Extent of negative credit impact?
Date: Thu, 01/27/2011 - 10:51
for what it's worth, i had a great score too when i embarked on
for what it's worth, i had a great score too when i embarked on this journey. what i realized is that my FICO score kept me dancing at the end of a string and i would be a prisoner for the rest of my life. i have impoverished myself by trying to do the right thing. i lost a great job and have had a long period of unemployment. as my debt rose due to me making only minimum payments, i continued to raid my savings to keep up my FICO. as my debt rose, so did the interest rates i was being charged. i finally realized that i could never pay this off in my lifetime. i wish i had known about settlement years ago.
forget about your FICO and dig yourself out of the hole. when you are free of debt, you can start to rebuild.
I am brand new to this forum and am just beginning my debt free
I am brand new to this forum and am just beginning my debt free journey....
My question is: Why are so many people so overly concered about their FICO score?? This question is to not start a debate, I'm simply wondering if I might be missing something...becuase, I honeslty can careless about my score at this point in time because I need to get out of debt, before I find myself in a looney bin. I have such anxiety ect..that i'm willing to do just about anything thats legal to get this debt behind me so I can finally sleep and get my life back without being a prisioner to CC companies for the next 28 yrs.
The FICO score is developed by Fair Isaac Corp. This is a scorin
The FICO score is developed by Fair Isaac Corp. This is a scoring method which helps the lenders/creditors to judge the credit worthiness of any credit user. It helps them assess whether or not you’ll be able to pay off your debts. If you are in the market to purchase a house or car, your FICO score is the first thing that the lenders/creditors will check.
We too found ourselves $70,000 in debt and still worried about o
We too found ourselves $70,000 in debt and still worried about our score! So silly. I heard the analogy once that trying to protect your credit score while that deeply in debt was like trying to water your grass when your house is on fire. It hit home and we stopped the game. We had credit scores in the 750's but still had trouble borrowing because of our debt to income ratio.
Our scores fell about 200 points, at their lowest. It's been two to three years since we settled the first, less than 12 months since the last settlement. Our scores have recovered to pre-settlement levels. We have not tried to borrow money so I don't know how that would go but scores will recover over time and by getting your debt to income ratio more in line with what it should be.