents agreed to co-sign on the accounts.

I appreciate everyone's time and help. Thanks again!

-Mike

[ScrimpAndSave]

I think you are going to be fine. Congrats on such an awesome job!

[LuxLiving]

If it comes up, explain to them about the money being used for schooling exactly as you explained it to us:

"Mom & Dad made too much money for me to qualify for aid or loans, but they wanted me to learn about money, so I have to pay my own way. I've transferred the CC charges to 0% cards with plans to pay off most of it by September."

They should understand.

[mockingboy]

Thanks for your reassurances..

It can be nerve wracking when one has debt as most of you know, and you go through all these wicked scenarios in your head of how it is going to play out.

Thanks again.

[jIM_Ohio]

Credit check will show more about who you do business with and reliability. A low credit score shows you are not trustworthy with money, and in a finance job that would be REAL BAD.

If anything your little maneuver probably increased your credit score. Do not worry.

[Heart-Of-God]

Congrats on your great job. I don't think you have anything to worry about at all. If your employer asks, just explain to them that the debt was from going to school. Going to school is an investment. Good luck on your new job!!!

[StanFatherof3]

I agree with the others. Debt from your school years is so easily explainable. Congratulations on the new job!