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braznyc wrote:
I have read on here that DMP puts a dent on your credit file, while you're in the program, as it's not looked favorably upon, but then again we're in an economic downturn so trying to preserve rather than damage permanently may work for some. It's just a matter of evaluating your situation and deciding what you can do on your own and what you need help with.
Hello - Thanks for posting. I'm considering DMP but I've worked so hard to get my score to 688 and now I'm in a pickle which means I may need to do a DMP. Will my score drop considerably? I'm trying to do the right thing by paying these off it time through a good DMP (any recommendations?) without having to file BK. I may loose my job which is what my concern is. I have about $24K in CC debt and with the interest rates, I'm just in over my head paying minimums ea month. I need to figure out a plan.
Any advice? Thank you!
I'm a big MyFico fan. This site/forum has helped me grow/learn and do very well over the last few years, for which I'm very grateful.
@Gotagoal wrote:Hello - Thanks for posting. I'm considering DMP but I've worked so hard to get my score to 688 and now I'm in a pickle which means I may need to do a DMP. Will my score drop considerably? I'm trying to do the right thing by paying these off it time through a good DMP (any recommendations?) without having to file BK.
I sent you a PM on the DMP company I used. Using a DMP will not effect your FICO in the long term. There could be a drop due to closed accounts vs util but you won't be applying for credit during the DMP anyway. Also being in a DMP shows you are making an effort to clear up your debt which will reflect positively for work.
The only down side of DMP is an increased monthly payment.
If you only have only a few creditors to deal with, I, personally, would not pay a DMP to address it.
You have speific accounts to focus on, and you can deal with it yourself, once you have some objective facts and opinions.
If you would just post the current CL, balance, and prior derogs on the derog accounts on this site, you will get advice that is, in my opinion, more objective than that you will receive from a DMP.
It depends on the effort you can put into it yourself.
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@RobertEG wrote:If you only have only a few creditors to deal with, I, personally, would not pay a DMP to address it.
You have speific accounts to focus on, and you can deal with it yourself, once you have some objective facts and opinions.
If you would just post the current CL, balance, and prior derogs on the derog accounts on this site, you will get advice that is, in my opinion, more objective than that you will receive from a DMP.
It depends on the effort you can put into it yourself.
.
I agree with this. Listen, I know others have given you the advice to go with a DMP but in all honesty, they cant do anything you can yourself. Save yourself the fees and put it in your savings and consider it paying urself. If its just the one discover card with the 9K, just get a signature loan - it will be anywhere from 9-15% but way less then what you are paying discover - contact a CU.
Also, the best option would be, if you have the cash available but dont wanna spend away your life savings then just take out 9K, go to a CU and get a savings secured loan.... I know many that offer 2% on top of your savings rate - which is really cheap money to pay off a card with 20%+ interest. Think about it - this is a great way to go...
I also know you mentioned that you have a car loan, which will be paid off soon - just refi the car with cash out if there is equity in it and then just have the car payment rather then that extra discover payment...
Finally, my last advice - once you do PAYOFF the car - treat urself... a little treat - for motivation - and be DISCPLINED - do not end up running the card up again - otherwise you will have the payment again, plus you may loose your savings secured or auto secured collateral...
good luck...