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Leaning toward debt settlement. A question regarding FICO score and dropping/raising:
*Auto loans paid off in November. I am a joint account holder.
*Will continue to pay on joint credit cards and not put them into settlement (only my personal ones).

Will either of these things help offset the damage my settlement will do?

(I know some of you told me to put all our cards into settlement if I go that route but I don't want to damage both our scores. I can continue to pay down the other ones. I just can't make monthly payments on all the accounts anymore so am sacrificing mine---does that make sense?)

*Will continue to pay on joint credit cards and not put them into settlement (only my personal ones).
Yes you will continue to pay though because your husband is in the military and it would affect him if you didn`t .

You could consider a debt management Plan. It would not affect his credit score or your and thus it won't affect his security clearance. It will get you one payment with lower aprs so you will be out of debt much faster and you could include all of your cards without fear of his security clearance being affected.

Sub: #1 posted on Fri, 08/01/2008 - 15:32

mobile0311 mobile0311
(Posts: 1817 | Credits: )

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

Sub: #2 posted on Fri, 08/01/2008 - 16:02


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

Sub: #3 posted on Fri, 08/01/2008 - 16:10

mobile0311 mobile0311
(Posts: 1817 | Credits: )

You need credit repair? We can do that for you! go onto our website:
We make it fast and easy for you, that is why we are called 'easy lenders.' We understand that you're going through a difficult time so we want to help.

So don't delay log on today.

Sub: #4 posted on Mon, 08/11/2008 - 12:48


How cliche Lender.

Sub: #5 posted on Mon, 08/11/2008 - 13:23

Moderators Cum Industry Expert
(Posts: 1078 | Credits: )

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.

Sub: #6 posted on Mon, 08/11/2008 - 13:32


Hey his last line rhymed though!

Sub: #7 posted on Mon, 08/11/2008 - 13:39

smo65d11 smo65d11

(Posts: 1468 | Credits: )

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!

Sub: #8 posted on Mon, 08/11/2008 - 15:53


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.

Sub: #9 posted on Mon, 08/11/2008 - 16:30


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. :-(

Sub: #10 posted on Mon, 08/11/2008 - 17:15


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