Debt Consolidation or Bankruptcy?

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Posted: Thu Sep 23, 2004 12:12 am
Post subject: Debt Consolidation or Bankruptcy?
Kelly
Date: 3/13/2001 2:04 pm CDT

Hello all!
I have a question about debt consolidation. Has anyone tried this? My husband and I are in debt because both of us lost our jobs in the same week, and then could not afford to pay the bills on time. Which of course lead to late fees and such. We have considered bankruptcy but are leery of it, since you basically have bad credit for 7-8 years. Is that true? I have been investigating both of these options and would appreciate any advice on either topic. If anyone has done debt consolidation, do you recommned anyone? What are the pros and cons (in your opinion) of debt consolidation vs. bankruptcy? We get at least 5 calls a day from creditors telling us we have to pay this much by this time, (which are completely astronomical!) We just want out of debt!!! Please help!
Thank you so much for you time. If you dont mind, please email me! (Kellby1178@aol.com)
Kelly

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Late Mortgage Payments On Credit Report

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Posted: Thu Sep 23, 2004 12:00 am
Post subject: Late Mortgage Payments On Credit Report
Bea
Date: 3/15/2001 4:20 am CDT

My question is this. I have 4 mos. of recent late payments reported on my credit report. I was trying to repair my credit but, was set back with this mortgage account. This is a joint account that was paid late. The account is now current but, I need to know how bad is this on your credit report. This is the only account this is reported as delinquent on my report. I recently pulled a credit report via Q-Space and my score was 577. How long will this affect my credit report. I was trying to apply for a department store credit card but, I know that this will probably cause an immediate denial. Will I have to wait 7yrs before I can be approved for a department store credit card with no more lates being reported on my credit report? I have 4 credit cards with no lates reported now. Any advise would help. Thanks

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Posted: Thu Sep 23, 2004 12:00 am
Post subject: Late Mortgage Payments On Credit Report
IcyWealth
Date: 4/14/2001 5:35 pm CDT

Bea, In the future, if you have to be late, don't be late on the mortgage- this is far worse than a credit card late. 577 score is very low. You will be stuck with the unattractive credit cards and rates until you build back a good history. Above 680 is considered good credit, and when you reach 720 you can basically just make up a story, sign your name, and they believe you. As your "delinquent accounts" age they become less and less important. Some lending institutions have guidelines of 1 year, 2 years; some even like you mentioned 7 years.

Best of luck,
IcyWealth

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