Internet's first get-out-of-debt community - 122,000 members

Well i successfully signed up for a debt consolidation program. My credit cards will be paid off in three years from now Smile

My question is, since they are closing all the accounts, what will happen with my credit score trought these three years?

Posted: Tue Sep 18, 2007 4:20 pm Subject:

Stef,
ur scores will definately take a hit but in a short time they will bounce back. In this time of repayment ur best option is not to get back into the same rut... so scores sudn't matter all that much during this time!
Good Luck and know there is a light at the end of the tunnel for u!
Ang

Posted: Tue Sep 18, 2007 4:25 pm Subject:

Thanks for the answer Flowergirl Smile

I dont really care too much about the scores, because I am not planning to take any but student loans, neither I am buying a home or a new car. The only thing is that I have a car insurance on my name and I know that they do check your reports & scores and it reflects on your premium. That is what my concern is Confused

Posted: Tue Sep 18, 2007 4:27 pm Subject:

Ur insurance does? Wonder why that is? Ur car is worth the same amt regardless of ur credit score... hummm...
Ang

Posted: Tue Sep 18, 2007 4:41 pm Subject:

I know, but Insurance companies calculate risk. Ever heard of people not being hired because of a poor credit score? Same story with the insurance company. A good credit report shows responsibility, and that the client is payable. Less risk I guess?

Posted: Fri Sep 21, 2007 8:43 am Subject:

Yes that is true, we just had our homeowner's and auto insurance renewed. They do do a credit check. However, if you have been with the same insurance company for awhile and have had no claims there shouldn't be a problem. However, in our case my husband had an accident 3 years ago, received a ticket and caused $5,000 damage to person's car. We have a bk on our credit report but were still able to get excellent coverage.

I don't know if it was because we were insuring our home, cars and a rental but they were more than willing to insure us, but $30.00 more than the premium they quoted us because of his driving record.

ladybug

Posted: Fri Sep 21, 2007 10:07 am Subject:

Hey ladybug,

I just renewed and they dropped $300 off my 6-month premium. I couldnt believe my ears. What a relief! Of course, these funds will be redirected to pay off loans Smile

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I am on a cc consol program. What will happen to my scores?

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