I am not sure about reserves but for Regular Force I can shine some light on this topic.
I have/had bad credit and I am currently merit listed. It is not about having debt or how much. It is how you plan to deal with it and the history leading to it. In my case I was in credit counselling 2 times in 4 years. This was due to 4 lay offs in 5 years and having a wife and 3 kids. Young growing family at that time food was more important. What got me approved was this:
When my ENTIRE security clearance was put through the paperwork was in order. ROE's/Job history and lay offs dotted the I's and crossed the T's. So when looking at my file you could do the math yourself. Child aged 5 now was born in 2008 and oh look at that laid off 3 months before his birth. Doesn't take a rocket scientist to connect the dots. The point: Make sure your file is clear, leave as little questions as possible and be VERY humble! Do not take shame in saying "Look, I am trying to provide for my family and given the paths to choose from I choose the best possible path in that time frame". Your recruiter will look at that as a sign of honesty, trust, loyalty. Make sure it jives and all will be well.
Hope my store will add clarity on the subject. Just sell yourself as NOT a sell out. They want to ensure that you will not sell yourself to the enemy for $$ hence security breach.