Officer Candidate with bad credit, can I make it?
Hello, I enjoy the forum very much, and I will appreciate any answer that will assist with my current situation.
I am 29 years old, and I am in the application process of becoming an officer in the Navy’s nuclear propulsion program. I meet most of the requirements from physical to academic, however due to the downturn in the economy my credit has suffered tremendously.
Although I am currently not 90 days late on anything, that mark is closely approaching. I have well over $10K in debt from various companies I have owned and personal as well. The lenders are calling every day, and I don’t have the money right now to pay them. It seems like the best solution would be to declare bankruptcy, however I have heard that this will more than likely effect my security clearance, which will effect my ability to be an officer.
My question is this: what should I do? Since paying the creditors ( although I would love to) at this time is not an option, do I:
1) Just continue to not pay them and let them garnish my wages once I’m in? I don’t want to work for nothing.
2) Go to a credit counselor before going in?
3) Go to a credit counselor after going in?
4) Declare bankruptcy between the application process and commission?
Any advice will be greatly appreciated.
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Tagged with: Candidate • Credit • credit counselor • nuclear propulsion program • officer
Filed under: Credit Candidate FAQ
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They check credit onto becoming an officer? I thought only while obtaining a security clearance is when it matters.
I am pretty sure you will be alright, as long as you don’t need a security clearance with your officer mos.
EDIT: I just noticed you saying that it will affect your SC.. Well, I am not sure, because bankruptcy will be bad. You may have to continue paying, and you wont be working for nothing, your serving your country : )
1:. bad Idea. That will make you ineligible for a Clearance.
2:. Bad Idea. they don’t work.
3: See number 2
4: Bad Idea.. can make you ineligible to even enter, let alone be commissioned.
are you paying them ANYTHING?! have you worked out a longer payment schedule( less payments each month over a longer period of time) ?
If you are ignoring them you can kiss your chances of being offered a commission goodbye. Frankly, $10K isn’t that much. I have three times that in just student loan debt. and that doesn’t count the mortgage.
Just because NUPOC is in need of bodies does NOT MEAN they will relax standards. on the contrary, Nuke is one of those Communities that they absolutely will NOT grant any leeway whatsoever. if you cannot manage your debt, how can you be trusted to manage a Nuclear power station?!
First let me preface this free advice with the statement that I worked in the naval nuclear power program in a security senior managerial capacity for many years and am a retired naval nuclear power officer.
A security clearance granted by the U.S. government is an affirmation that you are deemed trustworthy to protect national security and other governmental affairs. Even after you are granted a security clearance, you must continue to earn that trust daily.
A nuclear officer MUST be able to obtain a security clearance. (Keith D take note). Then, you must be able to maintain the security clearance. No security clearance = being stripped of your nuclear power officer commission = no job.
You are correct in your concern about bad credit affecting your chances to obtain a security clearance. Bad credit is the number one reason for denying a secret clearance request. We call this derogatory information in the personnel security field. However, do not despair. You CAN fix this with credit management, determination, and correct decisions.
Mrsjvb was correct in her recommendation to work out terms with your creditors. It shows good faith and acceptance of responsibility for your debts. Find some way to pay those debts. DO NOT let them get over 90 days overdue(or worse 120 days)(or even worse collection proceedings). However, getting your debts paid could delay your naval nuclear power application.
She is also correct in stating that standards will NOT be lowered. Your recruiter may request a waiver but it will be scrutinized very carefully and most likely be declined. Even a 4.0 GPA can not substitute nor guarantee leniency in security standards.
Do not run away from YOUR responsibilities nor think that receiving a commission is THE answer to your problems. Accountability and responsibility (among others) are two crucial principles in the naval nuclear power program. And… most problems you have before joining the military will most likely follow you into the military. In fact, military service could worsen your problems. How do you pay your debts on time while being deployed in a submarine below the surface for several months?
Whatever you do, DO NOT declare bankruptcy, especially AFTER accepting your commission (if you get that far). A recent bankruptcy will greatly reduce your chances to receive a security clearance. Some people have declared bankruptcy after having a clearance for many years but then they have proven their trustworthiness and made an honest attempt to pay their debts. Even then, they could lose their security clearance and therefore their job.
Hopefully, this free advice did not discourage you from continuing your application. Our country needs dedicated, trustworthy naval nuclear officers to run the absolute best naval nuclear propulsion program in the world. Besides, the bonuses are great! Keep the faith and work out your financial issues for now and the future. You will not be disappointed.
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