Debit Strategy
Date: Tue, 07/21/2009 - 07:44
I had a small business that was sold at a loss with 2 business cards BOA & Advanta 120 past due. I also have 3 personnel cards cap one, discover, BOA all current. On the business side I have settled BOA and still working with advanta. On the personnel side I own only to BOA and cap one. However, before any settlement Discover & BOA dropped my credit lines. So my question is am I better off to try to settle personal cards? Can I do so without hurting my personnel credit and keep them open? My thought is why pay the full balance on personal cards if they are mostly likely going to drop my credit lines.
If you want to settle the debts for less, you need to stop makin
If you want to settle the debts for less, you need to stop making further payments towards the debt. This is because, unless you are delinquent, the creditors will not negotiate for settlement. Now, once the delinquency gets reported in your credit report, it will affect your credit score. However, if you settle your debt, you can again rebuilt your credit after 2 years.
