I do not recommend cancelling cards. Cut them up to remove temptation but leave them open if there is no annual fee. Debt to available credit ratio plays a big role in overall credit health.
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Just signed on to update on this. My score has rise 50+ points the past 3 months. I requested all 3 reports to see whats what and correct things that were inaccurate. Also paying down and not using my active card helped (still over 50% utilization but its coming down each month with me not using them.)
Right now sitting right at 600. Not the 650 amber speaks of but on the way. This is up from a ROCK bottom 498 average across my reports when I hit on hard times. But more importantly everything is either in a settlement plan with the company I am working with or I settled them directly with the lender.
I have already paid 3 accounts off which should as either show paid in full or settled on my reports AND I asked for the receipt of payment letters to be mailed to me after paying for each settlement. So when the time comes and I need to provide proof that I either paid I have it.
I also have documentation of the individual debts in the settlement plan that match the information account for account on my credit reports. Paperwork wise settlement letters and payment plan s are scanned into my cloud storage in pdf, I want to be its all organized and accessible for me to provide as proof when\if needed to help my case.
Bi-weekly payments are killing me but thatās why I have 3 jobs at once to offset it. Iāve been in the program 3 months now and should have a 4th account paid for by the time my background starts in Oct. By the time I speak to my BI I should have. another 2 accounts paid for then also.
Feeling good that this is all getting settled, never again I tell you.
I make sur
So my FICO score is 697 but I have around 23K in credit card debt. I also have 12K auto loan, which I had to take out to purchase a new vehicle once my last vehicle needed a second transmission overhaul. The truck had almost 200,000 miles on it so I didnāt see the point in putting another 2K in the vehicle for a new transmission. I also have around 120,000K in student loans that Iām making payments toward.
However, I am not delinquent on any payments nor have I been in many years. Even though my payment history is excellent, could just the AMOUNT of debt be reason enough to deny my secret clearance? Total debt = $155,000.
Some agencies look at your debt ratio but for the most part, non delinquent debt doesnāt even get discussed in the Subject Interview.
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My final TS was approved.
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When did it get approved?
Also what was the rough date your SF86 was submitted and rough date when you had the interview with your BI. I ask because we were/are in a similar situation.
I received my final clearance in March 2019. I filled out my sf86 on August 2018. I had my interview with a BI in November of 2018. I did not need to have any other interview. I had all documentation for my situation well documented. In my BI did not take any of the information with him he just read it and gave it back to me. From sf86 to final clearance it was about 8 months for me to hear something back. I also had to fill out some forms from the adjudicstion office about my situation in February of 2019. Where I just sent them my documentation I had. I think for me I was already mitigating the issue for almost 2 years then with promise that I was in a program that was handling them debts. I can say currently I have them all resolved and been pre-approved to buy a new home with a decent interest. My credit score is now 710. I not where I went to be but it is progress when just 10 months ago my credit score was about 580 ish.
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Nice improvement is score in. Limited time. Hoping for the same. After 5 months Iāve gone from 550 to 620 but I still have debt to pay off nd like you I am using a debt relief program.
Hoping after having the rest paid off I will be in the 700ās also.
I know having all my debt in a program before my interview seemed to help big time. Also by the time I interviewed I had 3 or 4 delinquent accounts paid off.
Anyhow all good to hear.
Sean M. Bigley, who represented clients in the security clearance process for over ten years, retired from the legal profession in 2023. Please be aware that anyone claiming to be Sean M. Bigley online is fraudulent.