How bad does credit counseling affect credit score?
It hurts you bad, but not as bad as debt settlement or bankruptcy.
1. All your credit card accounts are closed, most likely with high balances or maybe over limit also, which hits your credit hard.
2. Your 1st payment does not go to your creditors, so u get a running 30 day late, which can run for years, only some creditors reage = make current after x months.
Typically when you use credit counseling services there has been damage done to your credit already. It affects your credit, but not as bad as if you are paying late all the time and struggling. Typically they help you settle your accounts and sometimes this "settling" l;owers your credit score. Answer 2: Problems that cause you to seek credit card counseling will definitely lower your credit score. But the fact that you used a credit…
Bad credit home loans don't directly affect a credit score. However, they can cause the interest rate to be higher and thus will make mortgage payments higher. This can increase the likelihood of missing payments in the event of not enough income to pay the mortgage and adversely affect a credit score that way.
Answer When you are undergoing credit counseling, some of your creditors may contact the credit bureaus and put a notation on your credit card report signifying you are going through credit counseling. This notation is neutral and does not affect your credit score in any way. Once you finish the credit counseling, this notation is removed from your credit report. Answer yes it does show up. also just a pointer when you go to geta…
no it does not affect your children's credit rating. credit score is based on how an individual uses credit, not on how other people uses credit. what possibly may happen is children may learn thier parent's bad credit habits. if a consumer needs a co-signer (parent) then if the parent has a bad credit rating that will affect the loan