Current bad credit/charge offs

Date: Fri, 03/13/2009 - 16:43

Submitted by anonymous
on Fri, 03/13/2009 - 16:43

Posts: 202330 Credits: [Donate]

Total Replies: 2

I'm currently enrolled in a debt consolidation program, but my husband had perfect credit history with a credit score in the 800s, until recently when he was told that his score was 620. He was livid, especially when credit card companies started to bring his credit limits to the minimum. How much does my credit affect his?

Hi flowergirl, It depends on the state. A 200 point drop is p

Hi flowergirl,

It depends on the state. A 200 point drop is pretty standard when you go for settlement so it looks like that is the case. Wait until they start raising his interest rates!

What state are you in?

chrys

lrhall41

Submitted by Chrys Henderson on Fri, 03/13/2009 - 20:56

( Posts: 2538 | Credits: )

If we spend more that 30% of our credit limit on our cards, the

If we spend more that 30% of our credit limit on our cards, the debt to credit ratio increases and so our credit score falls. Now if our credit limit decreases, and we spend 30% of our old credit limit on our card, the debt to credit ratio increases because of the decreased credit limit and so the credit score falls. To maintain our credit score when our credit limit gets reduced, we need to pay back the outstanding debts on our card as soon as possible so as to reduce the debt to credit ratio.

lrhall41

Submitted by jstn.credit on Fri, 03/13/2009 - 21:15

( Posts: 139 | Credits: )