Credit Report Score Range
2010
Should i work with a debt consolidation/repair company if my credit score is 518?
My credit score is 518 so i dont qualify for any loans at any banks, not even P2P lending like prosper.com. I have been reading books about debt management and i am considering going to one of these companies. What is holding me back is that i know it’ll show on my credit report and by doing so i’ll practically be filing for bankruptcy.
i have a goal to zero down my debt ($6,000) in 2008. after i do so i want to begin saving money and start looking for a house to buy, which i know is a hard and long process. I have a lot of black spots on my credit report but i think going to a debt program will make an even darker mark on my history.
is it worth it for me to consolidate my debt?
will my credit score ever grow to the 700 range i wish for?
how hard is it to get a house after going to a debt program?
WOw, great question.
If i were yo i would declare bancruptcy, a 518 is a crappy score, if you declare bankruptcty, what your score goes down to 487???
Ddi you know that debt consolidation rpgrams are funded by credit companies, who will tell you that bankruptcy is like “the worst thing possible”
Also lenders would love to to talk to a person that has declered bancruptcy cause you CANNOT declare bancruptcy for another seven years.
you credit score can grow to a 700 but ut will take atleast eight years to do so.
you will have to pay a higher interest rate on the mortgage anywase cause of your credit scores.
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