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Credit card debt consolidation
Posted on 9/22/09 at 10:30 pm
Posted on 9/22/09 at 10:30 pm
The ads for these you see on TV. To negotitate your debt down.
This basically comes up like a bankruptcy on your credit report credit correct?
This basically comes up like a bankruptcy on your credit report credit correct?
4
Posted on 9/22/09 at 11:13 pm to Chd1478
They mostly take your money & give it to themselves.
They basically tell your creditors that you can't pay shite & your rating drops to zip. You could just not pay yourself & do the same thing.
They basically tell your creditors that you can't pay shite & your rating drops to zip. You could just not pay yourself & do the same thing.
Posted on 9/22/09 at 11:40 pm to Chd1478
The basic idea is to call up the credit card issuer and offer to settle for pennies on the dollar. This is perfectly legit, but your credit score (probably already pretty bad for anyone considering this move) will indeed drop like a rock.
Posted on 9/23/09 at 4:50 am to foshizzle
quote:
The basic idea is to call up the credit card issuer and offer to settle for pennies on the dollar. This is perfectly legit, but your credit score (probably already pretty bad for anyone considering this move) will indeed drop like a rock
I have a sorta different question.
Say, I have $5000 in credit card debt but I have enough cash to pay it off. Now, if I called the credit card company and offered some kind of deal, like I pay $3000 and then close the account or something, if they agree to it, does that frick my credit rating too????
Thanks in advance.
Posted on 9/23/09 at 7:30 am to shel311
quote:
Say, I have $5000 in credit card debt but I have enough cash to pay it off. Now, if I called the credit card company and offered some kind of deal, like I pay $3000 and then close the account or something, if they agree to it, does that frick my credit rating too????
No deal. I tried that recently, and you must be 3 months behind for them to consider it. Not worth the negative credit rating.
Posted on 9/23/09 at 9:44 am to HeadyMurphey
Don't Do...they really just trash your credit and say your broke. As stated you can do that yourself and don't have to pay anyone.
Work out a payment plan (budget tightly) and slowly get it back to managable and that in the long run will save thousands upon thousands since your credit won't be ruined for a very long time!
Work out a payment plan (budget tightly) and slowly get it back to managable and that in the long run will save thousands upon thousands since your credit won't be ruined for a very long time!
Posted on 9/23/09 at 9:47 am to Chd1478
quote:
Credit card debt consolidation
Posted on 9/23/09 at 9:48 am to shel311
quote:
offered some kind of deal, like I pay $3000 and then close the account or something, if they agree to it, does that frick my credit rating too????
Yes.
Posted on 9/23/09 at 9:50 am to Chd1478
It will wreck your credit even worse than it is now.
They will collect a couple of thousand in fees.
They will do little to nothing to settle with your creditors.
You will be in worse shape than you started.
They will collect a couple of thousand in fees.
They will do little to nothing to settle with your creditors.
You will be in worse shape than you started.
Posted on 9/23/09 at 10:52 am to Cash
quote:
Cash
^
|
|
is correct.
This post was edited on 9/23/09 at 10:53 am
Posted on 9/23/09 at 11:28 am to shel311
quote:
Say, I have $5000 in credit card debt but I have enough cash to pay it off. Now, if I called the credit card company and offered some kind of deal, like I pay $3000 and then close the account or something, if they agree to it, does that frick my credit rating too????
As others have said, this is a very bad idea. As in monstrously bad.
Any time you fail to pay off an account in full, this is a uber-major ding on your credit record, even if they agree to accept less than what you originally borrowed. Think about it - if it were that easy to skip out on a couple of grand everyone would be doing it.
If you can pay it off in full, do so.
Posted on 9/24/09 at 12:28 am to foshizzle
quote:
As others have said, this is a very bad idea. As in monstrously bad.
Any time you fail to pay off an account in full, this is a uber-major ding on your credit record, even if they agree to accept less than what you originally borrowed. Think about it - if it were that easy to skip out on a couple of grand everyone would be doing it.
If you can pay it off in full, do so.
The MT board has collectively saved my credit rating from dropping 100 points.
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