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Date: Sun, 07/04/2010 - 11:13

Submitted by melissa3241975
on Sun, 07/04/2010 - 11:13

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Total Replies: 2


Is it better and faster for me to pay off old collections on my credit report myself or use a debt consolidation service. Will using a service affect my chances of getting aprroved for a home loan?


Hi melissa3241975

Quote:

Originally Posted by melissa3241975
Is it better and faster for me to pay off old collections on my credit report myself or use a debt consolidation service. Will using a service affect my chances of getting aprroved for a home loan?


Using a debt consolidation service will not affect on the process of home loan.

Whereas it is totally depend on you whether you want to do this on your own or get a consultancy.
1. time
2.money
3.effectiveness

above mentioned points are need to be considered while deciding 'make or buy' decision.:???::???::???:


lrhall41

Submitted by manoj gopale on Sun, 07/04/2010 - 20:34

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If you have the money to pay off your debts in full, you need not consolidate your debts. Moreover, even if you want to consolidate your debts, you can first try to do that yourself. In do it yourself debt consolidation, you will have to take out a new loan, or do balance transfer. Whether you need to take out a loan, or do balance transfer depends on what kind of debt you have.

If you fail to consolidate your debts on your own, you can enroll into a debt consolidation program. A debt consolidation program does not hurt your credit score as such. Though it gets listed on your credit report, it does not affect your chances of getting approved for a home loan. If you continue to make onetime payments, and if you have a good credit score, you can easily qualify for home loan. Moreover, after you finish paying off the debts, the debt consolidation program gets removed from your credit report.


lrhall41

Submitted by SC on Mon, 07/05/2010 - 23:29

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