Debt Consolidation Care Answers
Debt Consolidation Care Answers
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Does debt consolidation ruin credit scores?  

1
I was just wondering if this type of debt consolidation ruined my credit score?
 

asked Jan 20, 2005 05:28 PM

Anonymous
Best Answer
10
best answer

Dear Krista,

Welcome to the debt consolidation care forum. This is a smart query on your part and we will try to help you with the most authentic solutions.

The fates of your credit score depends on how well you can convince your creditors and have a reasonably beneficial debt settlement with them. Make sure to negotiate on your credit ratings till the last moment. Remember your creditor's main concern is to retrieve his money from you and not to give your account a negative marking.

Thus it is your main concern to make your account status as "Paid as Agreed" or "Account Closed- Paid as Agreed". These two are ideal ratings for your account and enhances your credit score. If you fail to get this rating in any case, make sure your account is rated as "Unrated" or "Paid". In all measures try to avoid getting the status of "Settled" for your account. This is a negative rating and hampers your credit score to a great extent.

Remember, that if you commit to the creditor to pay your fees regularly there is a high chance that they will rate your account well. Their main concern is money and not any personal bias to mark you negative.

Hope you participate more often in our forum and share your experiences and insights with the other members. We look forward to see more active participation from you in the coming days.

Regards,
Jason

answered Jan 20, 2005 08:51 PM

3 Answers

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