Just settled, have Q's
Date: Thu, 07/23/2009 - 14:41
So, I just settled my debt thanks to ovlg.com, and have questions. It was about 2K worth of debt settled for about 1K (the creditor was wells fargo). I lost my job last July and didn't make payments to wells fargo or to capital one, or GE money bank until January. Now, OVLG has all the cash needed to pay wells fargo, and has already made one payment, with two more coming soon (then everything with them is settled).
I have been making more than the minimum payment to GE money bank and to capital one since January, and I'm wondering how my credit score will be affected. I'm not looking to buy a car or house in the near future (probably for at LEAST five years, if not more), but I am curious about what it will look like.
BTW, I did end up saving about $500 in the total process going with oak view law group. I know debt consolidation companies usually cost more, but because I paid more than a minimum payment to them, I saved a lot over what I would have if I'd just tried to pay back wells fargo. I could have tried to do it myself, but I didn't have the time.
I have been making more than the minimum payment to GE money bank and to capital one since January, and I'm wondering how my credit score will be affected. I'm not looking to buy a car or house in the near future (probably for at LEAST five years, if not more), but I am curious about what it will look like.
BTW, I did end up saving about $500 in the total process going with oak view law group. I know debt consolidation companies usually cost more, but because I paid more than a minimum payment to them, I saved a lot over what I would have if I'd just tried to pay back wells fargo. I could have tried to do it myself, but I didn't have the time.
Quote:I'm wondering how my credit score will be affected Since
Quote:
I'm wondering how my credit score will be affected |
Since you are current with your payments and are making more than minimum payments with Capital One and GE Money, your credit history should improve. At the same time, your debt settlement program would lower your score. But because of the fact that the minimum payments will balance the negative effect of settlement, your score will not be affected much.
Did any of these creditors charge you off? Any time you do a de
Did any of these creditors charge you off? Any time you do a debt settlement your scores are going to tank. With those months of missed payments, your original minimum payment would no longer apply.
