but I still have a pretty good amount of debt to pay off because I opened up more credit cards while the consolidation was in effect. Would it be a bad idea to start up another consolidation program? My credit score is running in the mid 600's right now.
2007-02-20 16:15:19 · 5 answers · asked by tucsondude 4 in Business & Finance ➔ Credit
Yes, usually these consolidation companies report to the credit bureau's that you are in these programs, it does not look good and in most cases it will be impossible to get any type of credit. Try to pay it off as fast as possible by doing bi weekly payments this will eliminate some of the interest. See if a credit card will give you credit at 0% interest or maybe see if you can get a loan or equity loan to pay the debt off. This should make your payment lower in most cases. If you get denied don't re-apply this might mean you credit score is to low. Try to stay out of debt in the future.
2007-02-20 17:12:55 · answer #1 · answered by CG 1 · 1⤊ 0⤋
No, but if you want to get your score up there use the card sparingly. Just so it isn't a section 13, stay away from that as much as possible.
2007-02-20 16:23:42 · answer #2 · answered by Carlene W 5 · 0⤊ 0⤋
you do no longer might desire to incur the extra price of hiring a debt consolidation corporation to settle your credit card debt. It makes so a lot extra sense to apply your funds to pay your lenders at as quickly as than to pay somebody else to do it for you. Your lenders won't make any concessions to them, in fact they might a lot incredibly artwork at as quickly as with you. right it fairly is a few prevalent concepts which would be effectual. If the account remains on the economic corporation or sequence company (and additionally you will ought to differentiate between an company, which collects for the economic corporation and is responsible to the economic corporation, and a debt customer, which collects for itself) point, you need to be waiting to settle it for 80% - ninety%. they gained't settle for something below that. If the account is at a debt customer, you need to be waiting to settle it rapidly. understand that if that they had in simple terms bought the account in the previous month or 2, they gained't settle for something decrease that 60% - 70% of the entire quantity as a freelance. in the event that they have had the account for 3 - 6 months, they are going to settle for a decrease contract, in all hazard you will get all of it the way down to 50%, in line with hazard even below that. additionally, hazard is that when 6 - 7 months, they are going to sell the account to a various debt customer. verify, once you compromise, to get from them a "paid in finished" letter, which you will ought to deliver to the credit bureaus to replace your credit history. this is all there is to it. you're a lot extra effectual off using your funds to pay off your debts than to pay somebody else to do it for you. reliable good fortune!
2016-10-16 03:48:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
terrible idea.
the only thing that will really help is for you to quit opening up more credit cards than you can afford
2007-02-20 16:18:16 · answer #4 · answered by kissmymiddlefinger 5 · 0⤊ 0⤋
That depends. When do plan on changing your spending habits?
2007-02-20 18:12:22 · answer #5 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 1⤋