cleaning up credit

Date: Wed, 09/24/2008 - 08:05

Submitted by anonymous
on Wed, 09/24/2008 - 08:05

Posts: 202330 Credits: [Donate]

Total Replies: 1

I had a bankruptcy dismissed three years ago after getting anew job and being told I didn't qaulify for chapter 7 any longer. I still have outstanding debts that have been charged off or are in collections that I want to get taking care of so I can begin working on rebuilding my credit profile. I was offered several settlements by the creditors for 30-50% of what I owe and am thinking about doing this. How will this be reflected down the road when I attempt to get a mortgage? Do mortgage companies look at settlements as a bad thing? I look forward to hearing any comments and suggestions. Thank you!

Quote:How will this be reflected down the road when I attempt to

Quote:

How will this be reflected down the road when I attempt to get a mortgage? Do mortgage companies look at settlements as a bad thing?

The first step to getting your credit back on track is taken care of unpaid delinquent accounts so yes you are doing the right thing trying to settle with the companies. A settlement looks a lot better than an unpaid charge off or collection account. Once you have settled with these places try and start building your payment history back up by having a perfect payment history for at least a good 12-18 months. Your credit won`t get fixed overnight but you are on the right path to getting your credit back on track.

lrhall41

Submitted by mobile0311 on Wed, 09/24/2008 - 08:17

( Posts: 1817 | Credits: )