debt management

[GIXXER]

Can being in a debt management affect your credit score or credit overall

[marty56]

No effect on your FICO score and as your balances are paid down, your score will go up.  Once you finish the program, and based on any derog information in your CR, which by the way will be 5 years older, you won't have any problems with you FICO score and getting new credit.  If it wasn't for my BofA derog that I got while in DMP, my scores would be over 800. 

Since DMP I had zero problems getting  new credit and at the best rates available.

[GIXXER]

All my cards are current no lates nothing like that just thinking about putting them together to have one lower payments and a lower rate...

[marty56]

You will get a lower payment but depending on how much debt you have your payment mightl go up since the longest you can be in a DMP program is 5 years.

[BungalowMo]

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@GIXXER wrote:
All my cards are current no lates nothing like that just thinking about putting them together to have one lower payments and a lower rate...

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If you're looking to consolidate, can you possibly try a better cc with a 0% rate on BT's for the 1st 6 to 12 mos?  How many cards & what kind of total are you talking about.

I think a DMP when you're not in "trouble" might be jumping the gun a bit. They usually want a piece of the pie...as in $$$.  That is money you can put towards balances rather than their pockets.

[Creditaddict]

DMP... the accounts will report that your in a program, but this has no effect on your credit? don't all the accounts get closed also and you can't have any credit cards during program? 

[shrekonion]

I am in DMP; closed 3 accounts to enroll, and was allowed to keep 4 other cards. Explained that the other 4 are my oldest, and that I've had a great rate on all of them (2 were at 1.99 lifetime APR; 1 was at 0%; and the last one was a low balance).  Maybe they decide on a case-by-case basis. I was not late on any cards at the time of enrollment.

[Creditaddict]

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@shrekonion wrote:
I am in DMP; closed 3 accounts to enroll, and was allowed to keep 4 other cards. Explained that the other 4 are my oldest, and that I've had a great rate on all of them (2 were at 1.99 lifetime APR; 1 was at 0%; and the last one was a low balance).  Maybe they decide on a case-by-case basis. I was not late on any cards at the time of enrollment.

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have you tried to get any credit while in the program? did any on your cards not included in the DMP close on you?  Has your score changed while being in the program?

[shrekonion]

1. "have you tried to get any credit while in the program?"  No, haven't tried. One of the conditions is that I do not apply for new credit.  If I do, there is a possible penalty of the 3 cards retroactively charging higher interest rates (+10% APR, at least).

2. "did any on your cards not included in the DMP close on you?" No. Received CLI from 2; closed one (Citi) myself.

3. "Has your score changed while being in the program?" Don't really know; haven't checked before or after much.