Will my credit score drop just because I have enrolled in to DMP?
Date: Thu, 08/01/2013 - 05:05
I have enrolled into a debt management program. A creditor has recently sent a letter to me stating that the account will be reported as closed for future purchases. I'm confused. Will it have a negative impact on my credit report? Is there anything which I can ask the creditor to update on my credit report? Something that will have less negative impact on my credit score. My current score is 650. I can't afford to lose a single point. I won't be able to qualify for a FHA loan and buy a house in SCOTTSBORO, Alabama.
it will drop
anybody who enrolls in a DMP,or debt consolidation program.your accounts are closed,and yes your score will drop.so think things over.maybe credit counseling is what you need.not a DMP.think about it.
DMP's and credit counselling
DMP's and credit counselling will have the same affect on your score....both will tank your scores as you are not paying as agreed, the terms set under your card holder agreement. All of your accounts will be closed which right there will lower your score.
