Credit Score

Date: Tue, 03/23/2010 - 11:05

Submitted by anonymous
on Tue, 03/23/2010 - 11:05

Posts: 202330 Credits: [Donate]

Total Replies: 2

Does anyone here have experience with settling 2 or more credit cards and what the impact it had on their credit score and how long. I have read alot of posts how the initial damage is done while you are going late on your payments but I was curious to see if anyone can share with us how long it took them after settling their credit cards to see their credit return to a respectable level 675+. It appears from this board most of us have had good credit until this point when we were forced to settle debt. Any input is greatly appreciated. This forum is truly amazing and thanks to all who contribute to make it happen...

Steve

Well Steve, thanks for the positive feedback. There are lots of

Well Steve, thanks for the positive feedback. There are lots of discussions related to settlement of credit cards and the impact on the credit score, which you can check out on your own.

Actually credit score depends on several factors, such as the average age of your accounts, the late payment history, other credit accounts and various other matters. Settlement saves money but it will definitely leave behind a scar on your credit report, but there are ways to deal with it.
You can check out the following page in order to repair your credit:
http://www.debtconsolidationcare.com/repair-credit.html

lrhall41

Submitted by Chris Samuels on Wed, 03/24/2010 - 00:04

( Posts: 174 | Credits: )

I remember posting a link about FICO score in another post. It

I remember posting a link about FICO score in another post.

It was mentioned in that link that higher your score, higher would be your penalties for missing payments. At your score you may expect a drop of 20 points for each derogatory.

lrhall41

Submitted by SC on Wed, 03/24/2010 - 05:05

( Posts: 3937 | Credits: )