I have been repairing my credit for a year now. I went from 540 FICO to scores up to 710. I have 5 credit cards now with interest rates from 14.99 to 21.99. Yesterday I got an offer, not a pre-approval, for a Citi Flex Line of Credit, with no collateral - 5,000 to 25,000, with a 11.99% apr fixed. I have a Citi credit card I got a few months ago and charged a small amount this month and have not made a payment yet. The letter says because of my good payment history with them, they made the offer. I am wondering if I would be able to get this line of credit? I have a paid judgment and 6 paid and unpaid collections - all 4-5 years old. First of all - I am not sure what if a line of credit is a good thing over credit cards. I am not over-using my credit cards, but I would like a lower interest rate with this line of credit. I have a lot of inquiries in the last 7 months applying for credit cards with better interest rates to build my credit back. I don't want another inquiry if I don't have a chance of getting this.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.