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 Posted: Wed Jun 18, 2008 10:09 pm Subject: Credit score |
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I want to consolidate my debt, I loss my job and only have my military retirement, will this affect my credit if I get help.
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jhncrisp
Joined: 18 Jun 2008
Posts: 1
Debtcc Points: 16
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| Posted: Wed Jun 18, 2008 11:42 pm Subject: |
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Possibly, but if you can't afford to pay your bills on your own, your credit is likely to take a bigger hit.
_________________
The only people with whom you should try to get even are those who have helped you.
-John E. Southard
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Morningstar
Moderator
Joined: 06 Feb 2007
Posts: 1651
Debtcc Points: 10698
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| Posted: Thu Jun 19, 2008 1:11 am Subject: |
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Hi,
debt consolidation will certainly dent your credit report, but so as non-payment. If you start falling back with your loans it'll show-up as negative accounts in your report. Also you'll keep accumulating debts and soon the situation will go beyond repair. You may also find yourself at a juncture where bk will remain the only option for you.
However, with consolidation program if you can stay current with the payment, it'll infact help you to improve your score. But you need to choose your option carefully. If you start defaulting with the consolidation program it'll harm your score severely.
There’re several other forms of debt relief programs available, hence you may like to explore those too.
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tweetyturner
Joined: 11 Mar 2008
Posts: 279
Debtcc Points: 3264
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