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 Posted: Wed May 28, 2008 7:32 am Subject: Debt settlement |
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How badly will debt settlement affect my credit score and future lending abilities?
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ajrayman
Joined: 28 May 2008
Posts: 2
Debtcc Points: 50
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| Posted: Thu May 29, 2008 3:19 am Subject: |
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Dear Ajrayman,
Debt Settlement5 will hit your credit score badly and it may tumble down by 250 points. Thus, always keep in mind that settlement can only be used as a means to avoid bankruptcy. Hence, I always prefer “Do it yourself” debt settlement.
After debt settlement your credit report will look poor and will create difficulty for you to qualify for new loan / credit in the near future. But your scoring will improve with the passage of time and with your repayment. As you payoff your debt, your Debt-Income ratio will decrease and consequently your credit score will improve. This will better your chance to qualify for loan or credit.
You can also browse through the following link for further information (especially pros and cons of debt settlement): -
http://www.debtconsolidationcare.com/debt-solution.html
Regards,
Phoenix
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phoenix
Joined: 14 May 2008
Posts: 867
Debtcc Points: 5618
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| Posted: Thu May 29, 2008 4:54 am Subject: |
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Well, the settlement may take a toll to your credit report, but it'll still look better than the delinquent accounts. I believe that with the default accounts, your credit will look no better. Beside, you can always rebuild your credit by practicing financial discipline.
As an alternative to debt settlement, you can try out with the debt management program.
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tweetyturner
Joined: 11 Mar 2008
Posts: 279
Debtcc Points: 3264
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| Posted: Thu May 29, 2008 12:02 pm Subject: |
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I agree with Tweetytruner. If you can afford a debt management plan you should. Settlement is for people that are in a hardship. Basically for people who are over extended and are either about to fall behind or already is.
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mobile0311
Joined: 05 May 2008
Posts: 1350
Debtcc Points: 7169
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| Posted: Thu May 29, 2008 12:09 pm Subject: |
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Settlement isn't necessarily the best way to go about doing things. If anything it is better to settle something directly with the creditors as opposed to going to a settlement company.
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dtownmike
Joined: 27 Mar 2006
Posts: 52
Debtcc Points: 1621
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| Posted: Thu May 29, 2008 1:37 pm Subject: SPEAK THE TRUTH |
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Advertising Forbidden!Cajunbulldog
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Honesty and Compassion are the best qualities of a human.
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llegrosalf
Joined: 29 May 2008
Posts: 8
Debtcc Points: 101
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| Posted: Thu May 29, 2008 1:48 pm Subject: |
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Please disregard posts from llegrosalf . We do not allow solicitations per forum rules.
_________________
Scammed ? File complaints at these links
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FTC
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Losing doesn't make me want to quit. It makes me want to fight that much harder. - Paul "Bear" Bryant
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mobile0311
Joined: 05 May 2008
Posts: 1350
Debtcc Points: 7169
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| Posted: Thu May 29, 2008 9:22 pm Subject: |
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Dear Ajrayman,
Actually, debt settlement is a program to avoid bankruptcy. Which program you will choose will depend upon the kind of debt situation you are in.
Ya, Tweetyturner has quite correctly said that debt management can solve your problem. In this program a credit counseling firm helps you professionally to manage your debts more effectively by reducing your interest rate and waiving off the late payment penalties.
Before going for any specific program, you can get Free Consultation from our community’s financial expert.
Regards,
Phoenix
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phoenix
Joined: 14 May 2008
Posts: 867
Debtcc Points: 5618
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