Comments on: Shedding Debt vs. the Credit Score http://masteryourcard.com/blog/2008/09/16/shedding-debt-vs-the-credit-score/ The best Credit Card Debt Blog online Thu, 02 Feb 2012 13:31:13 +1100 http://wordpress.org/?v=abc hourly 1 By: Doctor S http://masteryourcard.com/blog/2008/09/16/shedding-debt-vs-the-credit-score/comment-page-1/#comment-6480 Doctor S Tue, 23 Sep 2008 01:22:05 +0000 http://masteryourcard.com/blog/2008/09/16/shedding-debt-vs-the-credit-score/#comment-6480 To be totally honest, I just assume I have a good credit score. I have always paid everything on time and have had a existing credit line. My main concern right now is paying off my debts. I am trying really hard to the point where I have removed all the credit cards from my wallet. I have even cut back on paying large chunks of my student loans just to throw more money at my darn CC debt. It is going well but I will be happy when it is gone, once it is at ZERO I will check my credit score! Ill let you know how that goes! To be totally honest, I just assume I have a good credit score. I have always paid everything on time and have had a existing credit line. My main concern right now is paying off my debts. I am trying really hard to the point where I have removed all the credit cards from my wallet. I have even cut back on paying large chunks of my student loans just to throw more money at my darn CC debt. It is going well but I will be happy when it is gone, once it is at ZERO I will check my credit score! Ill let you know how that goes!

]]> By: Polly Poorhouse http://masteryourcard.com/blog/2008/09/16/shedding-debt-vs-the-credit-score/comment-page-1/#comment-6365 Polly Poorhouse Sun, 21 Sep 2008 00:43:20 +0000 http://masteryourcard.com/blog/2008/09/16/shedding-debt-vs-the-credit-score/#comment-6365 I'm probably not in the best position to give advice, but my priority is getting the debt in order. However, in my experience, working with a debt counselor for credit card consolidation wasn't a very good deal. The consolidator wanted to charge me $40 a month that I didn't have, and would only have been able to reduced the interest rates on two of my accounts. One account actually would have a HIGHER rate. So, like a politician we all know, I said "Thanks, but no thanks." Also, I would warn people that the credit counseling industry is funded by the credit card companies, whose interest is in reducing their losses, so counselors may try to set up payment plans with higher payments than debtors can afford. One last point--some places that advertise themselves as debt counselors are out-and-out scams. So be careful. What I think does work is negotiating individually with the credit card companies. Keep asking, even if they say "no" at first. Just my 2 cents. I’m probably not in the best position to give advice, but my priority is getting the debt in order. However, in my experience, working with a debt counselor for credit card consolidation wasn’t a very good deal. The consolidator wanted to charge me $40 a month that I didn’t have, and would only have been able to reduced the interest rates on two of my accounts. One account actually would have a HIGHER rate.

So, like a politician we all know, I said “Thanks, but no thanks.”

Also, I would warn people that the credit counseling industry is funded by the credit card companies, whose interest is in reducing their losses, so counselors may try to set up payment plans with higher payments than debtors can afford.

One last point–some places that advertise themselves as debt counselors are out-and-out scams. So be careful.

What I think does work is negotiating individually with the credit card companies. Keep asking, even if they say “no” at first.

Just my 2 cents.

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