Settlement better for my credit than...
Date: Fri, 06/29/2012 - 17:56
I am trying to see which route to take in order to get my score back up quickly.
I read somewhere on here about someone settling and rebuilding their credit within 2 yrs where as if they were in hardship program they would only be 2 yrs into 5 yr program. Wondering who will have stronger credit at 5 yr point...
My accts are only a few weeks late are I am deciding what direction I want to take. I can no longer keep up on these payments. I have about 700 more going out than I have coming in at this point.
You are at a fork in the road here. The hardship program will he
You are at a fork in the road here. The hardship program will help you only marginally but it won't decimate your credit score. You will need to make quite a hefty payment each month but the balance will be running at a lowered interest rate (this is usually what happens in hardship programs).
On the other hand, if you choose to settle this account you will be rid of this way faster. Your credit score will take a thrashing and you will need to pay the settlement in lumpsum. Moreover, there is no guarantee that the creditor will agree to accept whatever you offer after 90-180 days. They just might try to sue you and get the full payment plus some.
Every hardship program has a negative impact on your credit scor
Every hardship program has a negative impact on your credit score especially debt settlement hurt your credit score badly.
So I am wondering which will allow you to rebound quicker with y
So I am wondering which will allow you to rebound quicker with your credit score
