Posted on
October 27, 2009
at
2:07 am
I want to know how professional debt settlement impacts credit. Has anybody here gone through it yet? How does it really affect your credit?
Posted on
October 27, 2009
at
2:10 am
Does debt settlement affect your credit?Yes but not as much as a bankruptcy would affect your credit. A debt settlement appears on the credit report as "settled", "settled for less than the full balance", or "settled in full."
Posted on
October 27, 2009
at
2:14 am
Does debt settlement affect your credit?Yes but see, if you qualify for a settlement program, that means that your accounts are already past due. It means that it's already done something to your FICO score. After you're done with the program and have paid off your debts -- via debt settlement, its effect is to make some portions of your score positive.
Posted on
October 27, 2009
at
2:29 am
Does debt settlement affect your credit?I agree, and to better understand this, here is a breakdown of your FICO score:-35% Payment History
<---the part that gets affected the most when you stop paying your creditors and the part that also improves once you're done.- 30% Amount Owed-15% Length of Credit History-10% New Credit-10% Types of Credit Used
Posted on
October 27, 2009
at
2:30 am
Oh..thank you for your replies! You mentioned bankruptcy how does that affect credit?
Posted on
October 27, 2009
at
2:34 am
Chapter 7 bankruptcy stays on your credit report for 10 years and Chapter 13 bankruptcy stays on your credit report for 7 years and both stay on your public records for 20 years.
Posted on
November 16, 2009
at
5:05 pm
I am able to help anyone in the United States struggling with their credit card debt. Rapid Debt Settlement will settle your debt for 55% of what you owe and literally cut your payments in half. Email Bill Shannon for a free consultation billshannon@financier.com or call me at my office. The number can be found at www.rapiddebtsettlement.com
