credit score?
Date: Fri, 05/06/2005 - 08:29
does deby consolidation help or hinder FICO credit scores?
Usually the FICO score is also called a credit score. FICO score
Usually the FICO score is also called a credit score. FICO scores are computed using the credit reports and influences. It is considered to be a very important document which is supposed to be accurate. So when you have taken in for debt consolidation, you should make your payments regularly. If the late payments are fewer, then the credit score will be better. And it should be remembered that a late payment which has happened recently will hurt the credit score more than a late payment which has happened five years ago.
I hope it is clearly understood
Roxette
Quote:does debt consolidation help or hinder FICO credit scores?
Quote:
does debt consolidation help or hinder FICO credit scores? |
It will have some negative effect on your FICO score but it will be better than falling behind the payments.
If you can negotiate for your credit report and ask your creditor to make your status as "paid in full" or "paid as agreed" or "paid" e.t.c then it will have a good impact on your score.
Check our credit rating section for more details
http://www.debtconsolidationcare.com/creditrating-articles/index.html
Vikas
