I would like to use a credit consolidation of some sort to get my creditors to work with me to pay down my debt. I know in the long run, my credit will improve because the debts will be paid, but I don’t want it to look bad during the repair period. Any tips or information? Thanks in advance!
Does anyone have one of these companies they would reccomend in Arizona?
Do those credit consolidation companys hurt your credit?
April 20, 2010 By 25 Comments
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If your asking if you need a credit consolidation company, Run, don’t walk to a credit consolidation company…Hurry!
You won’t look bad if you are repairing your credit. And with any luck at all, you will learn how to control your credit addiction…
No it can only improve your credit, at least after a time. I used one some time ago and they were quite good. The one I used was sponsored by the state so I knew it would be reputable. I didn’t end up paying them anything, at the first meeting they showed me what they intended to do and how they would do it and suggested that I try to handle it myself, which I did and everything worked out fine. What has to be done is negotiate with the creditors to waive late fees, reduce the interest rate and forgive any other penalties like over limit. I do suggest you go see one of them and weigh if it is worth paying them (it was going to cost me $25 a month if they did it) or if you think you can handle the negotiations yourself. Good luck!
DON’T DO IT!!!
The advice you are getting is COMPLETELY off base. It may sound pleasant to say if you try to fix your credit it can’t be bad. In fact it is quite bad, especially if you go to the wrong place.
The “credit counseling” services industry is very shady. They take people who are having difficulty paying their bills, charge them substantial amounts of money and are essentially have no more ability to “fix your credit” than you do, despite their often outlandish promises. What they often do to “fix your credit” is to dispute all negative reportings on your file. If they file disputes on your behalf on legitimate credit issues , those reports will be reaffirmed within 30 days and will end up right back on your credit report. So it is not fixing anything. They can attempt to negotiate lower rates with your credit card companies, but you can do this yourself. IF they get a credit card company to accept less than you owe them the creditor will report to the credit bureaus as “profit and loss” writeoff. This KILLS your credit. It is akin to saying “this person is in such a poor fiscal position that we did not feel they would ever be able to repay us so we took what little we thought we could get”. So next time you apply for credit and the prospective creditor sees this how do you think they will respond? Not favorably. For getting all these benefits you will have the privilege of paying from $400-$1000 (or however much they think they can get from you). So when they organize your debts and have you pay off your debt with a single payment, the first portion will go to them, then the rest to your assorted bills putting you further behind than when you started. Basically, these people are scum and prey on people in real need. RUN AWAY.
What you should do
*Check your credit. See exactly what creditors see when you ask them for money. Gov’t supported site with FREE credit reports: https://www.annualcreditreport.com/cra/index.jsp
*Contact a government credit counseling center. They are non-profit offices that do not require payment for their help. They are genuinely interested in your best interests (it looks like this is what another post went to). If someone is advertising RUN AWAY, it is a for-profit company and right now you cannot support more debt.
*Contact your assorted creditors and negotiate a rate reduction. Ask if they would be willing to reverse any fees. DO NOT ask them to take less. As I stated earlier, a P&L Writeoff is brutal on the credit score and for prospective creditors to see.
*Schedule an appointment with your banker at your bank /credit union. They will (atleast should) help you with any possible consolidation options and give you information on how to begin repairing that troubled credit.
Good luck!
We are a culture of addiction. Addicted to television, the internet, shopping, the majority of addicts are not hooked on a drug. Maybe we are driven by our addictions like passions.
Thanks for a awesome post and interesting comments. I found this post while looking for some lyrics. Thanks for sharing this post.
If your asking if you need a credit consolidation company, Run, don’t walk to a credit consolidation company…Hurry!
You won’t look bad if you are repairing your credit. And with any luck at all, you will learn how to control your credit addiction…
No it can only improve your credit, at least after a time. I used one some time ago and they were quite good. The one I used was sponsored by the state so I knew it would be reputable. I didn’t end up paying them anything, at the first meeting they showed me what they intended to do and how they would do it and suggested that I try to handle it myself, which I did and everything worked out fine. What has to be done is negotiate with the creditors to waive late fees, reduce the interest rate and forgive any other penalties like over limit. I do suggest you go see one of them and weigh if it is worth paying them (it was going to cost me $25 a month if they did it) or if you think you can handle the negotiations yourself. Good luck!
No it can only improve your credit, at least after a time. I used one some time ago and they were quite good. The one I used was sponsored by the state so I knew it would be reputable. I didn’t end up paying them anything, at the first meeting they showed me what they intended to do and how they would do it and suggested that I try to handle it myself, which I did and everything worked out fine. What has to be done is negotiate with the creditors to waive late fees, reduce the interest rate and forgive any other penalties like over limit. I do suggest you go see one of them and weigh if it is worth paying them (it was going to cost me $25 a month if they did it) or if you think you can handle the negotiations yourself. Good luck!
We are a culture of addiction. Addicted to television, the internet, shopping, the majority of addicts are not hooked on a drug. Maybe we are driven by our addictions like passions.
DON’T DO IT!!!
The advice you are getting is COMPLETELY off base. It may sound pleasant to say if you try to fix your credit it can’t be bad. In fact it is quite bad, especially if you go to the wrong place.
The “credit counseling” services industry is very shady. They take people who are having difficulty paying their bills, charge them substantial amounts of money and are essentially have no more ability to “fix your credit” than you do, despite their often outlandish promises. What they often do to “fix your credit” is to dispute all negative reportings on your file. If they file disputes on your behalf on legitimate credit issues , those reports will be reaffirmed within 30 days and will end up right back on your credit report. So it is not fixing anything. They can attempt to negotiate lower rates with your credit card companies, but you can do this yourself. IF they get a credit card company to accept less than you owe them the creditor will report to the credit bureaus as “profit and loss” writeoff. This KILLS your credit. It is akin to saying “this person is in such a poor fiscal position that we did not feel they would ever be able to repay us so we took what little we thought we could get”. So next time you apply for credit and the prospective creditor sees this how do you think they will respond? Not favorably. For getting all these benefits you will have the privilege of paying from $400-$1000 (or however much they think they can get from you). So when they organize your debts and have you pay off your debt with a single payment, the first portion will go to them, then the rest to your assorted bills putting you further behind than when you started. Basically, these people are scum and prey on people in real need. RUN AWAY.
What you should do
*Check your credit. See exactly what creditors see when you ask them for money. Gov’t supported site with FREE credit reports: https://www.annualcreditreport.com/cra/index.jsp
*Contact a government credit counseling center. They are non-profit offices that do not require payment for their help. They are genuinely interested in your best interests (it looks like this is what another post went to). If someone is advertising RUN AWAY, it is a for-profit company and right now you cannot support more debt.
*Contact your assorted creditors and negotiate a rate reduction. Ask if they would be willing to reverse any fees. DO NOT ask them to take less. As I stated earlier, a P&L Writeoff is brutal on the credit score and for prospective creditors to see.
*Schedule an appointment with your banker at your bank /credit union. They will (atleast should) help you with any possible consolidation options and give you information on how to begin repairing that troubled credit.
Good luck!
[...] accept less than you owe them the creditor will report to the credit bureaus as profit and …Read More Cancel [...]
[...] accept less than you owe them the creditor will report to the credit bureaus as profit and …Read More Cancel [...]
We are a culture of addiction. Addicted to television, the internet, shopping, the majority of addicts are not hooked on a drug. Maybe we are driven by our addictions like passions.
[...] accept less than you owe them the creditor will report to the credit bureaus as profit and …Read More Cancel [...]
DON’T DO IT!!!
The advice you are getting is COMPLETELY off base. It may sound pleasant to say if you try to fix your credit it can’t be bad. In fact it is quite bad, especially if you go to the wrong place.
The “credit counseling” services industry is very shady. They take people who are having difficulty paying their bills, charge them substantial amounts of money and are essentially have no more ability to “fix your credit” than you do, despite their often outlandish promises. What they often do to “fix your credit” is to dispute all negative reportings on your file. If they file disputes on your behalf on legitimate credit issues , those reports will be reaffirmed within 30 days and will end up right back on your credit report. So it is not fixing anything. They can attempt to negotiate lower rates with your credit card companies, but you can do this yourself. IF they get a credit card company to accept less than you owe them the creditor will report to the credit bureaus as “profit and loss” writeoff. This KILLS your credit. It is akin to saying “this person is in such a poor fiscal position that we did not feel they would ever be able to repay us so we took what little we thought we could get”. So next time you apply for credit and the prospective creditor sees this how do you think they will respond? Not favorably. For getting all these benefits you will have the privilege of paying from $400-$1000 (or however much they think they can get from you). So when they organize your debts and have you pay off your debt with a single payment, the first portion will go to them, then the rest to your assorted bills putting you further behind than when you started. Basically, these people are scum and prey on people in real need. RUN AWAY.
What you should do
*Check your credit. See exactly what creditors see when you ask them for money. Gov’t supported site with FREE credit reports: https://www.annualcreditreport.com/cra/index.jsp
*Contact a government credit counseling center. They are non-profit offices that do not require payment for their help. They are genuinely interested in your best interests (it looks like this is what another post went to). If someone is advertising RUN AWAY, it is a for-profit company and right now you cannot support more debt.
*Contact your assorted creditors and negotiate a rate reduction. Ask if they would be willing to reverse any fees. DO NOT ask them to take less. As I stated earlier, a P&L Writeoff is brutal on the credit score and for prospective creditors to see.
*Schedule an appointment with your banker at your bank /credit union. They will (atleast should) help you with any possible consolidation options and give you information on how to begin repairing that troubled credit.
Good luck!
[...] accept less than you owe them the creditor will report to the credit bureaus as profit and …Read More Cancel [...]
We are a culture of addiction. Addicted to television, the internet, shopping, the majority of addicts are not hooked on a drug. Maybe we are driven by our addictions like passions.
DON’T DO IT!!!
The advice you are getting is COMPLETELY off base. It may sound pleasant to say if you try to fix your credit it can’t be bad. In fact it is quite bad, especially if you go to the wrong place.
The “credit counseling” services industry is very shady. They take people who are having difficulty paying their bills, charge them substantial amounts of money and are essentially have no more ability to “fix your credit” than you do, despite their often outlandish promises. What they often do to “fix your credit” is to dispute all negative reportings on your file. If they file disputes on your behalf on legitimate credit issues , those reports will be reaffirmed within 30 days and will end up right back on your credit report. So it is not fixing anything. They can attempt to negotiate lower rates with your credit card companies, but you can do this yourself. IF they get a credit card company to accept less than you owe them the creditor will report to the credit bureaus as “profit and loss” writeoff. This KILLS your credit. It is akin to saying “this person is in such a poor fiscal position that we did not feel they would ever be able to repay us so we took what little we thought we could get”. So next time you apply for credit and the prospective creditor sees this how do you think they will respond? Not favorably. For getting all these benefits you will have the privilege of paying from $400-$1000 (or however much they think they can get from you). So when they organize your debts and have you pay off your debt with a single payment, the first portion will go to them, then the rest to your assorted bills putting you further behind than when you started. Basically, these people are scum and prey on people in real need. RUN AWAY.
What you should do
*Check your credit. See exactly what creditors see when you ask them for money. Gov’t supported site with FREE credit reports: https://www.annualcreditreport.com/cra/index.jsp
*Contact a government credit counseling center. They are non-profit offices that do not require payment for their help. They are genuinely interested in your best interests (it looks like this is what another post went to). If someone is advertising RUN AWAY, it is a for-profit company and right now you cannot support more debt.
*Contact your assorted creditors and negotiate a rate reduction. Ask if they would be willing to reverse any fees. DO NOT ask them to take less. As I stated earlier, a P&L Writeoff is brutal on the credit score and for prospective creditors to see.
*Schedule an appointment with your banker at your bank /credit union. They will (atleast should) help you with any possible consolidation options and give you information on how to begin repairing that troubled credit.
Good luck!
We are a culture of addiction. Addicted to television, the internet, shopping, the majority of addicts are not hooked on a drug. Maybe we are driven by our addictions like passions.
We are a culture of addiction. Addicted to television, the internet, shopping, the majority of addicts are not hooked on a drug. Maybe we are driven by our addictions like passions.
Today is only Day 5, but yesterday was hard. The first four days I felt pretty good and a sense of relief. I felt I was making the right choice to give up pot but somehow without pot and alcohol life just seems grey. I used to look forward to smoking pot and really enjoyed it. Ironically, I don’t feel a whole lot different without it – I think I had built up so much tolerance I wasn’t really getting that high, but without it I am more anxious and irritable. Unmotivated. I just hope today is easier.
Wow, thank you. I always wanted to write in my site something like that. Great job.
Useful information, many thanks to the author. It is puzzling to me now, but in general, the usefulness and importance is overwhelming. Very much thanks again and good luck!
It’s well known that cash makes people disembarrass. But how to act if someone doesn’t have cash? The one way only is to try to get the lowest-rate-loans.com and consolidation loan.