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rice

I am about to sign up with superior debt to take care of 2 CC's that have gotten way out of hand. To a total ot $29k. One of them is my fault the other my ex wife ran up without my knowledge but either way I am stuck with it on my credit. Well I recently bought a house and my credit score is quite good at 720+. And I know that by not paying my CC's for a year or so will damage my credit score but how bad?

Being as I did just buy a house, I am willing to hurt my credit score to eliminate this debt because I honestly don't see myself needing a great credit score for at least a few years when it will be time to buy a new car.

Anyway, I was wondering if anyone would know how much my credit score is going to drop. Even a rough estimate will do. I am just afraid of it going too far down. Thanks

Posted: Thu Jul 05, 2007 5:46 pm Subject:

The repair work will be a slow process but the damage to your credit when you don't do the payments is too fast. You have to take care of it now before it gets too late. debt management plan sounds to be a fair option. A repayment plan is set up with your creditors and you pay the total amount in equal monthly installments. Once everything is paid off, your scores will go up at the max. Calculating fico scores is very complex. No one can do it. But a professional will be able to give you a close figure. Talk to a debt expert for your options.

Posted: Thu Jul 05, 2007 5:46 pm Subject:

Your score will definitely take a ding from settling these accounts. I would suggest that while your score is good to add some new cards to help offset the future ding.As far as how much of a drop,I am completely at a loss there.