New Credit with DMP
Date: Wed, 03/25/2009 - 10:35
My DMP had said before that opening new credit was allowed. But my question is will the creditors kick me off for doing this. I should point out none of my DMP accounts are from credit cards...they are 2 bank overdrafts (one paying B of A, the other a collection), 1 CA for a Bally's account, and 1 CA for a payday loan. Any advice is appreciated.
I had wanted to do something similar with a low balance card to
I had wanted to do something similar with a low balance card to boost my score. Has anyone done this?
Guest... what are the amounts on the DMP? For there to be a need
Guest... what are the amounts on the DMP? For there to be a need to require DMP services, a $200.00 cc would not boost your score. As per all DMP agreements, most times 1 account is allowed to be kept open, and no new accounts, nor spending on any program accounts is allowed, which is in the contract. If they find out from their periodic credit report searches, then you could be dropped. The time to think of boosting credit is after the present situation is dealt with, not while you are on a program.
mppsu... If you are not on a DMP, or any other program, and just want to boost your score, then by all means get another line of positive credit history started.
How bad is your struggle? From the looks of things, your credit
How bad is your struggle?
From the looks of things, your credit score should be worth salvaging. Have you looked into a DMP which would not involve ruining your credit. Settlements are a viable option, but only if you have no way to pay anything close. Since you are thinking of settlement then you have some $$ for a DMP in my opinion. Please explore all your options...
Good Luck!!