Credit Cards Center Credit cards from our partners
Super Contributor
Posts: 5,722
Registered: ‎10-06-2007

Re: Is An 80% Early Settlement A Good Option or Should I Wait?

A DMP program would pobably lower your interest rates and if you could afford the 5 year payback plan, would be a good option to become CC debt free without hurting your credit score.


Paying back less than you owe will sink your credit for 7 years, not to mention make you a prime target for AA.


LOL if you are going to try to settle your debt, and can live with the results, you might as well wait to get a better offer.  Paying 10% of what you owe is as bad as paying 99.99% score wise,  Morally wise, depends on your point of view.

09/10/2016 FICO: EQ: 797 EX:788 TU:795
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009

Re: Is An 80% Early Settlement A Good Option or Should I Wait?

On the other hand a potential BK situation is a legal issue and not a moral one.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.