Posted on
October 28, 2009
at
5:24 am
Does debt consolidation affect your credit score?I say, yes, but what debt consolidation (option, program) affect credit the most?Share your thoughts!
Posted on
October 28, 2009
at
5:32 am
Does debt consolidation affect your credit score? - credit counseling and/or debt settlementThe credit yes, I'm not sure about the credit score...let's see, this is the FICO credit score breakdown:-35% Payment History (debt settlement would affect this segment)- 30% Amount Owed (as well as this)-15% Length of Credit History-10% New Credit-10% Types of Credit Used
Posted on
October 28, 2009
at
5:33 am
The better question to ask is -
how does debt consolidation (credit counseling and/or debt settlement) affect your credit score?
Posted on
October 28, 2009
at
5:38 am
Why that's very clever of you Wendie! The better question to ask is -
how does debt consolidation (credit counseling and/or debt settlement) affect your credit score? And okay, when a consumer enrolls and get accepted in a debt settlement program, it means that his/her Payment History (FICO score) segment is already damaged. Why? Aside from a debt amount that's over $10,000, another qualification in the program is for the accounts to be past due. Meaning, the consumer has stopped paying the creditors for a time.Once the consumer has completed the program, that Payment History segement as well as the Amount Owed of the FICO score are going to improve.
Posted on
October 28, 2009
at
5:40 am
The better question to ask is - how does debt consolidation (credit counseling and/or debt settlement) affect your credit score? Another question to ask is how does debt settlement reflect on the credit report?
Posted on
October 28, 2009
at
5:44 am
-The better question to ask is - how does debt consolidation (credit counseling and/or debt settlement) affect your credit score? -Another question to ask is how does debt settlement reflect on the credit report?The answer is: A settlement stays on your credit report for 7 years from the date the account was settled. It also appears on the credit report as "settled", "settled for less than the full balance", or "settled in full."
Posted on
October 28, 2009
at
5:47 am
how does debt consolidation- credit counseling appear on the credit report?An enrollment in a debt management plan appears on the consumer's report as long as he/she is in the program. When it's done, it is supposed to also disappear from the report.
Posted on
October 28, 2009
at
5:57 am
Another question to ask is -How does debt consolidation (BANKRUPTCY) affect your credit score?
*A Chapter 13 bankruptcy works somewhat like a Debt Management Plan and maybe considered as a debt consolidation--at least repayment schedule wise- and not impact on credit wise.
Posted on
October 28, 2009
at
6:00 am
This is according to myfico.com -"...someone that had spotless credit and a very high FICO score could expect a huge drop in their score. On the other hand, someone with many negative items already listed on their credit report might only see a modest drop in their score. Another thing to note is that the more accounts included in the bankruptcy filing, the more of an impact on your score."
