Tips on Debt Relief and Your Credit Score
Nowadays, access to public information can be very easy. A lot of prospective employers are looking for information about you as much as they possibly can before they even offer you the job. It depends on the type of employment that you’re looking to have, though. Before we get deep into it, let me share something about debt relief. I’ve come across this video and I want to share it to you guys.
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Categories: Credit Score Videos Tags: Credit, Credit Score, Debt, Relief, Score, Tips
what happens if you settle your debt will it affect credit score?
Question by h.p: what happens if you settle your debt will it affect credit score?
how bad it will be?
Best answer:
Answer by victor c
A debt settlement will actually improve your credit. Having a lot of debt typically hurts most people’s credit because it gives them an exceptionally high debt-to-income ratio and debt-to-credit ratio. Inversely, a debt settlement, which manifests in a debt elimination, lowers and brings both the debt-to-income ratio and debt-to-credit ratio to a positive standing.
According to Fair Isaac corporation, which created the FICO credit scoring model, the “debt-to-credit” ratio makes up roughly 30 percent of the consumer credit score. So, obviously a debt settlement (a.k.a. debt negotiation) will improve your credit.
In addition to being able to improve your physical credit score, hiring a debt negotiation specialist to settle your debt can give you added credit benefits. It also makes you look more creditworthy than previously showing a whopping sum of debt and high debt to credit balances. Keep in mind that creditors are more concerned about debtors that owe a lot and can’t seem to reasonably pay off their debts than if you’re presently debt-free, yet had a checkered credit history.
Know better? Leave your own answer in the comments!
Categories: Credit Score Questions Tags: affect, answer, Best, Credit, Debt, happens, Score, Settlement
Q&A: Paying off debt to get a better rate for buying a house.?
Question by Ervin: Paying off debt to get a better rate for buying a house.?
I’m currently paying down what I owe on my credit cards. When I receive my tax refund… I plan on paying it off. March of this year I will be debt free. Will that raise my credit score? I’m asking because in a about 1.5 to 2 years I want to buy a house with good credit.
Best answer:
Answer by Toni
Using less than 30% of your available limits is what keeps the scores up.
Ex: $ 1,000 limit – never use more than $ 300 at any time during the month.
That’s why experts will tell you:
Use your card for small things you need like food or gas and pay in full each month.
Make sure you do not close those accounts when you are finished paying them off.
You want to keep payment history, and you want to keep it ongoing.
By paying in full you never pay interest and can get those top scores.
A years worth of paying in full each month should get you a pretty good rating.
Enjoy purchasing your new home someday.
Give your answer to this question below!
Bad Credit Debt Consolidation
>Debt Consolidation refers to the process that aids in lowering the interest rate on your unsecured debts and in cutting back the number of debts that you have. Therefore, debt consolidation could really be of help to you in paying off debts and freeing yourself from the financial obligations. Thus, one thing that you need to consider is if you can achieve fast cash consolidation on your unsecured debts. Yes, it can be done only if are sure to make more than minimum payments on the consolidated debt.
Interested? Baffled? Watch this video and get your questions answered. Or click here for help.
Categories: Credit Score Videos Tags: Consolidation, Credit, Debt
Q&A: What happens to your credit score if you pay off all your debt and never get another credit card?
Question by nickolasname: What happens to your credit score if you pay off all your debt and never get another credit card?
I have a tremendous amount of bad debt. Almost 2000 dollars. If I were to pay it all off to 0 would it raise my score or just keep it from getting lower? I have no intention to EVER EVER EVER have another credit card. my credit score is in the low 500s what will happen if I pay off all debt and do nothing to raise my score?
Best answer:
Answer by Kathy P
It would raise your credit score to pay off your accounts. But don’t close the accounts. Just cut up the cards if you don’t want to use them. Or use them once in a while, and pay it off right away. One of the things they use to figure your score is how long you have had your accounts. So keep the accounts open, as that will help increase your score.
Add your own answer in the comments!
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