MetaChat - AskMecha: Financial stuff

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03 August 2007

AskMecha: Financial stuff I have had it up to here with Bank of America. WARNING: Lots of strong language ahead.→[More:]

I really don't want to go too much into detail right now, but suffice to say, I've had my credit card through them for about 10 years and I've never been able to fully pay the balance down, for various reasons. I want to get this fucking debt off of my back, and I have some questions about how to do that:

1. Will going through a credit consolidation company fuck my already poor credit?

2. Yeah, I know I've got bad credit because I checked my credit reports recently and there are some new items on there that I can't take care of right away. So transferring it to another account might fuck me over even more because there'd be yet another inquiry. But does anyone know that for sure?

3. I've already done their payment program two years or so ago. Will doing it again hurt my already piss-poor credit?

I'm at my fucking wits end here. Help me, bunnies?

post by: TrishaLynn at: 13:31 | 2 comments

For (2), I've heard that you only really need to worry about "pulls" from credit card inquiries if you are really trying to maintain a perfect credit score (a little late for that). This looks like a decent article on the matter.

posted by muddgirl 03 August | 14:19

A coworker of mine is at the 4.5-year mark of her 5-year consolidation program and her partner was wanting to buy a new truck this week. The guy at the dealership told her that her credit was fantastic, but there was no way she would get a loan from anyone as long as she was in the program, and that no one ever tells you that.

It was something about the credit company canceling her card being the only way to get it into consolidation. Which isn't terribly helpful, I'm afraid. But other than that, she has been very happy with the program.

posted by rhapsodie 03 August | 23:28

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