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Will Bad Credit Kill My Dream?

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AppleCello

AppleCello

New Member
I would guess that debt in general is fine. Its more likely to do with how one manages one's own debt. Many people have car and home loans. $15,000 in car loans can be a GOOD thing as long as one is making payments regularly and on time.
 
Ailen

Ailen

Registered User
I currently work in a personnel security related field and you've been getting some good advice. Debt, in and of itself, is not a problem if paid on time. The ability to avoid situations in which one becomes delinquent is a very different issue. Clearances are really about a few different things: reliability and integrity being just two of the terms used frequently.

If you'd like to see how an adjudicator looks at your situation, look at this document: DCID 6/4 http://www.fas.org/irp/offdocs/dcid6-4/index.html

This is specifically for SCI-level stuff, but the idea is the same. Check Annex C and then scroll down to Guideline F.

Note that although this may be a problem today, time and a proactive effort to resolve issues does mitigate a lot of things.
 
FelixTheGreat

FelixTheGreat

World's greatest pilot and occasional hero
pilot
How does having student loans factor into things. It cost me a lot of money to go through college and earn my pilot ratings and I am in for quite a bit of money ($35,000) like every other pilot who struggled out of pocket earning their ratings in the civilian world. Will that be somewhat of a factor when the powers that be look at my SNA application? My credit is great but it costs money to earn a pilot certificate.
 
Brett327

Brett327

Well-Known Member
None
Super Moderator
Contributor
Dmitri said:
How does having student loans factor into things. It cost me a lot of money to go through college and earn my pilot ratings and I am in for quite a bit of money ($35,000) like every other pilot who struggled out of pocket earning their ratings in the civilian world. Will that be somewhat of a factor when the powers that be look at my SNA application? My credit is great but it costs money to earn a pilot certificate.
Click to expand...

Please, please, PLEASE read the posts in this very thread, then go ahead and answer your own question.

Brett
 
G

GiveLT21DaBall

Registered User
Oh ****ing great, just what I need. As if I weren't stressing enough, now I have to sweat over my financial idiocy from 4 years ago. My case...didn't pay back the $100 or so overdraft fee from my old checking account...went to collections and just ignored the incessant calls and mailings...does it make any difference if the statute of limitations has been reached?? I believe SOL is 4 years on those kind of accounts in California.

So much for ignorance is bliss.
 
G

GiveLT21DaBall

Registered User
SHAWAM said:
Thanks to all who replied. Unfortunately, I just got off the phone with my recruiter about that letter of rejection I received even though my packet hadn't been sent in yet. Apparently, it's not the fact that I have debt, but the fact that the debt is in default. According to him, I can't get a security clearance for at least 3 years, even if I were to pay off all the debt this very day. So there goes my dream. Mediocrity and a lifetime of living pay check to pay check, here I come.
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Yeah man, this sucks ass...I'm going James Carville-bald over this **** now. Oh well, at least you can still run for political office man...I don't think they care too much about security clearances there. Or better yet, marry a Bush, Cheney or Kennedy, that should wipe away whatever faults you may have. Drugs? Shot someone in the face? Killed a girl? Smooth sailing buddy.

But yeah, good luck with whatever you end up doing man.
 
xmid

xmid

Registered User
pilot
Contributor
I think its funny that using drugs a year or two ago is not a big issue, but a charged off credit card.... now that is something you must wait a minimum of 3 years for? Seems a little wierd.

Have you guys tried hiring a lawyer? I heard that sometimes a lawyer can get these things removed from your credit report. Sure it may be expensive now, but if it gets you the career you want then it may be worth it.
 
Brett327

Brett327

Well-Known Member
None
Super Moderator
Contributor
xmid said:
I think its funny that using drugs a year or two ago is not a big issue, but a charged off credit card.... now that is something you must wait a minimum of 3 years for? Seems a little wierd.

Have you guys tried hiring a lawyer? I heard that sometimes a lawyer can get these things removed from your credit report. Sure it may be expensive now, but if it gets you the career you want then it may be worth it.
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If he could afford a lawyer, he would have paid the $100. :D I think some of you are reading WAY too much into this. Read the linked document that Ailen posted to give you an idea of how the process works instead of jumping to conclusions.

Brett
 
xmid

xmid

Registered User
pilot
Contributor
Brett327 said:
If he could afford a lawyer, he would have paid the $100. :D I think some of you are reading WAY too much into this. Read the linked document that Ailen posted to give you an idea of how the process works instead of jumping to conclusions.

Brett
Click to expand...

The linked document would lead me to believe that alot is left to the interpretation of the investigators, where as it seems he was given a standard 3 years that he had to wait after paying his charge offs. The document seems to say that if you can give legitimate reasons for your financial situations that you may be okay. From this guys experience it doesn't sound like they even gave him a chance to explain himself.

What I meant was that I find it funny that a waiver for drug use is on a case by case basis. Obviously a guy that says hes been a cocaine user for years and just quit 2 weeks ago is not going to have a chance, but smoking pot once freshman year and never doing it again is many times overlooked. I find it ironic that having a charge off is an automatic 3 years from the date that it is paid off, with no consideration given to the circumstances. Is this something that may be waiverable?
 
xmid

xmid

Registered User
pilot
Contributor
I'm not trying to argue that having bad credit should be overlooked. I just think that its crazy that the Navy overlooks other things (as with my drugs example) which to me seem like they would be a bigger deal, and they don't treat credit situations the same way. I was raised to think that officer candidates had to be spotless. No drugs, no criminal convictions, good credit, healthy, no/very few speeding tickets. The fact that they let any of these slide surprises me, but which violations they choose to let slide surprises me even more.
 
raptor10

raptor10

Philosoraptor
Contributor
I had it explained this way to me: If you cant take care of your own money, then how can you be expected to take care of the governments money, or your people?
 
Harrier Dude

Harrier Dude

Living the dream
raptor10 said:
I had it explained this way to me: If you cant take care of your own money, then how can you be expected to take care of the governments money, or your people?
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Think of it like this: The government is considering "lending you" classifed information. They want to know if they can trust you with it. If you show them that other people have loaned you stuff and you fvcked them over with it, it'll make them think twice.

Also, as mentioned in several other threads, with so many highly qualified people trying to get in, why go with a guy with issues? They've got plenty that don't.

I'm not trying to judge you or your situation, but that's about how it adds up.
 
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