life after settlement?
Date: Fri, 12/03/2010 - 09:20
Hi, I am just starting to read these forums (great stuff) because I am considering trying to settle some debts. I am curious to hear from some of you who have gone thru the debt settlement process what life is like after settlement. -more specifically as it relates to your credit scores.
I have read consistently that "it ruins your credit score". Yeah, no duh. But can anyone share real numbers? Like what your score was before and after. And if it improves over time, what is a reasonable expectation?
And how does settlement affect other areas of your life that rely on your credit report like say financing a vehicle? Or renting (or even buying) a home? Getting a new job?
Before I go down this bumpy road, I want to make sure I am not going to totally screw myself.
I have read consistently that "it ruins your credit score". Yeah, no duh. But can anyone share real numbers? Like what your score was before and after. And if it improves over time, what is a reasonable expectation?
And how does settlement affect other areas of your life that rely on your credit report like say financing a vehicle? Or renting (or even buying) a home? Getting a new job?
Before I go down this bumpy road, I want to make sure I am not going to totally screw myself.
Settlements are usually achieved when your accounts are past due
Settlements are usually achieved when your accounts are past due or charged off so yeah you are going to take a big hit....probably around 150 points. With time it will heal.
Renting wont be an issue...they are looking for evictions. Jobs ...it is hard to say....depends on the job. I am post bankrutpcy and I work for a bank...got that job with no issue. Car refinance? Forget it. Buying a home...give it a couple of years.
740 to 550. But you don't look to do this if you have the money
740 to 550. But you don't look to do this if you have the money to pay it, so what is the option? On the other hand, the bad credit makes for certain I won't fall back in anytime soon.
