I have several accounts on my credit that are all in good standing. I just have one credit card with $25,000 in debt. I was making payments on it but when my husband was laid off, I couldn't make payments. It's over 90 days due and I want to settle the debt but I am afraid of how it will affect my credit score and what I can do to make sure it is not too negative on my credit. Any advice?
Simple. it will hurt settling, but showing you settled then just defaulting without trying to work it out looks better. The damage is already done. If you can work something gout to waive fees and start paying again on it, then that would be better.
How will settling credit card debt affect my credit score?
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Q3 Sarah : Ask your credit union to make sure that the loan is not part of the government program and that it won’t hurt your credit score. They can answer that. If its not the government program (probably isn’t) then you should be safe.
Which consolidation financial loans or maybe credit card debt settlement lending options any time you desire, are usually conditions which have been over heard generally, and yet despite this approach lots of people ordinarily are not for sure what they will necessarily suggest.
By the way, thanks to this sub-reddit and the POSITIVE comments and advice here, I pay less than 5% on the majority of my debt, and I have fixed my interest rates by doing my own negotiating. No credit counseling needed, and my credit score never took a hit from a missed payment or settlement. This is the last card left to negotiate. I have sold my house and moved to a smaller home, don't owe a car payment, and am almost completely student loan free. I feel like I am making huge progress!
[...]If this is not an appropriate alternative for you personally, then it is possible to try improving your credit score just before proceeding to apply for vehicle car loans for bad credit[...]…
No affect on the credit score for a payment 12 days late from the initial due date. A payment is only late if it is 30 days or more late. Right now you may subject yourself to a universal default interest rate on the balance plus a late fee, but it does not appear as a late on your credit.
I monitor my credit score currently on experiandirect and Credit Sesame showed my credit score as almost 30 points higher even though Credit Sesame states "Your credit score, total loans and debt info are provided by Experian" at the bottom of the page. How accurate is Credit Sesame for anyone else?