Expert: MARK A. HOWELL - 10/21/2009

Question
I would like to become an Army officer and I apparently qualify on all issues that have been brought to me, including health, fitness, etc.  However I understand that ALL Army Officers have to have a security clearance.  As part of a security clearance I was told one cannot have bad credit.  I actually have REALLY bad credit:  a foreclosure, bankruptcy, etc.  I am older and had a career, a business and things did not go well--hence the bad record.  Are their waivers for this or am I out of luck with becoming an Army Officer?  Thank you for your time!

Answer
Tom,
The Army views bad credit as an irresponsible act and how can an officer manage Army financial interests is he can't even manage his own.  Basically what they're looking for are things like accounts that haven't been settled.  Your foreclosure and bankruptcy are actually means of settling accounts.  The military is more concerned about people with current outstanding debt that far exceeds their available income.  The kind of things that are usually associated with youth and mismanagement.  You'd be surprised at how many young brand-new recruits take their very first paycheck and buy.  $35,000 sportscars, mega-super stereo gear, etc.  If you're older and a former business owner, they won't hold it against you that your business failed.  That's pretty commonplace nowadays.  I seriously doubt you'll even need a waiver, but you should ask when you talk to a recruiter.
Good luck,
Colonel H