Posted on
May 24, 2010
at
3:35 am
lower credit card debt without hurting credit, is this possible?
Posted on
May 24, 2010
at
4:31 am
lower credit card debt without hurting credit, is this possible?-- Hi Keiko, you know based from my experience, when consumers are already asking about debt relief, it follows that their credit is already hurt or damaged, and doing something about the debt... can only improve the credit somehow.
Posted on
May 24, 2010
at
5:55 am
lower credit card debt without hurting credit, is this possible?-- I agree with Destiny, and one of the best programs for this would be credit counseling and its debt management plan which is a reduction in interest rates which is usually near 30%. The cc agency's DMP, will try to lower the annual percentage rates charged to 5-10%, and on rare occasions, eliminate interest altogether. As to how this affects credit...I am not sure. But if you ask how credit counseling reflects on the report, it's there as long as you are enrolled in the program.
Posted on
May 24, 2010
at
6:01 am
ower credit card debt without hurting credit, is this possible?-- Hello, so credit counseling is aside from negotiating the interest rates, is also the process of bringing delinquent accounts current right (reaging). After that consumer makes a series of on-time payments via the DMP the creditor might agree to reage the account to reflect a current status, instead of delinquent. Which means that the account would reflect current to the credit bureaus.
Posted on
May 24, 2010
at
6:03 am
That's great news! How much did you say was the needed balance forthis program? Also, can you recommend an agency? Thanks!
Posted on
May 24, 2010
at
7:01 am
Well there's no exact amount required to sign up for credit counseling. But it would be best if it's lower than $10k and that your accounts are still current. As for the agency...I'm afraid, I can't recommend one, but you can list down several and then pick one - from here
http://www.justice.gov/ust/eo/bapcpa/ccde/cc_approved.htm
Posted on
May 24, 2010
at
7:06 am
Hello Keiko, and so you know what to look for in credit counseling agency, here's a guideline: Credit Counseling Agencies (according to the BBB): -Before you select a credit counseling agency ask for information on the following: ::: -Are the agency services confidential? ::: -Will they devise a plan tailored to fit your needs? ::: -Are the counselors certified? ::: -Are budget and credit education opportunities offered? ::: -Will your funds be protected? How? ::: -Is the agency accredited? ::: -Aside from BBB membership (www.bbb.org) the consumer should also check its affiliation with the National Foundation for Credit Counseling http://www.nfcc.org.
Posted on
May 24, 2010
at
1:16 pm
With time and patience depending on your situation.
Posted on
May 25, 2010
at
3:32 pm
The only way not to hurt your credit is to pay the full amount as agreed. Pay your monthly statements on time and not fall behind.
