settlement effect on fico
Date: Tue, 03/02/2010 - 11:55
on one hand i can accept the damage to my credit rating because i never plan on using credit cards again. and i can even see not getting loans for future car purchases and just buying whatever i can afford to pay cash for.
on the other hand, i would like to preserve my credit as much as possible for larger stuff in the future like buying or refinancing a house.
is there a way to do this and still be able to take out a mortgage if you need to between the time of settlement and seven years later or whenever it drops off your credit history?
also
i have 8 cards. considering payment plans on three because the terms are decent (12 monthly payments at 0 interest), but then i think, why not put that money toward settlement. the only reason i can think is to hold off getting sued since i can't afford to settle them all at the same time. in terms of credit score though, does it make any difference whether i settle 3 accounts vs all 8 of them?
Congrats on moving forward with a plan of action. 80K is quite
Congrats on moving forward with a plan of action. 80K is quite a hill to climb but now insurmountable. With the determination, focus, and the right advice (and you're at the right place for that) you should be able to come up with a plan to accomplish just that.
Debt settlement alone will not disallow you from refinancing for seven years. I have a ton of experience in the mortgage industry and I can tell you that with 100% certainty. A refinance/purchase could very well be possible before you are finished settling all of your debts. It really depends on your credit score. Are you current on the credit card debt? If you are falling behind and struggling to catch up, Debt Settlement may be the most efficient means of getting out of debt and, believe it or not, rebounding your credit worthiness.
Just starting to plan for settling about 80K of credit card debt.
on one hand i can accept the damage to my credit rating because i never plan on using credit cards again. and i can even see not getting loans for future car purchases and just buying whatever i can afford to pay cash for.
on the other hand, i would like to preserve my credit as much as possible for larger stuff in the future like buying or refinancing a hous
is there a way to do this and still be able to take out a mortgage if you need to between the time of settlement and seven years later or whenever it drops off your credit history?
You can easily settle the debts for 10 to 20 cents max on the do
You can easily settle the debts for 10 to 20 cents max on the dollar...and your credit will be restored at the end of the process. Just Google "credit card debt resolution" or "zero credit card debt", do your research and due diligence. You will find that this is the better way out.