im 22 years old and graduating in may 2007 with electronics and computer engineering degree(3.9 GPA) i am a pretty straight arrow and have never really been in big trouble. however, my credit score was 706 in july of 2006 but is now in the 500s level due to using a debt settlement agency and having to stop paying my bills while waiting for settlements to take place. Outstanding balances is $8000.
90% of good engineering jobs require a clearance and im worried this little debt problem that will be paid off within 3 months will become a BIG problem when it comes to getting a good engineering job.
what do you all think? thanks for the info and help. it is greatly appreciated
2007-03-04 16:56:34 · 7 answers · asked by joe 1 in Business & Finance ➔ Careers & Employment
oh, and i have money to pay off all the debt ($8000) that is causing my bad credit but i would feel better doing it when i am not in school anymore so i dont have to worry about being broke....
2007-03-04 17:34:26 · update #1
Take it from someone who knows, security clearances with a credit score that low are probably not in the same neighborhood. My ex husband left and left me with all of his debt and his car payment. I found out after I started receiving calls from collectors that he declared bankruptcy and left me holding the bag (150,000+). I was a controller for a major constuction company, I have never stolen anything in my life but my employer (who had connections with the county recorder) knew exactaly when I filed and within two weeks I was let go. I had received glowing reviews and bonuses with raises for my work. I was told that I was a bright and dedicated worker who had a good future, at one point they joked about me being the little sister that they never had. That all changed in a heartbeat.
Since this point, I have had several promising offers that have disappeared once they do a background check. I am now only making 65% of what I did before and working for a company that takes complete advantage of my situation. They did a background check and know about my financial situation. No one else will hire me, so they can take full advantage of my abilities.
Go through and finish your debt repayment plan. Do not declare bankruptcy, it would be even worse for you. Just be realsitic, your career will probably be affected because of this, but don't give up hope.
I look everyday to see if maybe a good opprotunity will open up.
Good Luck.
2007-03-04 17:28:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Don't listen to the guy who suggested chapter 7 bankruptcy. It is a lot of complicated and many years of debt on your credit report. Not to mention all the new laws passed just last years regarding bankruptcy. Just be honest and explain when the questions arise.
2007-03-05 01:08:28 · answer #2 · answered by katie d 6 · 1⤊ 0⤋
Hi' I think you should get a letter from the agency indicating that you have made the arrangement to pay you debt.by tree month you should get another letter saying you have paid all your debt and take that letter to one of credit offices so they can quickly put that settlement toward your credi report for the other agencies to see.and in the future contact me for a mortgage.
2007-03-12 19:12:30 · answer #3 · answered by federico z 1 · 0⤊ 0⤋
Many employers use credit scores to establish a sense of responsibility. Higher score usually means more responsible. I would try to find ways to improve score and explain it if asked in an interview.
2007-03-05 01:01:05 · answer #4 · answered by bernel1403 5 · 0⤊ 0⤋
you can not get top secret clearance with bad credit. Its actually hard to get with really good credit to. Your best bet is to ditch the dept settlement and got for chapter 7 bankruptcy. They aren't looking at your credit score, their looking at your dept to income ratio, and how and why your in dept. You could have a perfect credit score and still get disqualified for having too much dept. When you file bankruptcy... yes they dont like it, but they see that you have No debt... there for have no reason to sell secrets.
2007-03-05 01:05:10 · answer #5 · answered by babydragonspawn 3 · 0⤊ 2⤋
as long as you are not handling money it should not be a problem. I can guess wht a debt settlement agency is on you but i'll save it. Don't sweat it for now but be careful in your choices from now on.
2007-03-05 01:01:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
DON'T FILE ANY TYPE OF BANKRUPTCY.. SUICIDE..
TRY TO GET THINGS SETTLE AND DON'T LET IT GET WORSE.
PEOPLE IN SCHOOL HAVE BEEN KNOWN TO HAVE SHADY CREDIT.................
LET IT SPEAK FOR ITSELF..
2007-03-05 01:13:06 · answer #7 · answered by cork 7 · 0⤊ 2⤋