mb1685
Well-Known Member
I've searched the boards about how bad credit can relate to chances of selection and/or obtaining a security clearance. I also posted a more general thread about this topic in 2012, when I was still in school. I know that the gist of it is that it's not a big problem to have credit blemishes if the amount of debt in question isn't huge, there are not significant recurring patterns of delinquency, and you are honest and forthcoming about all issues from the start.
However, when I was searching today, I came across a thread from 2006 where someone stated that if a credit card account is charged off, you're ineligible to apply for OCS until 3 years from the date you paid the account off (not from the date it was charged off). I looked in a lot of other threads related to bad credit and it was the only place I've seen that claim. I had always read that it was basically a case-by-case basis unless your debt was over a certain very high threshold. Does anyone know if 'automatic 3 year wait after charge-off is paid' is good gouge?
I went through a really rough financial time a few years ago and ended up being very late on my credit cards, and one of them was charged off with a balance of about $1000. I was able to get my other accounts current ASAP after that, and set up a payment plan with the company that had the charge-off (the original credit card company, not a collections company) for the full amount (not a settlement), and finished paying it off completely last February. My credit has improved by quite a lot since the charge-off (but still isn't great since that account won't be removed for a few more years), and although my payment history hasn't been absolutely spotless since then, it's been very good (and it's been totally perfect for over a year now). I also have a good mix of credit accounts with student loans and auto loans with perfect payment histories (many of them completely paid off), with my oldest account being opened in 2006. I'm really hoping what I read was bad gouge since that would mean I can't apply until February 2016...which would mean I'd be totally screwed since that's 2 months before I turn 27.
However, when I was searching today, I came across a thread from 2006 where someone stated that if a credit card account is charged off, you're ineligible to apply for OCS until 3 years from the date you paid the account off (not from the date it was charged off). I looked in a lot of other threads related to bad credit and it was the only place I've seen that claim. I had always read that it was basically a case-by-case basis unless your debt was over a certain very high threshold. Does anyone know if 'automatic 3 year wait after charge-off is paid' is good gouge?
I went through a really rough financial time a few years ago and ended up being very late on my credit cards, and one of them was charged off with a balance of about $1000. I was able to get my other accounts current ASAP after that, and set up a payment plan with the company that had the charge-off (the original credit card company, not a collections company) for the full amount (not a settlement), and finished paying it off completely last February. My credit has improved by quite a lot since the charge-off (but still isn't great since that account won't be removed for a few more years), and although my payment history hasn't been absolutely spotless since then, it's been very good (and it's been totally perfect for over a year now). I also have a good mix of credit accounts with student loans and auto loans with perfect payment histories (many of them completely paid off), with my oldest account being opened in 2006. I'm really hoping what I read was bad gouge since that would mean I can't apply until February 2016...which would mean I'd be totally screwed since that's 2 months before I turn 27.
