would you use credit counceling?

Answer 1

Yes...it saved my life with so many advantages. It stopped collection calls and it lowered interest rates so I could get everything paid off quickly. My credit score actually came up when I enrolled because I was making all payments on time. Just make sure you choose a reputable one.

Answer 2

Absolutely. Credit counseling will very likely put you on a budget, and that is the #1 way to improve your credit for free.

Despite what people have said here, credit counseling will not affect your FICO score or credit reports from any of the 3 credit bureaus: Equifax, Transunion or Experian.

If you are looking for an affordable credit counseling resource, many local churches offer it for free. If I were in your shoes, this is the first place I'd go for some free help.

Good luck!

Answer 3

Using credit counseling may or may not help. There are a lot of elements involved.

1. If your are falling behind it may make sense

2. If you have collections than you stand to gain a lot

3. If you have high interest rate it may help to reduce, however it will go on your report as payments managed by credit counseling agency.

4. It could affect you ability to get loans, however it willl not necessarily prevent it. People on Debt Management Programs do get mortgages at fair rates, It used to be very negative however the industry is letting up, like it was state in another answer you want to wait a year or so.

5. If you have tried working with the creditors and did not get anywhere than a Debt managment program could help.

6. Yes you credit score will go down at first. These programs change your payment dates, 1st month you can get late fees or over the limit fees, keep in mind benefits may include going back to elimnate fee or reporting your account as current. However over time your FICO will increase because the amount of debt on your report (30% of your score) goes down.

7. Avoid companies that will settle accounts they damage you report and charge you high fees. If you settle do it on your own the books I mentioned below can help you do that. However keep in mind settled account will be on your report 7 years, if you settle out the wrong way. If you can get the company to send you letter stating that the account is paid as agreed and in full, and they report it on your report that way than do it. If not look elsewhere for a solutions.

I am a certified credit counselor with a non profit organization. We help people find the best way to handle their debt whether or not it means using our Debt management program. Of course if you can devise a plan to pay the debt yourself the better off you will be.

If you wish to ask more questions or go over different ways you can help yourself with this debt feel free to e-mail me at [e-mail] or call 1-888-282-5494 ext 2120. There are also some good books to look at
Money Troubles by Nolo
Credit Repair by NOLO

If you decide to go with a credit counseling program check on them through the BBB.

Answer 4

Tom is right..... It is frowned upon in the mortgage industry.

...i called it the "kiss of death"....

Reason being ...that if your were attemping to buy a home...mortgage companys rate you on a scoring grid
A+, A. B, C...and so on...

well if you are a perfect paying customer ..even with your mortgage and your Credit score is decent (600) ..you would proably be about a A or so.....

When you file CCCS...automatic B. DONE. no talks....it really does hurt until you close the account with the CCCS company.

...NOTE: if you are comfortably in a home....and plan to not really need anything credit wise...for about a year or two....you can use CCCS and when it is done ...it will have NEVER hurt your situation.....it just does if you are trying to buy a home.

good luck

Answer 5

NO. This is treated by lenders just about the same as a bankruptcy. It DOES hurt your credit. They will tell you it does not but it WILL.

Answer 6

I would if I could not manage my own finances.

Answer 7

if I had to