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.
[I]f you made a resolution this year to pay off debt and improve your credit, you may find you have a challenge. For some, getting a second job is the best way to accomplish this goal because it provides extra income. If this isn’t an option, you can focus instead of saving money to give […]
[I]f you have bought a home recently, are in the process or plan to in the future, one of the options you may have is to purchase a home warranty. However, you will have to decide if having a warranty is worth the initial cost. What is a Home Warranty? A home warranty covers your […]
[F]or many, health insurance is a cost they can’t afford. Premiums have gone up and co-pays are often higher as well as deductibles. If you have decided that you just can’t have health insurance, be aware of what it may really cost you. Major Health Issues As long as you are healthy, not having health […]
[I]f you already work a second job or have kids and no option to take on part-time work, you may wonder how you will ever be able to pay off debt and improve your credit rating. Fortunately, there are ways you can earn money even when you don’t have time to fit in another job. […]
[T]he My Friend Cayla is a doll that has been making the news in a bad way. In fact, some advocate that parents get rid of the doll that has been banned in Germany. This interactive toy connects to the internet to talk with your child, answer questions and just be a lot more fun […]
[D]ebt is something most people have but very few want. Credit card debt and medical bills are especially detrimental to a person’s life and credit rating. For many, they take on a second job and devote the income to paying off debt. However, if this isn’t an option for you, there are still ways you […]
[M]ost people who spend too much know it. They run into the store for paper towels or a gallon of milk and come back with two or three bags of stuff. Every time they sit down to pay the bills and see they don’t have enough money to cover expenses, they promise never to splurge […]