mb1685
Well-Known Member
I'm a college senior and I will be applying to OCS (SNA and SNFO) as soon as possible.
Long story shortened:
Three years ago, I decided to transfer to a different university in a much larger city. The entry-level job market was (and is) ridiculously saturated and the cost of living was much higher than I anticipated. After a few months of working a crappy job and realizing I needed help getting over some hurdles, I took out a credit card with Wells Fargo. Big mistake.
For 2 and a half years, I was able to get by and just barely stay on top of my bills and make my card payments. Of course, I switched jobs a few times and was always seeking something better. I tried my best to live within my means, and I was able to get by.
Six months ago, I got hit with a wave of financial troubles and I really had to prioritize my spending. Unfortunately, my credit card was towards the bottom of the list, after things such as rent and utilities, my car payment, and food. I was seriously having to go days without eating sometimes and it was impossible for me to make any payments on the card. I know it was stupid, and I knew it was then too...but I really had no other option. It was either rack up more credit card debt or get evicted.
I now finally have lucked out and obtained a really good job; one with which I can finally live pretty comfortably. However, I'm just barely too late. Wells Fargo declared a charge-off last month (I looked at my credit report and verified that it's on there) and closed the account. The balance is $1,034.
I have spoken with them and will be paying the full-amount so that it is reported as a paid charge-off.
I know that this is a horrible thing for my credit report and also a very negative factor in eligibility for security clearance.
Have I totally jeopardized my shot at being a naval aviator or is this something that can be looked past with a legitimate explanation? I will disclose all of the details of my situation, of course (including pay stubs and tax records, if needed). I know that credit is one of the most important things that is looked at for determining security clearance worthiness, but it was truly a matter of unforeseeable circumstances. My credit is in good standing otherwise. Are my chances compromised?
Long story shortened:
Three years ago, I decided to transfer to a different university in a much larger city. The entry-level job market was (and is) ridiculously saturated and the cost of living was much higher than I anticipated. After a few months of working a crappy job and realizing I needed help getting over some hurdles, I took out a credit card with Wells Fargo. Big mistake.
For 2 and a half years, I was able to get by and just barely stay on top of my bills and make my card payments. Of course, I switched jobs a few times and was always seeking something better. I tried my best to live within my means, and I was able to get by.
Six months ago, I got hit with a wave of financial troubles and I really had to prioritize my spending. Unfortunately, my credit card was towards the bottom of the list, after things such as rent and utilities, my car payment, and food. I was seriously having to go days without eating sometimes and it was impossible for me to make any payments on the card. I know it was stupid, and I knew it was then too...but I really had no other option. It was either rack up more credit card debt or get evicted.
I now finally have lucked out and obtained a really good job; one with which I can finally live pretty comfortably. However, I'm just barely too late. Wells Fargo declared a charge-off last month (I looked at my credit report and verified that it's on there) and closed the account. The balance is $1,034.
I have spoken with them and will be paying the full-amount so that it is reported as a paid charge-off.
I know that this is a horrible thing for my credit report and also a very negative factor in eligibility for security clearance.
Have I totally jeopardized my shot at being a naval aviator or is this something that can be looked past with a legitimate explanation? I will disclose all of the details of my situation, of course (including pay stubs and tax records, if needed). I know that credit is one of the most important things that is looked at for determining security clearance worthiness, but it was truly a matter of unforeseeable circumstances. My credit is in good standing otherwise. Are my chances compromised?