Hi,
I am new to this forum and at this moment i am trying to determine the best way out of my debt. There are apparantly two different choices for me, Credit Consolidation and Credit Negotiation/Arbitration.
I understand that Consolidation is not reflected in my FICO score, but it is noted on the report which can result in an inability to obtain a loan while participating in the program.
As far as Credit Negotiation, I understand that it does directly effect my FICO score. However I am curious how much it will effect my score and my report in the long run?
It is very tempting to shoes Negotiation over Consolidation due to the lower payment ($312 vs $560) and shorter terms (36 vs 47 months). However I don't wan to be short sited and end up lowering my score to a point where it will take years to repair.
Can anyone provide me with an idea of how much Negotiation would effect my FICO?
Thanks so much in advance!!!