Where do I begin? (Accounts in DMP)

[Anonymous]

I-bug,  thank you so, so much.  That's sounds like good news to me.  I'm going to have to check that forum out as well.  I appreciate your comments.

[marty56]

I don't know if it is true or not, but I read somewhere along the line that DMP's negatively effect your credit score and a perceived negatively like a bankruptcy.  Maybe someone else here can clarify that ruling.

I just finshed a DMP.  My score are all above 700.  My scores will go down a bit after the DMP because the accounts will be closed so the amount of available credit will go down.  I just got a pre-approval for a Visa card from Natioal City which I accpted since I need it to bring my scores up.  I was able to get a mortgage while I was in the program but the real test is a new car in the spring/summer timeframe.  I know my auto sacores should be fairly high since I have 3 loans (1 active) on my CU with no lates.  My scores should all be above 750  by the time I am able to buy a new car but we will see.

I will let you know if I actually get the National City card.

[Anonymous]

Thanks, Marty56.  I would like to know how it goes.  We've been on the DMP since Oct 05.  We have about 20 payments to go.  I've been afraid to check my CRs.  I finally got the nerve and ordered the free EX report and decided to go ahead and purchase my score - which now I find out is not a FICO - our Vantage score was 674.  I don't know how close that is to the real FICO, but I assume it is higher than what the FICO will be.  I'm still a little nervous to order the FICOs, but I feel like I should be putting in some effort to do as much as possible to pull them up now - or at least get started.  We were transferred 3 1/2 years ago and have had to rent.  We really want to own our own home again (sigh).

[marty56]

I would register for ScoreWatch since it will allow you to monitor your progress and let you know where you stand.  I burned myself while I was in the DMP by getting a Sams card.  I had a BofA card in the DMP which had no lates prior to the DMP but they droped me anyway and the rasied my monthly payment and I didnt realize it until the account was very passed due.  I dont know if they did a hard pull or not but if they did a hard pull, ScoreWatch would have caught it.

I think you can get your own home again since I know people who got a mortgage after BK and the mortgage company knows secured loan can't be put into a DMP.

I really think there is life after DMP so hang in there.