Debt Management Plan
Date: Wed, 05/02/2012 - 05:08
I have been in a debt management plan for almost 2 years. Because of financial difficulties, some of my payments to the mgmt. company were either late or skipped. My credit report shows late payments to the creditors, and a notation that the account is in a DMP.
I am now back on track with my DMP. I have 2 questions:
1) how long will it take to improve my credit score (542)
2) how long will the DMP designation affect my credit?
Thanks.
I am now back on track with my DMP. I have 2 questions:
1) how long will it take to improve my credit score (542)
2) how long will the DMP designation affect my credit?
Thanks.
DMPs are usually 5-year plans. That designation will stay on fo
DMPs are usually 5-year plans. That designation will stay on for as long as you're in the plan
It's not likely your score will improve until these accounts have been paid off and then fall off your report...the derogatory items are what's hurting your credit now.
You can also try to establish new credit and pay on time. That's the best way to improve your score.