Good credit history isn't even necessarily the ball breaker. The key factor is: are you in charge of your debts. That means, are your debts out of hand, or are you making regular payments. If they have a question about it, they'll ask you and give you an opportunity to explain.
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I was in the same situation, I had a fairly large debt, and I was given an offer (I'll be sworn in, in one week). I've already posted my story in other threads, if you want to search. Or if you'd rather, you can PM me, I can try to answer any questions you might have about what you need to do.
R
Ryan_Bohm
Guest
I also have a student load from my college which finnished Aug 20/04. It wasnt a problem for me because I still got my job offer. I woulndt worry about it. 
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Dont worry about it. I had a 15k student loan that was out of control..... I still havnt paied a dime on it. I also had a nice credit card debt which im in the process of paying (one thing at a time) and wasnt even asked about it.
When asked, I told them, but they never hasseled me over it.
THey just ask that kind of stuff so if you have vital info, you wont be swaded to sell the info to the enemy (those with big debts are pursuaded by $$ more than those with no debt)
Dont worry too much about it, unless you're trying to be some kind of spy or something....
When asked, I told them, but they never hasseled me over it.
THey just ask that kind of stuff so if you have vital info, you wont be swaded to sell the info to the enemy (those with big debts are pursuaded by $$ more than those with no debt)
Dont worry too much about it, unless you're trying to be some kind of spy or something....
L
lfejoel25
Guest
hey man,
i just found out about this. as long as it is still just a good debt, it's no problem. if your bills are in collections, you have to start making payments on it before they'll let you in. that's where i am currently. i have to start paying on my debts before my application goes any further. i don't have to pay it all back, just start making payments.
i just found out about this. as long as it is still just a good debt, it's no problem. if your bills are in collections, you have to start making payments on it before they'll let you in. that's where i am currently. i have to start paying on my debts before my application goes any further. i don't have to pay it all back, just start making payments.
C
chesapeake
Guest
Why would the forces require to preform a credit check? Im currently having financial difficulties and bankruptcy my be my final resort?
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This has been covered in other threads, searchy searchy.
It's to make sure you're not in financial trouble, if you are you're considered an adminstrative burden and you'll never be hired. Guys have been released from the CF for getting into financial troubles.
It's to make sure you're not in financial trouble, if you are you're considered an adminstrative burden and you'll never be hired. Guys have been released from the CF for getting into financial troubles.
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I've noticed a few questions about the reasoning for the credit check, this is the CFAO relating to the subject.
http://www.dnd.ca/admfincs/subjects/cfao/019-04_e.asp
In short, if you are defaulting on your debt, you're not going to get hired, if you're in and you're defaulting on a debt and counselling has not made a difference, you can be released. So, don't live beyond your means, it has career implications and good luck getting another government job if you've been released with disgrace from Her Majesty's Canadian Armed Forces.
http://www.dnd.ca/admfincs/subjects/cfao/019-04_e.asp
In short, if you are defaulting on your debt, you're not going to get hired, if you're in and you're defaulting on a debt and counselling has not made a difference, you can be released. So, don't live beyond your means, it has career implications and good luck getting another government job if you've been released with disgrace from Her Majesty's Canadian Armed Forces.
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Just to further drive home the importance of looking over those credit reports...
It's a nasty surprise to be told that your app is delayed because of some little payments.
When my ex-bf went reg force, he got the results of his credit check from the recruiting centre and found that there were some items there that he didn't even realize he had. Unpaid bills that his former roommate racked up because he had forgotten to take it out from under his name... And some cable box that Rogers had charged him for not returning when he actually HAD returned it...
If he'd known these beforehand, it would have saved him some grief at the CFRC and he would have been in the know about those bills that he never received because he had moved... Heh... it also shows that you should always double-check that your mailing address has either been changed with everyone when you move and that all liability of a former residence has been COMPLETELY rescinded...
For those who have student loans through the govt, don't go for interest relief - or if you do at least know that come the end of your extra six month interest free period your account gets handed over to a collections agency. The little things they DON'T tell you... :rage:
It's a nasty surprise to be told that your app is delayed because of some little payments.
When my ex-bf went reg force, he got the results of his credit check from the recruiting centre and found that there were some items there that he didn't even realize he had. Unpaid bills that his former roommate racked up because he had forgotten to take it out from under his name... And some cable box that Rogers had charged him for not returning when he actually HAD returned it...
If he'd known these beforehand, it would have saved him some grief at the CFRC and he would have been in the know about those bills that he never received because he had moved... Heh... it also shows that you should always double-check that your mailing address has either been changed with everyone when you move and that all liability of a former residence has been COMPLETELY rescinded...
For those who have student loans through the govt, don't go for interest relief - or if you do at least know that come the end of your extra six month interest free period your account gets handed over to a collections agency. The little things they DON'T tell you... :rage:
M
MPwannabee
Guest
I have a friend that declared bankruptcy after he applied and still got in as an AVN Tech. The recruiter said it was no problem.
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Mastercard has a promotion on right now that gives free online credit checks to the first 10,000 people. It's through Trans Union, which is one of the two agencies (along with Equifax) that conduct credit reports in Canada. This normally costs $15 to do online.
As a warning, I was at my bank yesterday, and I was informed that every time you run a credit check, it drops your "credit score" by 20 points. So while it's still a good thing to do, I wouldn't exactly be writing to Equifax and Trans Union every week!
Here's the link:
http://www.mastercard.com/canada/education/credit/
As a warning, I was at my bank yesterday, and I was informed that every time you run a credit check, it drops your "credit score" by 20 points. So while it's still a good thing to do, I wouldn't exactly be writing to Equifax and Trans Union every week!
Here's the link:
http://www.mastercard.com/canada/education/credit/
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Garbageman said:
Yikes! Good to know. Thanks for the tip
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A friend of mine just tried the credit report offer, and it looks like all 10,000 have been used already. Man that was fast - they just launched the promotion on the 20th!
You can still check your credit online, but it'll cost you. If you write via snail mail to Equifax and Trans Union it's still free.
Equifax:
http://www.equifax.com/EFX_Canada/
Trans Union:
http://www.tuc.ca/TUCorp/home.asp
You can still check your credit online, but it'll cost you. If you write via snail mail to Equifax and Trans Union it's still free.
Equifax:
http://www.equifax.com/EFX_Canada/
Trans Union:
http://www.tuc.ca/TUCorp/home.asp
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lfejoel25 said:
You can't have debt when you join? I agree with you, 9K is nothing really compared to the debtload most families have (not including mortgage here). I have almost that in a personal line of credit from my tuition and cost of living for 10 months on my ELTT course.
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lfejoel25
Guest
griswald
you can have debts, but you can't have things in collections or default.
i can get in if i make payments and show proof of a payment arrangement, but i don't make a lot of money, and some of these creditors are EXTREMELY hard to deal with. i'm still trying to figure out exactly how i'm going to deal with the situation. it's turning out to be harder than i thought. i can't go to a bank because of my credit history, credit counsellors want too much money, and the creditors themselves are being very unflexible.
you can have debts, but you can't have things in collections or default.
i can get in if i make payments and show proof of a payment arrangement, but i don't make a lot of money, and some of these creditors are EXTREMELY hard to deal with. i'm still trying to figure out exactly how i'm going to deal with the situation. it's turning out to be harder than i thought. i can't go to a bank because of my credit history, credit counsellors want too much money, and the creditors themselves are being very unflexible.
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newwest77
Guest
I am guessing that having outstanding debt classifies you as a security risk. Well I don't think that you want to go bankrupt, in which case I doubt that they would accept you until you were discharged anyway. I would assume that your creditor would choose to make a settlement vs. you go bankrupt and they might less.
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Look for a non profit credit counsellor. They will not charge you more than $50 a month to negotiate and manage your payment plan.lfejoel25 said:
Good luck,
Greg
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The concern is a person who joins the CF with uncontrolled debt and the CF spends its admin time sorting out your problems. If you have debt, it is not a problem, you have to have it controlled and a plan to pay it off. If you don't they will send you away until you have a plan. Simple as that. I have seen applicants whose parents assume the debt and have a payment plan set up with the parents. I have also seen people who have made arrangements with the bank for a very aggressive payment schedule. It is up to you to develop a plan.
Jeff
Jeff
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I can only say what I've personally experienced, so I'll write it down here.
The CF did a credit check on me, and it came back OK. The recruiting center told me this, plus my equifax report shows DND was in there. So my debt didn't cause them any worry, and they approved me so far (I'm still waiting on medical).
I have over $20,000 in unpaid debt. Four $5165.00 (plus interest) student loans, all defaulted. One $1000 credit card, defaulted, one $500 credit card, defaulted, and many many many (i have my credit report) late payments on rent, phone bills, internet bills etc....
I've had my own buisiness for 3 years, and it nearly bankrupted me. However, I told all of this in my interview, I was completely honest and candid, plus, before my interview I called most of my creditors, and told them I am going to start to pay off my debt. My $20,000 student loan debt is being handled by an extremely nice lady in the NS govt, collections, who said I don't have to worry about it and can start paying on it when I get in the CF. (I'm lucky that shes nice, alot of people in collections aren't).
My interviewer said they are going to have to check my credit, and I supplied the name of the lady in the NS govt handling my student loan. I can only assume they contacted her to verify my arrangement.
I have all of this debt, and the CF still approved me (thus far, still awaiting medical) because I made arrangements to pay it off.
Thats my personal experience.
The CF did a credit check on me, and it came back OK. The recruiting center told me this, plus my equifax report shows DND was in there. So my debt didn't cause them any worry, and they approved me so far (I'm still waiting on medical).
I have over $20,000 in unpaid debt. Four $5165.00 (plus interest) student loans, all defaulted. One $1000 credit card, defaulted, one $500 credit card, defaulted, and many many many (i have my credit report) late payments on rent, phone bills, internet bills etc....
I've had my own buisiness for 3 years, and it nearly bankrupted me. However, I told all of this in my interview, I was completely honest and candid, plus, before my interview I called most of my creditors, and told them I am going to start to pay off my debt. My $20,000 student loan debt is being handled by an extremely nice lady in the NS govt, collections, who said I don't have to worry about it and can start paying on it when I get in the CF. (I'm lucky that shes nice, alot of people in collections aren't).
My interviewer said they are going to have to check my credit, and I supplied the name of the lady in the NS govt handling my student loan. I can only assume they contacted her to verify my arrangement.
I have all of this debt, and the CF still approved me (thus far, still awaiting medical) because I made arrangements to pay it off.
Thats my personal experience.
L
lfejoel25
Guest
Just to let everybody know, here's what happenned in the end.
I applied around May.
Did the Aptitude and physical in June.
Did the medical and interview in July, that's when i was told i needed to clean up my debts.
Took the letters for my debts in on November 3rd, and was told my app was all set to go, they were just waiting on my medical. (i don't even think my app was red flaged for credit after all!!!)
Went in today (nov17), and the medical came back, so i'm merit listed, just waiting for the selection board to sit.
I'll let you all know when i get a call.
I applied around May.
Did the Aptitude and physical in June.
Did the medical and interview in July, that's when i was told i needed to clean up my debts.
Took the letters for my debts in on November 3rd, and was told my app was all set to go, they were just waiting on my medical. (i don't even think my app was red flaged for credit after all!!!)
Went in today (nov17), and the medical came back, so i'm merit listed, just waiting for the selection board to sit.
I'll let you all know when i get a call.
