Someone told me to miss a couple payments, (which I hate to do), in order to qualify for a lower rate, and then the will re-age the loan in a few months, with no harm to your credit score. Is this true??? My husband is self employed, and the phone is not ringing, bills are piling up, I am disabled.
2007-11-24 01:07:39 · 3 answers · asked by grammabobbie 2 in Business & Finance ➔ Credit
What you were told was partially correct. Credit card companies will rarely(if ever) negotiate a "hardship" plan if you are current on your bills. The reason being, that if you are current you must not be in that much of a hardship. However, once you start to miss payments then some will work with you. But these late payments will show up on your credit report as a negative item.
If you are truly in trouble, you really don't need to worry about your credit rating at this time. But you do need to talk to a credit counselor. If you go to http://www.nfcc.org/ you will be able to find a reputable counselor in your area. These people can work with the creditors and may be able to set up a payment plan that would help you.
2007-11-24 04:42:29 · answer #1 · answered by OC1999 7 · 0⤊ 0⤋
I would recommend having a hardship...all kidding aside - hardship rates though appealing still affect your credit when you miss payments.
2007-11-24 01:11:07 · answer #2 · answered by The Diggity 3 · 0⤊ 0⤋
Call them and tell them your situation.....believe me they would rather get some money from you than to have you go bankrupt.
You may have to call them over and over and over and over and over again....it really depends on the representative you get. Be persistant!
2007-11-24 01:29:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋