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Regaining a decent credit score

Date: Fri, 03/12/2010 - 11:52

Submitted by anonymous
on Fri, 03/12/2010 - 11:52

Posts: 202330 Credits: [Donate]

Total Replies: 1


So, I just took the step of researching a debt consolidation company to help me get on the track of good credit again. I've sent them my credit report (fax) and they are now seeing if I qualify for the program. Currently I am $10,000 (rounded off) in debt and I need to quickly start improving my credit score if I want to own a home some day. I am a little nervous though about what I am getting into. They did say because I will have stopped making payments that my credit score will go down. Will it ever go up once I complete the program? I'd be paying at least $161 a month.


According to my mortgage friends, your score will go up after you complete the program as long as you have established new good credit. Your score will stay very low until you have some new credit that is paid timely. That is what brings the score up - not the length of time.

Both my mortgage friends said that a settlement hits the score less and for a shorter period of time than a bankruptcy. So if you have the choice to settle or bk - take the settlement and establish new credit immediately.

you can not be issued a mortgage while there are charge offs on your credit report. If they are very old and not affecting your score the mortgage company may issue the mortgage, but make you pay them off prior to closing on your house.


lrhall41

Submitted by anonymous on Fri, 03/12/2010 - 16:32

( Posts: 202330 | Credits: )