How Important is Personal Credit?

[gsmadonna]

I am preparing to take my P&C exam next week and am hyped. I feel confident and am ready to hit the ground running. But there is snag...I don't have very good credit.

Before I hear the 500 reasons how and why poor credit can be frowned upon and reflect blah blah blah. I am more concerned about knowing if this is going to hinder my future in insurance and more importantly getting started with an agency. I want to go the route of captive right away and get a few years of solid experience prior to making any more long term decisions.

I would prefer not discussing the reasons why or my score. However it has never hindered me the way people so often speak of (renting both commercial and residential, purchasing vehicles, credit card approval etc)

 

[LGilmore]

It will make it a bit tough to get started, may knock some better choices out of the situation. I don't need to ask or give you crap about why.. but be prepared to answer those kind of questions in interviews. You're going to be handling other people's money, the carriers pockets are deeper than yours, they may be concerned, but you're right it's going to depend on what the problem is.

 

[xrac]

I am preparing to take my P&C exam next week and am hyped. I feel confident and am ready to hit the ground running. But there is snag...I don't have very good credit. Before I hear the 500 reasons how and why poor credit can be frowned upon and reflect blah blah blah. I am more concerned about knowing if this is going to hinder my future in insurance and more importantly getting started with an agency. I want to go the route of captive right away and get a few years of solid experience prior to making any more long term decisions. I would prefer not discussing the reasons why or my score. However it has never hindered me the way people so often speak of (renting both commercial and residential, purchasing vehicles, credit card approval etc)

Many of the captives require to have $50k or more of liquid assets and a line if credit.

 

[blue_wynd]

Going by what you said, you will be working at an agency first; I don't see it as too much of an issue.

 

[Josh]

Many of the captives require to have $50k or more of liquid assets and a line if credit.

That's not quite true. To be an agency principal Allstate wants that. Just to be a producer? Not so much, general "fog a mirror" qualifications along with no recent or open bk.

 

[Norwayguy]

That's not quite true. To be an agency principal Allstate wants that. Just to be a producer? Not so much, general "fog a mirror" qualifications along with no recent or open bk.

X2 also the OP has stated he wants to work there for a couple years which gives time to clear of the credit issues and probably more important to learn the business before trying to start his own agency.