Debt Consolidation & Credit Score
Date: Tue, 07/11/2006 - 06:53
Does it negatively affect your credit? The 2 accounts I'm consolidating are already closed and in collections, so I'm sure it can't get much worse - but would it make it worse for the next 3.5 years, and then I'll slowly start to see an increase? Before these credit problems I had near perfect credit - a little over a year ago - and I want to work to get it back to average as quickly as possible.
I don't want to have to live in apartments (especially the one I'm in) for the next 4 years - I'll be 28 - it's time to start growing up, straighten out my debt, buy a home, get up and going & be happy.
Any chance that will happen in the next 3 years? :(
i feel u roark
I just got my credit report a couple days ago and my credit score is 548 which is in the same area as yours but I have made so many bad decisions which weren't for my purpose but to help other people out and I am screw in the end. I help get my brother a car loan in which Im the co-signor on his car and he still owes like 3 grand on it. I want it paid off soon cuz i want to get a car next year. I wonder if it will be a problem if I am a cosignor on my brother car and I want to get my own as well. I help my mom get out of many sticky situations in which she owe money and the PDLs were the way to go. It sucks cuz she not working and its hard. I feel where u coming from roark. It is hard and you do want to make moves. Its going to take time there will be people like you that feel where u coming from.
roark, consolidation program will appear in your credit report a
roark, consolidation program will appear in your credit report as long as you are enrolled in the plan. This will help in improving your credit especially if you were having hard times in paying on your own. Do not let your account go into defaults otherwise there will be a negative impact in your credit.
If you are planning to take care of the debts, don't worry using a consolidation program. This will put things in a better way. Anyone viewing your file will come to know about using this program and your responsibility in this direction will be highly appreciated. Remember, not all the lenders will have the same opinion. A few of them who want to extend credit to you would have thought if you had done the payments on your own. There are always some exceptions but a majority will see it in a positive way.
So, if I were to call Chase or Capital one right now and say "he
So, if I were to call Chase or Capital one right now and say "hey Chase...I have almost $8,000 in credit card debt that I haven't even attempted to make a payment on for the past 200 days, are you willing to eliminate all of my late fees, bring me back to where I was when I was unable to make my min payments" and chances are, they will? Is it easier to fight with Chase & Capital One or to go through another company to do it??
The credit companies will be at a loss if they don't accept your
The credit companies will be at a loss if they don't accept your proposal. There is a chance that the debt will go out of the SOL period and make the debt out of collection in legal terms. This is loss for the company. So, they might accept your proposal. It's better to get something than getting nothing. If you can bag the best deal on your own, it is good enough otherwise, you might have to look for some professional help. I will like to take a chance here.
