Can your credit status eliminate your chances for a job?
I dont have any bankru. or liens but do have outstanding credit card debt. My crdit score went from 700 to 430 in 4 months with unpaid credit card debt. I have been unemployed for 4 months.
It depends on the position you’re applying for. If it’s management, then yes.
If you get the chance to explain yourself before they pull it, then do so.
Everyone has a hard time at least once in their life.
Does anyone here use creditsolutions (Where they eliminate like 60% of your debt)?
Is this just like bankruptcy? Can anyone tell me how much this hurts your credit score? Please give me a heads up whether I should use this. I have about 12k in unsecured debt, and it would lower my payments by close to 200 a month. PLEASE. good honest advise.
Working for a credit reporting agency, we get this questions all the time. The answer depends on several factors. First, are you currently paying your debt on time. If you are not, using a service like this is not going to have too much damaging effect to your future credit. Any adverse (negative) account will only remain on the credit file for 7 years from the date of last activity. Using a financial counselling service or settling accounts for less than full value adds a negative statement to that account , but that still only remains for 7 years from the date of last activity.
If you have lots of debt, but are able to make all your payments on time, settling accounts for less than full value could severely damage your good credit. Even though your balances are high, which lowers your credit score somewhat, adding a negative statement to a “paid as agreed” account would impact your score more. Also, many companies like credit solutions do not make payments to the creditors on time, which will make your accounts adverse.
The other major factor is other existing credit. If you have sufficient past positive credit that has been in good standing for many, many years (15 or more), financial counselling will have less adverse affect.
Another thing to consider is the financial institutions themselves. Find out their policies regarding debt solution programs, and how they would report this to your credit file. If the account is going to end up being reported as a charge-off, it would not be beneficial to you – it would look the same as if you never paid it.
I hope this helps. Personally, my advice is that if you can manage your debt load, pay diligently each month until your obligations are resolved. If you cannot manage it, a chapter 13 bankruptcy actually does the same thing as a company like credit solutions, and it only remains on your credit file for 7 years as long as the plan is completed (discharged).
Whatever you decide – good luck.
Out of curiosity,If you experienced a large unexpected expense that left you in significant debt would you?
A) Spend wildly, buying gifts for your poor friends going even deeper in debt , knowing you have no way to pay for them without stealing from others
B) Cut back on spending and waste while working to eliminate your debt.
B, maybe borrow from my 401k to pay off debt. Good analogy though
Any recomendation for a credit card debt consolidation firm?
A firm that you ve been satisfied with and helped you to eliminate your debt with a competitive rate (i,m florida , miami area)
Anyone had luck with a credit card consolidation company?? Have u really eliminated your debt….?
I’m talkin about these companies u hear on TV/radio that ‘claim’ they can negotiate your balances and cut your debt up to half..and have you completely out of debt in a few years? What if any companies have u found that have actually done this??? help!! thanks!
All i have heard on answers are nightmare stories — my advise to you is run not walk away from any of these companies!!! Example they will tell you to not pay your bills which in turn will make the credit cards companies post all kind of true but awful remarks in you credit report which will lower your score lower than a snakes belly and than the company will try to settle with the credit card company and all the time you are pouring money into them so they can destroyed your credit!!!
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