FICO score questions

Quote:

but my question is, will any of the factors I listed help to offset the damage a settlement would do?

Not really. Paying a mortgage and car payment and the joint accounts will still build your payment history which will help.

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How cliche Lender.

So Kristin, which settlement company are you leaning toward? Are you going to contact them before you miss payments or after? I would love to talk to you! We are both in Georgia and seem to be in some of the same situations.

Hey his last line rhymed though!

hey in a mess,
I'm not sure at this point. I have a dmp call back in two weeks for my two cards to set up a first payment. I know logically this makes the most sense. But I really need to add joint cards to it too but can't because my husband is out of the country. So...I may call Care One back tomorrow. I talked with them about a DMP but they wouldn't take the Amex (because they are a for-profit agency, Amex won't work with them). But their settlement progam through Persels and Associates is legal in Georgia.

I'd really rather withdraw from our 401K to keep swimming without doing further damage to our scores. We'll have two cars paid for in four months plus my husband is returning to weekend National Guard duty which will bring in extra pay. So my thought is to use the 401K money (which people do NOT recommend doing) just to get past this hump.

Honestly, I don't know what I'm going to do. I do know that my citibank and amex were both due last week. I could not pay them. Even if I do the DMP, they will likely both end up 30 days late once it's paid through the company.

I'm going to call both citibank and amex tonight and let them know I cannot pay right now and see what happens.

I think if we are signed in/logged in to this forum, there is a way to private message someone. I just rarely sign in. Other than that, I don't know how to contact anyone!

So you are going with Care One's settlement program? How much are debt you talking about? Are you concerned about the tax thing? The 1099? My debt is on 3 cards and 1 line of credit at my bank which I am really not wanting to put on any program. The amout of "taxable income" would be alot. I would love to sit down with an attorney and discuss their options. Then there's settling on your own, but so many people on here are being sued after 3 missed payments, it's scary too.

in a mess, I don't have a clue what I'm going to do--honestly. I think about it all the time, don't sleep, have a hard time at work (and I teach 5 year olds--don't turn your back on them!). I figure I have two weeks to figure it out. that's when I need to make the final call on the dmp.

there are times of the day where I think the DMP is the best move, other times I think settlement is better, other times when I think using retirement money is best, other times I think I can do it myself. part of my problem is my husband has no idea how hard things have gotten. his job is stressful and involves so much travel that I didn't want to worry him. now I have to contact him half a world away to figure out how to solve this problem. yeah for me. :-(

in a mess, I don't have a clue what I'm going to do--honestly. I think about it all the time, don't sleep, have a hard time at work (and I teach 5 year olds--don't turn your back on them!). I figure I have two weeks to figure it out. that's when I need to make the final call on the dmp.

there are times of the day where I think the DMP is the best move, other times I think settlement is better, other times when I think using retirement money is best, other times I think I can do it myself. part of my problem is my husband has no idea how hard things have gotten. his job is stressful and involves so much travel that I didn't want to worry him. now I have to contact him half a world away to figure out how to solve this problem. yeah for me. :-(

have you considered ignoring............... until sol runs out?

somehow I don't think that would work. I'm sure I'd be sued in the meantime.

It is very common for creditors to wait until the SOL is nearly up to allow the interest to accrue as much as possible and then sue you. It is not wise to ignore the problem.

If your joint accounts have your social security number attached to them, those accounts will probably be affected also if you enter a settlement program or default on payments of other cards. The cards I did not enter into the program, even though I was keeping up with the payments, found out about the default on the others through their periodic review of my credit report, and either lowered my limits or cancelled them altogether. If this is not something you can live with, a management program might be better for you. I didn't have joint accounts with anyone else that would be affected by my decisions, so I went with the settlement. But everyone's situation is different.

Personal attacks are against TOS rules! Shazzers