Posted on
February 26, 2010
at
2:26 am
How to consolidate debt without ruining credit?
Posted on
February 26, 2010
at
3:41 am
Hello there
..How to consolidate debt without ruining credit?- actually if you're thinkingabout consolidating debt, it must be that your credit is already somewhat ruined..so Iguess the better question to ask is - how may debt consolidation improve my credit (?)
Posted on
February 26, 2010
at
4:19 am
Or instead of
How to consolidate debt without ruining credit?- how to consolidatedebt without FURTHER ruining credit (?)
Posted on
February 26, 2010
at
5:05 am
I agree with the above posts and to answer - if you eliminate your debt, then of course,your FICO score would improve - but depending on which debt consolidation programyou used - the negative mark gets reported on your credit report.With a Debt Management Plan, I think it stays there as long as you're in the program. Withdebt settlement, it stays on the report for 7 years. Both are much better choices thana bankruptcy on the report.
Posted on
February 26, 2010
at
5:13 am
To better understand your credit score - here is its breakdown (the boldedpart are the segments affected by your payment delinquency - -
35% Payment History- 30% Amount Owed-15% Length of Credit History-10% New Credit-10% Types of Credit Used
Posted on
February 26, 2010
at
5:29 am
How would a settlement appear on the report? Also, what is it exactly?
Posted on
February 26, 2010
at
5:32 am
A debt settlement appears on the credit report as "settled", "settled for less than the full balance", or "settled in full." And a settlement is a program that negotiates your balancedown to more or less half - in 1 to 3 years.
Posted on
February 26, 2010
at
5:39 am
And if you're wondering how much it's going to cost you - settlement companies will charge15% of the total debt amount spread over 18 months or take apercentage of the settlement amount (20-25%) - don't forget to ask for their otherfee structure (if they have any).
Posted on
February 26, 2010
at
5:41 am
To help you along in your search for the right settlement company - you can fill outa form here at destroydebt.com and get matched up to a legitimate settlement company -or you can pick out a company here
http://www.tascsite.org/index.cfm?event=Members
