Posted on
November 17, 2009
at
3:08 am
would you explain the impact of debt consolidation on my credit score? i am planning on enrolling in a debt consolidation program soon - would you also give me some tips on how to find the right company? thank you in advance!
Posted on
November 17, 2009
at
3:20 am
Impact of debt consolidation on credit scoreHi there, it depends on what debt consolidation program you're going to enroll in. If it is debt settlement, it stays on your credit report for 7 years. As for the impact on the score - at least two segments of it would be affected by the settlement -- positively, as prior to debt settlement it was already damaged.
Posted on
November 17, 2009
at
3:27 am
Impact of debt consolidation on credit scoreThe parts of your credit score that's affected by your being delinquent on your payments are:-Payment History: 35%. If you miss payments, this suffers, if you make payments on time, it improves-Debt to Income Ratio (Amounts Owed): 30% If your debt amount is much more than your income this suffers, if you have little or no debt and have a steady stream of income, this improves-Length of Credit: 15%. The longer your credit history is, the more this suffers
Posted on
November 17, 2009
at
3:29 am
Impact of debt consolidation on credit scoreTo add to how debt settlement appears on your credit report - a debt settlement appears on the credit report as "settled", "settled for less than the full balance", or "settled in full."
Posted on
November 17, 2009
at
3:41 am
What is the impact of debt consolidation (credit counseling) on credit score?
Posted on
November 17, 2009
at
3:44 am
What is the impact of debt consolidation (credit counseling) on credit score? It will not affect the credit score but it might make it hard for you to get financing while you are in credit counseling.If your credit counseling agency does not make monthly payments on time to your creditors (which happens a lot as many creditors don't want to work with cc agencies) the creditors will report this to the credit bureaus, and those late payments would affect your score.
Posted on
November 17, 2009
at
4:18 am
I think first thing's first, get rid of the debt and rebuild your credit later. Remember that debt consolidation on your credit is much better than bankruptcy.
Posted on
November 18, 2009
at
4:36 am
What is the impact of debt consolidation (credit counseling) on credit score?Aside from what Wendie mentioned, being under a credit counseling DMP will reflect on your credit report. A little note would be indicated there regarding the information.
