Newbie looking for answers
Date: Fri, 03/16/2007 - 23:38
I am new to this so forgive me if I ramble on or don't make sense right away. Just recently have had a few things come up that have made getting by from paycheck to paycheck harder than it used to be. So far I am not late on anything, but there has been very little left over to buy food for the family. we have about 20,000 in CC debt and thanks to a boneheaded move on my part an ARM with a high monthly payment. Checked my credit score and was working with a lender to try to refinance for a lower payment, but until I can bring my score up a bit that isn't gonna happen. What are the best options? I am wondering about trying to settle the CC debt, if that will raise my credit score fast enough to be able look at refinancing, that would make life bearable again. As it is now I work a full time 8-5 job and I picked up a second job on the weekends working nights, its starting to drag me down not having any time with the family. Any help would be greatly appreciated.
If the consolidation loan is a lower apr you may want to do it.
If the consolidation loan is a lower apr you may want to do it. If the cc account is in good standing they are probably going to want you to continue your payments. You can attempt to call them and discuss it, but I am thinking they won't lower the balance for a settlement if it is in good standing, right now you are doing what every good customer does, paying your bills, LOL. I have never heard of one just doing it out of the kindness of their heart, usually it is a collection issue when they will agree to a settlement. Never hurts to try though, give them a call the worst that could happen is they say no.
After the creditor agrees on your settlement proposal, make sure
After the creditor agrees on your settlement proposal, make sure that they report your account to the bureaus in a fair manner. Don't allow them to put the remark "Settled" because this will lower your credit rating. You can ask them to be fair on your credit in exchange of the money paid.
