Long time lurker, first-time poster here.
I am in the process of applying for a TS clearance, I recicved a COE offer and the SF-86 was the next step. I submitted my SF-86 last week. Overall I have a very solid work history and skill set. Also my references even 4 or 5 deep should turn up good. My only concern is with my credit my current score is 555 but has been going up little by little each month.
I got past a rough patch in which I had a bunch of late payments and some credit cards charged off. I have been on time with my payments for the still active cards for over 6 months now and been paying all my other bills on time.
There is a part on the SF-86 where they ask what have you done to fix these issues. I listed the following all which I have been doing
- Setting all my credit cards to auto-pay so they can never be late.
- Not applying for new credit until I fix what I have.
- Paying down the balances on my active cards to lower my debt to income ratio
- Paying any bills that come in (small medical bills things like that) and keeping documentation they were paid (copies of the bills and checks, screenshots of payments posted, etc).
- Working with a credit repair company to fix any issues such as possible inaccuracies that could be keeping the score low.
- Working with the accounts in collection to set up a payment plan to pay them off.
The total debt I have is under 20k (this includes an on-time auto loan, student loan and all active credit cards and all collection items).
There are no judgments.
In summary, I got a hole with a bunch of credit cards some went to collections now I am rebuilding my credit and in the process of slowly paying them off the items in collections.
Good thing that if I get the job I can use part of my 403b to nuke all my debt including car loan and be 100% debt free (which I also stated in the SF-86). How would you look at that and my chances of getting the clearnace aprroved. This is BIG for me and I have actually started 2 part-time jobs have extra income to help with the process.
If you have any suggestions on a better route to go that would mean a lot to me. Trying to improve my chances the best I can to get this position and also fix my credit and never be in that spot again.