Credit Card Consolidation and Credit Report

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.

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.

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?

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

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?

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.

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