If you get help from one of those credit places where you are going to pay off all your bills but it is making ONE payment per month how does that LOOK on your CREDIT? My credit is already OK, not bad but not good, but I can get a house with it, and I want to make sure this isn't going to make is WORSE by using one of these people to help with my debt. It is just I am barely making it and I have a little girl and I want to see if they can help me with the debt and help me give my daughter a better life.
Also my fiance's credit is really bad so we will be using them or just filing bankruptcy for him because there is almost no hope for his (but we are still looking at options).
I honestly think that once we get rid of all of the credit card debt that we will be able to live HAPPY on the paychecks we get from Wal-Mart, but it is just getting to that point that is hard.
All in all, how will it look on MY credit to use the debt help?
2006-09-22 16:39:24 · 6 answers · asked by Crazy Mama 5 in Business & Finance ➔ Credit
I agree with the other posters (except the very first one)
If you want to use one of those companys, be very thorough in checking them out. They have a bad reputation of leaving people in worse shape than they were to begin with.
I've heard both positive and negative as far as how your reports would look if you used one, mostly negative though.
You might go to the site I've listed and start reading in the newbie forum and then in the credit forum. Learn how to take care of the baddies yourself and save the money that you would be paying one of those companies.
Everything on that site is "free" to read and use. After you do some reading, if you have any questions feel free to ask them in the credit forum.
2006-09-22 17:28:51 · answer #1 · answered by echo 7 · 0⤊ 0⤋
Most of these outfits are scams so be warry. I would suggest going to get a book called The Total Money Makeover by Stephan Ramsey. It is great! My husband and I are using this right now. It will help you pay off your debt as well as teach you how to be smart with money so that you dont get into debt again. Using and agency won't change your credit because all these people do is have you make the payment to them, and then they make the payments for you to the people you owe. This could be kind of scary if they dont actually make these payments. So it could make your credit worse instead of better.
2006-09-22 16:49:04 · answer #2 · answered by TRISHTHEDISH76 2 · 0⤊ 0⤋
when you use those credit help people they get the interest down on the cards but it also freezes all of your accounts, you have to agree to stop using the cards and you will not be able to get any authorizations for any credit. it's like freezing everything that is available to you. be careful of the sales pitches and the fees they charge you. they also make it an automatic deduction from your checking account so they always get their money. I personally don't recommend it.
2006-09-22 16:52:22 · answer #3 · answered by GIGGLES 2 · 0⤊ 0⤋
I agree with a lot of responders about being careful about who you go with, because a lot of these people will be scams.
Using one of these places won't lower your credit score, however it will raise a red flag to anyone looking at your credit score and in most cases they will be less likely to give you a loan/ credit.
2006-09-22 17:09:18 · answer #4 · answered by Vadalia 4 · 0⤊ 0⤋
using a credit debt help center will be a negative on your credit report
it will lower your FICO score
using one of these types of agencies looks like you needed help with paying the bills
2006-09-22 16:48:48 · answer #5 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
People always fear what they do not understand.
2006-09-22 16:46:48 · answer #6 · answered by Answerer 7 · 0⤊ 2⤋