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How long to repair/restore credit after settlements?

Date: Thu, 02/25/2010 - 10:51

Submitted by anonymous
on Thu, 02/25/2010 - 10:51

Posts: 202330 Credits: [Donate]

Total Replies: 2


I have been seriously thinking of trying to do the settlements with my credit card companies. I have about 25k total. I have missed a couple of payments here and there but for the most part always stay current so my credit isnt good but isnt horrible(yet) But just making minimum payments and never knocking down any debt is just getting to be too much.

So my question is.. if i do settlements of course my credit will be jacked up for a long time. I know that negative stuff stays on your credit for like 7-10 years

So does that mean my credit will be horribly for 7 or more years and wont be able to get car loans or mortgage till then? Or will it start to improve after a few years?