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Having this little comment on one of your cards is worse than having multiple charge-offs. It will get you automatic denials from Amex, Chase, Barclaycard, etc (pretty much any prime lender, although I'm not sure if Barclaycard qualifies as prime).
Fortunately, it's easy to dispute it and get it removed from your CRs once the card is paid off.
@thelethargicage wrote:Having this little comment on one of your cards is worse than having multiple charge-offs. It will get you automatic denials from Amex, Chase, Barclaycard, etc (pretty much any prime lender, although I'm not sure if Barclaycard qualifies as prime).
Fortunately, it's easy to dispute it and get it removed from your CRs once the card is paid off.
it shouldn't effect your score though.
The point is you are agreeing to not open and have credit WHILE in this program. But once paid off, then yes, you should be good as new.
@Creditaddict wrote:
@thelethargicage wrote:Having this little comment on one of your cards is worse than having multiple charge-offs. It will get you automatic denials from Amex, Chase, Barclaycard, etc (pretty much any prime lender, although I'm not sure if Barclaycard qualifies as prime).
Fortunately, it's easy to dispute it and get it removed from your CRs once the card is paid off.
it shouldn't effect your score though.
The point is you are agreeing to not open and have credit WHILE in this program. But once paid off, then yes, you should be good as new.
Good point. It definitely doesn't affect your score. I reconned a BarclayCard a couple months ago (Sallie Mae), and the analyst actually told me, "Everything looks perfect, but our policy won't allow me to issue the card because of that comment".
What does financial counseling mean? Do you get a 3rd party to manage your credit card payments?
Debt Management Program.
Typically, they can get you lower interest rates and lower payments while going through them. Many use these vs filing BK.
And you shouldn't have to dispute the comments, it should go away as soon as the DMP is completed.
Please don't take this as being "smart", but why would you apply for new credit if you are on a DMP? All DMP and Hardship Loan programs specifically tell you NOT to apply for new credit just for that reason. When the program is over that statement is removed and when you apply for new credit the lender would never know. I just think doing it before time is asking for unnecessary heartache. Just my opinion. Please don't take it as an attack.
I have this on my credit report now.....From what i've found, the ONLY two credit card companies that will accept me are CreditOne and CapitalOne....I've app'd everyone else, but, even calling the recon lines ended with denials.