Creditworthiness of law clerks

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p. rex
Posts: 8
Joined: Mon Jun 27, 2011 6:12 pm

Creditworthiness of law clerks

Postby p. rex » Thu Mar 19, 2015 12:04 pm

I apologize if this question's been answered before or if this comes off as a frivolous question. But I will be starting a state appellate clerkship in August and wanted to know if other clerks have been able to get car loans without permanent long-term employment lined up. I doubt it matters, but I do expect to graduate with honors from a school with a certain measure of lay prestige.

theaccidentalclerk
Posts: 151
Joined: Thu Sep 29, 2011 9:29 am

Re: Creditworthiness of law clerks

Postby theaccidentalclerk » Thu Mar 19, 2015 1:11 pm

The fact that you won't have a recent income history will matter more than the term job. But once you start and earn a couple of paychecks, my guess is that it's vanishingly unlikely that a car loan underwriter will do the due diligence to see if your job is a permanent one. Might be different for a mortgage underwriter.

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nevdash
Posts: 409
Joined: Sun Dec 07, 2008 5:01 pm

Re: Creditworthiness of law clerks

Postby nevdash » Thu Mar 19, 2015 1:41 pm

I was able to get a 0% APR loan for a car with significant student loan debt and without any permanent work lined up after my term clerkship.

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: Creditworthiness of law clerks

Postby Anonymous User » Thu Mar 19, 2015 1:45 pm

I was able to get both a car loan and a home loan while clerking (and with hefty student debt). The banks did not even ask if it was a permanent job.

Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Re: Creditworthiness of law clerks

Postby Anonymous User » Thu Mar 19, 2015 7:19 pm

I'm a term clerk and just got approved for a $150k mortgage where all they asked for in terms of proof of income was my last 2 pay stubs. And it's a pretty thorough and reputable mortgage company (my dad was my loan officer).

p. rex
Posts: 8
Joined: Mon Jun 27, 2011 6:12 pm

Re: Creditworthiness of law clerks

Postby p. rex » Fri Mar 20, 2015 1:44 pm

Thanks for the feedback, folks. Sounds like I shouldn't have any problems.




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