There are many branches of the military and government that require security clearance in order to move up in the ranks of one’s career field. Security clearances are in depth background checks, including financial background checks, that help to determine whether or not you are trustworthy enough to be given such access to protected information or activities. On top of a rigorous application process and thorough background check, they also look into one’s credit history, and at one’s credit score when determining whether or not to grant clearance.
There is no minimum credit score needed to obtain security clearance. However, a negative credit score could make it harder for you to gain said clearance. The background check into your financial history will go a lot deeper than the military or government pulling your credit report. You will also be interviewed about the contents of the credit report, which gives you a chance to explain the circumstances surrounding different elements of the report.
If you have had to file for bankruptcy, or are in a lot of debt, this could be damaging to your ability to obtain security clearance, though it isn’t necessarily going to keep you from being approved. You will be asked to explain the circumstances surrounding the debt or bankruptcy, and then determine whether or not to approve you from there.
Sometimes, one’s credit history and score are what make the government or military not deem them worthy of clearance. One can work to improve their credit score, eliminate their debts and work off negative judgments and then try to obtain the clearance again. More often than not though, unless the debts were gained through repeated financial irresponsibility, one’s negative credit history can be, to an extent, overlooked.
Others in your regimen or office may be asked to vouch for you if there are problems with your application such as financial issues. Foreclosures, bankruptcy and debt are not necessarily going to keep you from obtaining clearance, but it certainly doesn’t help. If you are looking to apply for security clearance, it is advised to take a look at your credit report to make sure that everything is correct. It will also give you an idea of what those who are looking through your application will see, and give you a chance to explain the circumstances surrounding a particular debt or action. The financial part of the application process is just one part of the process, and even if you have a bad credit history, you are not automatically denied clearance.
[C]losing a credit card account may seem like a great way to deal with debt. However, the tactical measure of cutting up your card may backfire by hurting your credit. While you may stop the spending that created the initial debt, you have also lowered your amount of contractually available credit. Find out how to […]
[P]reparing for retirement requires a significant amount of planning. Aside from securing your nest egg, you will want to shore up your credit. Taking steps to strengthen your credit will ensure that you are ready for whatever life brings you. Follow these tips to prepare your credit for your upcoming retirement. Create A Spending Plan […]
[M]ost people are aware that a car repossession can significantly damage your credit. However, the severity of the harm done to your personal credit score cannot be understated. It is important to do everything possible to halt a repossession before it takes place. Downward Spiral A car repossession does not exist on your report as […]
[T]he holiday shopping season offers plenty of discounts for shopping online. Online shopping accounts make it easy to make your purchases. Storing your information within the program saves you from having to enter it each time you complete a transaction. However, there are risks to storing your card data with a shopping website or app. […]
[O]ne of the most attractive features in a credit card is one that allows you to earn points toward traveling. After all, most people enjoy the idea of a free vacation. The Barclaycard Arrival World MasterCard offers you rewards with bonus miles based on how you use it. Here is a list of benefits that […]
[F]inding out that your information was made vulnerable in a data breach happens more frequently than ever. In this era of cyber crime, the stakes for businesses and consumers alike have never been higher. Regulators are working overtime to fight against fraudsters. Credit card chips are one byproduct of this effort. Learn more about chip […]
[O]wning a business requires a significant amount of cash flow. Business credit can help you make it when you are pressed for funds. Others rely on credit to scale up their operations. Achieving your dreams is made much easier when you have strong credit. The following tips can help you to reach your credit goals […]