Will consolidating my debt hurt my credit dating fender precision
If I settle debt how long will it take for my credit report to be good again? What is showing on your credit report right now can make a difference in what happens to your credit score and future access to credit. If you have a deep and diverse credit report history with several accounts other than the three you are behind with, that fact will generally help your credit score bounce back quicker once the other 3 debts are settled and updated as resolved and showing zero balance due on your credit report.If your credit file is skinny and contained only the three credit card accounts that are going to go bad as part of the debt settlement process, then it will likely take a couple years for your credit to recover (starting from when you get the last settlement out of the way).
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From higher mortgage rates, to rising home prices to the contraction in buying power — securing financing, for some, can be no easy endeavor.
As prices, and rates rise simultaneously, lenders will still place the weighted emphasis on “real income,” or, the amount of monthly payment you can afford — as that’s what the loan is truly made against.
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Even if I did everything the debt consolidation program asked of me, my credit score would be decimated.