I have two credit cards - both are EXTREMELY past due, one is overdrawn and one is close; and have thus affected my credit badly already. One credit card is three weeks away from writing off my debt and offered me a great settlement. I have come into a little bit of money, but not enough for both credit cards - so here are the two options i am debating between....
1) Let the one credit card write me off and pay the other credit card in full.
2) Take the settlement on the one card, in which case I would probably have to wait for the second card to offer a settlement as well and then pay that off when that settles as well.
I'm wondering which will be better for my credit. I know either way I'm in a lot of trouble with my rating but which would be LESS bad? One paid in full and one write off; or two settlements?
I'm leaning towards the one paid in full and one write off because I would be out of debt NOW, but I really would like to work on my credit rating. Any advice would be great
2006-09-19
17:08:29
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10 answers
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asked by
Anonymous
in
Personal Finance