Which is worst for credit?? Consolidation vs Settlement.
Date: Fri, 04/22/2005 - 15:24
Which is worst for credit?? Consolidation vs Settlement.
I know how both work but which one is worst for your credit?
I would think settlement would be worse becuase you're not paying the full amount...while in a debt consldiotion you are.
ALso. In debt conslitiaton, is there a pre payment penalty?
Meaning...can I pay MORE than the agreed upon monthly payment. (I might win the lotto soon, example)
I would think settlement would be worse becuase you're not paying the full amount...while in a debt consldiotion you are.
ALso. In debt conslitiaton, is there a pre payment penalty?
Meaning...can I pay MORE than the agreed upon monthly payment. (I might win the lotto soon, example)
Hi chinesemedicine In debt consolidation, there is no penalty
Hi chinesemedicine
In debt consolidation, there is no penalty for pre payment. Also, in the middle of the program, if you feel like paying more than the agreed amount, then you can definitely do that. After all, it will be an extra effort to pay your debts quickly. Only thing is that you need to inform your counselor before you make that move.
Roxette
Also... would my credit score start to go up when i file for deb
Also... would my credit score start to go up when i file for debt consolidation? Because the other credit cards...technically would be "paid off" right?
