Less than if you stay in a default or bankruptcy situation. Credit counseling teaches debtors how to effectively manage their debt. I've only personally seen credit counseling improve a person's credit. Financial education is key to moving forward.
Answer:If you're struggling to manage your debts, then credit counseling can help you find a way out. Federal law now mandates that all bankruptcy candidates receive credit counseling before filing. However, credit counseling services can also help you long before bankruptcy becomes a possibility. credit counseling offer a wide range of solutions based on your specific situation. They'll review your finances, advise you about budgeting, and devise a program to help you get out of debt. Where as in debt settlement your debt amount gets reduced. When a debt is settled for less than its full value, the creditor will note that on your credit report. The damage is much less than you'd experience with bankruptcy or default, and in most cases your credit will improve within a couple of years.
About a year and you need to take credit counseling first.
Yes closing a credit card can damage your credit score. But as long as everything else is good it should not affect you credit rating to much. Look for tips to keep a good credit card rating.
It is generally short-term counseling designed to assist people to deal with tragic events. Many believe that prompt crisis counseling can help prevent some of the long-term psychological damage seen in the survivors of tragedies.
Many lenders look at credit counseling as a bankruptcy. If you have debt that is managed and paid by a CCC and the agreed upon repayment schedule is being met then it should not effect your credit score. However, if you plan to buy a house, most mortgage lenders will turn down borrowers in credit counseling.
7 Years. Sorry. :(
AnswerOnce you employ the use of a credit counselor a notation to that effect is made on your credit score. This, in itself, is a neutral notation and does not affect your credit score. It is the credit score which determines your credit worthiness but there are some creditors who will view this notation in a negative aspect. Most creditors will look only at the credit scores, but whether credit counseling helps or hurts your credit depends on how an individual creditor views credit counseling. AnswerIndirectly. A credit counselor will work with you to help you reduce your debt and manage your financial life more effectively. Beware fly-by-night operations that scam people out of money under the guise of financial management.Reducing your debt and maintaining financial control over your life will help your credit in the long run.
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Do not put your name on anything he has that way your credit does not get mixed. As long as you keep things separate you should be fine. My suggestion is to get your spouse to a credit counseling service to see what they can do, but if it is over 7 years forget about it
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