(Ask a Question) I am in a position of receiving a little unexpected money this week. I would like to pay off as many bills as possible with this money to make it go as far as possible. I contacted one creditor and inquired if they might settle. They agreed to settling the balance at about 55%. The savings is just under $600. Will this affect my credit score in a worse way than continuing paying monthly through a non-profit consumer credit counseling company? (more…)
Credit and Debt Blog
A Service of Debtors Unite, Inc.
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Posts Tagged ‘credit’
I have several credit cards–can I just settle my biggest one?
(Ask a Question) I have serval credits with low balances that I can pay, but I have one that is huge that I cannot afford their min payment. Can I just do debt settlement on this one without going through my whole financial life. (more…)
Will paying an $88 medical bill hurt my credit?
(Christina) I am in the process of buying a house and we are closing in 3 weeks. My lender asked me to explain two negatives on my credit, one being an $88 medical bill from 2009 that I was unaware of. I did not realize this was for underwriting purposes only, so yesterday I called the collector to find out about the account, and paid it in full thinking it would help. My lender then told me this would “dramatically” impact my credit in a negative way. After reading about the “Fair Isaac” decision on no penalty for paying off a debt collection in full, I am doubting what my lender told me. With three weeks until closing, how quickly might this be reported to my credit, and what impact might it have on my closing? We have been approved for FHA and losing this house over paying an $88 debt will be crushing for us. Thank you. (more…)
Will a Debit Card Help Me Build Credit?
(Doug from Georgia) My credit score was low becuase I don’t have any credit cards. I use my debit card frequently and would like to avoid the risks of credit cards. Will a debit card help me build credit or do I also need credit cards? (more…)
Does it hurt my credit score if I close a credit card account?
(Ryan from Pennsylvania) Does it hurt my credit score if I close a credit card account? (more…)
