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Valued Member
OntheHorizon
Posts: 34
Registered: ‎02-15-2008
0

Should I enroll in DMP???

I'm entertaining the idea of enrolling in a DMP to get out of debt faster.  I'm not behind on any of my bills, I do have a lot of credit cards and 2 personal loans and a car payment, (not to mention 3 kids and a huge daycare bill) but I haven't been late on anything (credit cards, loans, car payment, etc.) since 2007.  I'm able to make the payments but only the minimum, thus I can't seem to make any headway in getting things paid off.  Last I checked my scores were hovering around 620-630s.  My question is will enrolling in a DMP hurt my scores? Yes I will be out of debt faster but I'm not sure I want it at the expense of my scores/hard work.  In addition, I'm looking to purchase a home in the next 2-3 yrs so I don't want that possibility jeopardized either.  Advice greatly appreciated....

Moderator Emeritus
MarineVietVet
Posts: 14,526
Registered: ‎07-14-2009
0

Re: Should I enroll in DMP???


OntheHorizon wrote:

I'm entertaining the idea of enrolling in a DMP to get out of debt faster.  I'm not behind on any of my bills, I do have a lot of credit cards and 2 personal loans and a car payment, (not to mention 3 kids and a huge daycare bill) but I haven't been late on anything (credit cards, loans, car payment, etc.) since 2007.  I'm able to make the payments but only the minimum, thus I can't seem to make any headway in getting things paid off.  Last I checked my scores were hovering around 620-630s.  My question is will enrolling in a DMP hurt my scores? Yes I will be out of debt faster but I'm not sure I want it at the expense of my scores/hard work.  In addition, I'm looking to purchase a home in the next 2-3 yrs so I don't want that possibility jeopardized either.  Advice greatly appreciated....


I won't counsel you about this because I've never done it but until someone comes along who can help you here are some older threads talking about DMP's.

 

Perhaps you'll find some useful information in them.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Frequent Contributor
birjest
Posts: 351
Registered: ‎09-23-2011
0

Re: Should I enroll in DMP???

Well, I did a DMP with NFCU in 2008.  Boy, I was in debt up to my eyeball.  It help me breath a little bit, although I had to close out several c.c.  Well, I am doing good, and I also been following Dave Ramsey since 2008.  He is kinda like a financial therapy for me and to this day, I still listen to him.  As for the DMP, it will reflect on your credit report, and don't expect to apply for any new c.c for 2 years.  However, while you are in DMP, and you need a cc for travel/hotel...go with a secured cc.  Atleast you can't get in trouble with that. But, you will be back on track.  Take it from me, I had a score of 487 in early 2008...

11/15/13 EX 685(MY FICO) EQ 657(MY FICO) TU 659 (MY FICO).

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