[drowning]

does credit card debt consolidation hurt one's credit score.

[john]

credit card consolidation won't hurt your credit scores in the long run. A remark will be seen in your credit file after you have included the accounts in the program. This statement does not affect your credit ratings.

The lenders who will be viewing your file will see you undergoing this program. You would have bagged the best credit packages from them if you made payments on your own. But consolidation program will be helpful in case you want to avoid the defaults that might result in the future.

This program will be helpful in making your repayments easier. The interest rates will be slashed down and most of the extra charges like the late payment fees will be wiped off. Thus, you will have a much reduced amount to pay after taking the program.

Do not worry about your credit ratings. I myself am undergoing this program for improving my credit.

[drowning]

thanks John

i appreciate your reply, i am looking to buy a house next year, will be getting married in 3 months, and am looking to be debt free. I try, but cannot get past the hump, keep drowning with the finance charges.

[roxette]

Hi! If you stick to a strict budgeting program and make regular payments to the consolidation company (they will pay your creditors), you will be able to repair your present situation. Moreover, the counselor will convince your creditors to reduce the interest rates. Also, most of the late payment fees and other financial charges are wiped off. So, after taking this program, much of your payments will be surely going towards the principal amount.

Do not worry about your credit after taking this service. The lenders who will view your file with this program will appreciate you taking care of your accounts. Though they may not be giving you the best credit packages unless you paid it on your own, but it will be still better than going into defaults and creditors' calls.

Regards
Roxette

Do Credit Cards remain open accounts after a consolidation helps you pay the off? Or is the account automatically closed by the creditor? Because I know that would definitely put a ding on my credit score. Thanks, caroline

the accounts get closed if you use a debt consolidation company. If you wish to keep a credit card for emergencies you simply don't include it in the consolidation program.

I have good credit not having trouble paying monthly payments but unable to get a new credit card with a high enough credit limit to transfer my credit card balance over to 0% for 12 month new card

my parents have a morgage of which they did because they were in debt. they are in around somewhere between 6000- maybe 10k max i think its more 6-7.
so i'm wondering if they would work do dept consolidation.

A. would this affect the morgage meaning will they need a new morgage.

B will this cost them anything up front

the cost issue is because they really can't afford that because some things have come up one is medication and a few emergencys. they are just about a month behind on a few cards and might be 2 on one card (i'm not 100% sure.) the thing is interest is pretty high.


another question can they negotiate the reduction of past interest any? Im just trying to get as much info as possible.

also does anyone know of any free debt consolidation agencys in new orleans or that helpts people in new orleans.

if you enter in one of these programs will it hurt you , if you want to refi your home loan???

[info3333]

I would strongly suggest speaking with your bank before making any decisions. I know others have said that DC will not hurt your credit score. Keep in mind that lenders look at many things on the credit report other than the score. When I was with one of the nations largest bank (now the largest), we could not underwrite a loan if the customer had accounts in debt management, regardless of the score. FYI. I would reccomend speaking with your loan officer about the company guidelines regarding debt management programs before making a move into the program.

[m.snover92571]

It doesnt effect your credit score, It will just note to creditors or banks loaning money to you that you are going under this type of program to pay off your debt.