How a settlement offer, given by bank, will affect my credit
Date: Mon, 04/24/2017 - 22:34
A bank credit card has made a settlement offer to me. If I accept, how badly will it effect my credit? I paid about 1/3 of the balance and have to accept the offer or pay the bill in full. I have the 2nd payment amount, but not the entire balance. Please advice
Seek credit counseling help.
Seek credit counseling help. You will get the best budgeting help, money management tips and debt repayment strategies. If the counselor suggests you for the settlement, then consider a reputed debt settlement company to kill the debts.
If you are not able to repay
If you are not able to repay the entire outstanding amount, it's better to accept the settlement offer. However, you can negotiate the amount to pay off. Your credit score may suffer a bit as it'll be listed on your credit report that you're not paying the amount in full.
What is your credit score?
What is your credit score? Settlement will drop your credit score. The higher your credit score is, the greater will be the effect.
