Don't get crunched by your credit

NEW YORK (CNNMoney.com) -- Question 1: You say that bad credit will be forgiven after 7 years. But what happens after 7 years? Are creditors not able to see your past history or will they not use it against you? - Lawrence, Penn.

After seven years, credit bureaus must remove negative information like unpaid credit card debt or a foreclosure according to Craig Watts of Fair Isaac. That means it won't be visible on your credit history.

The lender that you slighted will still know about the negative info because of internal records, but your credit history, as according to the bureaus, will be wiped clean.

Keep in mind there are some things that cannot be removed until 10 years, like bankruptcies. And unpaid tax liens can stay on your record forever. Check your credit report at annualcreditreport.com.

Question 2: I am a senior majoring in finance. How tight will the job market be for finance professionals amid the major cuts at investment banks? What can students do to ensure employment upon graduation? - Brian, La.

Thanks to the credit crunch, and the number of layoffs in the financial realm, there is more competition if you're trying to get a job. But, there is a silver lining according to John Challenger of Challenger, Gray & Christmas.

First, remember that a financial professional has a number of different roles to fill. What about auditing or accounting? Every company has a need for this. Further, there are some areas of investment banking that haven't been impacted by the credit crunch like securities and international finance.

The best thing you can do while you're in school is to take advantage of an internship. If you can find an organization that you like, chances are the company will want you when you graduate. Check in with your college's career development office to find out what opportunities are available.

Question 3: Would a credit freeze have an adverse affect on applying for a new job? - Rhonda

It could. If you put a freeze on your credit, you are basically locking access to anyone trying to gain access to your credit history. If employers are looking to do a background check and want to access your credit history, it won't be possible in most states.

Our advice: lift the freeze at the three credit bureaus before you go job hunting.