Sub: #1 Credit Card Consolidation and Credit Report
Replied on 03-10-2007, 10:04 PM
Reply With Quote

I just recently placed my credit cards on my debt consolidation program. Will this appear on my credit report? How will this affect my credit? The representative at the company told me that it would help reduce my interest rates and will not have an affect on my credit report. But I am not so sure.

__________________
The Best Way To Be Is Debt Free
and Alexandra is becoming free!



Posts: 1,513
Credits: 22,036


Send message to fedupinpa
Sub: #2
Replied on 03-10-2007, 10:12 PM
Reply With Quote

I am not sure either but last year I was going to do that, however we have our mortgage through a company that finds you the best rate. They have been great staying in touch, newsletter, making sure the mortgage company is being good to us, all that good stuff. Anyway, he thought he could get us a better rate. One of the questions he ask me was did I ever do a debt consolidation program and stated to me that it is almost as bad as filing bankruptcy. He did not elaborate, but I did not take this course of action after he said that. Maybe other forum members could answer this. I know our mortgage counselor was strongly against it.

__________________
Working my way out of this debt, one day at a time!


Moderator

Posts: 4,831
Credits: 41,595


Send message to cajunbulldog
Sub: #3
Replied on 03-11-2007, 06:04 AM
Reply With Quote

I will say this much.Most creditors will place notation saying you are in a plan.Some don't like to see that. It makes them think that you needed a professional to help manage your finances.

I see good and bad from a plan.It is good because you are willing to pay your obligations to your creditors.It is bad because you went into a plan.

I think that if you were to apply for credit,a manual review would help you.Instead of just generating a report,a manual would take an overall long term picture of payment history vs debt owed.



Posts: 1,513
Credits: 22,036


Send message to fedupinpa
Sub: #4
Replied on 03-11-2007, 06:10 AM
Reply With Quote

Cajun,
When we were working with this advisor, he hinted this would not be good. He did ask the specific question "Have you ever worked with a debt consolidation company?" Thought it was a strange one. Since I didn't we did not discuss it much further except his comment about it not being a good thing. Do they report to the credit reporting agencies?

__________________
Working my way out of this debt, one day at a time!


Moderator

Posts: 4,831
Credits: 41,595


Send message to cajunbulldog
Sub: #5
Replied on 03-11-2007, 06:11 AM
Reply With Quote

Actually what happens most of the time is your creditors would plce that on your reports next to their accounts.



Posts: 1,513
Credits: 22,036


Send message to fedupinpa
Sub: #6
Replied on 03-11-2007, 06:12 AM
Reply With Quote

By the way cajun, congrats on your moderator position, how is it going? Do they assign you threads, not real sure what all moderating entails, please share?

__________________
Working my way out of this debt, one day at a time!


Moderator

Posts: 4,831
Credits: 41,595


Send message to cajunbulldog
Sub: #7
Replied on 03-11-2007, 06:16 AM
Reply With Quote

All the mods on the board are assigned to sections of the board. You are given full mod rights to enforce the rules of our site on your section. You are expected to try to keep your section under control from hostile posters. If mods have problems,Mike steps in.I am a mod in credit repair,getting a loan,and tax debt sections.
Thanks for the congrats.

Sub: #8
Replied on 03-11-2007, 08:50 PM
Reply With Quote

So maybe I should reconsider is that what you are trying to say?

__________________
The Best Way To Be Is Debt Free
and Alexandra is becoming free!




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump



All times are GMT -8. The time now is 05:50 PM.





* Disclosures:
  • By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  • Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
  • Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  • Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  • The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 0.044 seconds.