credit report ?

[metoo]

I was a Navy Nuke and used to work at a civilian plant, but left before 9/11 and have been self employed for over a decade.  I've applied and been POSS tested (waiting for results) for a job as an NLO.  While reading here, I've become a little concerned about the credit check that will get done.  Some of the statements on this site have mentioned about having high CC debt.  Over the past couple years, I've racked up 34K on plastic.  Basically, I took advantage of some  zero % interest for a year loans on a couple cc's, to buy equipment when things were going real well, and then the economy went slowly, then fastly south and I haven't had the income to pay off these revolving loans, as I had initially intended.   I am, and always have been current on all payments.  We own our house and vehicles outright, and have no other debt.    I just pulled my credit report, and it gives me a score of 789 out of 850, and says we're excellent.  There is no negative info whatsoever on the credit report.   

Here's the question.  I have some cash savings and savings bonds (my emergency funds) that I could use to reduce the total cc debt to about 10K, without having to liquidate anything that's in a real retirement fund (IRA's, 401K etc.)  However, I've been resisting this, because I really would rather pay interest and have debt than have little savings on hand.  But, if it would mean the difference between passing the credit check and getting the job, or not, by all means I'll cash out and take the job. 

There may not be enough time to pay down, and then get the credit report to reflect my new (low cc debt) status before a check is run by the utility.............  I can send the check today, but can't make time stand still while it gets reported.

Anyone who really knows the inside workings of the credit check as it applies to passing a security check, or who has recent experience in this area care to comment?

[HydroDave63]

They are looking for delinquncies, charge offs, 30-60-90-120 day lates that show a pattern of irresponsibility. With a 789 rating, you are a rockstar!! Don't worry about it, just pay on time and all is well.

I agree with the strategy of holding some cash back, because you have SOME flexibility. As Citigroup and HSBC look more and more insolvent, they might start yanking credit lines, even to good customers, as the bank's own credit crunch becomes worse.

[Fermi2]

Just meet your payments and you'll be ok. I found out something about Credit Reports. If you have a House and you're prompt on your House Payments there's very little you can do to wreck your rating.

Mike

[RAD-GHOST]

Credit Score = 789......a Telemarketers Dream......

Not that I'm privileged to such information, but I believe they looks for radical financial profile changes.  If you've been sustaining a debt profile of $30K, for Boo-Coo years, I'd be asking you a lot of questions if it suddenly went to zero a month before I hired you!

RG 

[metoo]

Thanks for the replies.  I think I'll take a modified approach, and pay down some, yet not kill my cash on hand situation.  I appreciate the feedback.

[pokerface1000]

After we all passed our background checks at Callaway they told us the only reason they do the credit checks is to see if there is any indication of blackmail, so from what you've said I don't think your credit history should get in the way of you getting the job.

[metoo]

Just to close this thread and perhaps provide some info for future folks.......

I got a badge today for unescorted access to a commercial plant.  I never even had to have a conversation with the security folks.  So, there's a data point for those who may find themselves in the same situation. 

[HydroDave63]

to ya! I think what helped was that your FICO was high to begin with, and you were honest on your app (honest here with us too!)

Good luck!

[bushdr3]

I was denied back in the day for a bad credic report, I told them when I work I pay bills, when I don't - I don't...I have land & live in my paid for home & pay cash...screw credit....I got dogged...now after being out of the biss for a few years I have a credit rating of only 554...I might get dogged out again.

[Smart People]

They may not look at only FICO score. They will look for collections and delinquent issues that make you vulnerable to blackmail. If you are out of debt and don't use credit, then you score will fall. As Dave Ramsey says, the Fico score only scores your continuing use of credit.

[Graphic]

I was denied back in the day for a bad credic report, I told them when I work I pay bills, when I don't - I don't...I have land & live in my paid for home & pay cash...screw credit....I got dogged...now after being out of the biss for a few years I have a credit rating of only 554...I might get dogged out again.

You should just make your own threads.. these threads are 2 years old.

Anyways, to answer your questions we don't even look at the credit score whatsoever. In fact it doesn't even show up on the credit reports we pull. The biggest thing they are looking for as far as credit goes is a lack of repayment for a long period of a time, tax liens, judgments, anything owed to the government is going to hurt your chances. It's just according I mean I have seen people with 100k in tax liens get in but they just had to prove they were making payments towards getting it paid down.

However, if you have had the same debt over the past 5 years and you haven't attempted to pay any then that hurts your chances as well. When you fill out paperwork there is a credit section and you can give a credit statement as to why you have gotten behind. (Medical reason, out of work, whatever the case may be)

Very rarely does anyone get denied for credit in our fleet. Again it is mostly for tax liens if there are denials.

Good luck

[redline]

WOW - I have never seen a thread on nukeworker with so much bad information. No wonder our economy is in the crapper if this is how people are thinking?
Especially the one about just making you house payment and everything is gonna be OK what garbage. Protect you credit people no matter how much or how little you owe.