relief are seeing a significant amount of information regarding credit
card debt settlement. Obviously, this form of debt relief (like all
others) has some critics, which leads to at least a little skepticism
amongst consumers who might be considering debt settlement.
One of the most common questions that are asked of debt settlement is
whether or not it will have a negative impact on your credit score.
The answer is yes, no and maybe. You see, each person's situation is
different, so depending on your own personal financial status, credit
card debt settlement may have a negative impact on your credit score.
If your bills are always paid on time each month, and your credit
score is relatively high, I can say with a great deal of confidence
that your credit score will be compromised by the time your accounts
are settled. Most people who are paying their bills on time, but are
seeking debt relief, do so because they tend to find themselves
borrowing from one creditor to pay another in an effort to keep their
finances afloat each month. Unfortunately, by doing this you're really
not keeping your finances afloat; rather, you're getting yourself
deeper in debt. Your credit score might appear to be okay, but overall
your finances are lacking the type of stability that is needed to
truly stay afloat. In situations like these, people notice that their
credit score may fall below 700, sometimes dipping to as low as 500
during the delinquency period that is required to negotiate with
creditors. After all of your accounts are settled, and reflecting zero
balances, however, you'll see your credit score increase and reach a
level which is considered to be high enough for credit approval on an
auto loan or home mortgage within 9-12 months.
Those individuals whose accounts are already delinquent will likely
not see their credit score negatively impacted due to debt settlement.
Rather, those who fall into this category will find that their credit
scores will increase significantly after all of their accounts are
settled and reflecting zero balances. Let's face it - delinquency is
what really impacts a credit score, so by remedying this delinquency,
whether through full payoffs or reduced debt settlement payoffs, your
credit score has nowhere to go but up.
In summary, depending on your personal financial situation, your
credit score may be negatively affected by debt settlement, or this
process can have a positive affect. Again, this all depends on your
own financial situation. Debt settlement has helped many individuals,
families and small businesses to avoid bankruptcy and/or years of
paying high interest to various creditors.
Raises Credit Score 135 Points in 37 Days: http://www.ctrpstrvl.tk/
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