DMP: The impact on FICO?

[SoP84]

I'm seriously looking at enrolling in a DMP, after doing more homework. All my cards have jacked my rates, based solely on high balances for the most part (which they loved me for two years ago), and the monthly payments are getting to be too much.

 

My question is this: I know DMP's will mess up my FICO to a degree. It's currently 666 (I know) with no negative marks, only high utilization. Can those that have participated with one give me an outlook?

[dolly1213]

I am in the same boat no negs just ratio is bad. I cannot keep up with the interest rates going up for no reason. Anyone?

[radi8]

FICO has been adjusted recently to ignore the DMP itself. Closing accounts with balances, allowing the creditor to close the account (instead of closing it yourself), or incurring late payments during the process- those are the things that typically affect FICO.

 

If your utilization is already very high, if you close the accounts yourself and make sure there is no lapse in payments- it's possible you won't see any significant FICO change.

[dolly1213]

Wow! I didn't know things changed that much. Thanks. I have called some of my creditors and they refuse to lower the rate for me. Cap 1 increased my card from 7.9% to 17.9% through no fault of my own they said it was a business decision and they raised everyone with that particular card. I have no negs but my interest rates have all shot up.

 

My cousin and sister used incharge solutions and said it was good. Any recommendations on where to go?

[ravrunner]

Yeah any suggestions on where to go?

 

So far I see on the boards that green paths debt solutions is good.

 

Anyone?

[ravrunner]

Yeah any suggestions on where to go?

 

So far I see on the boards that green paths debt solutions is good.

 

Anyone?

[lurch70]

I use Harbour Credit and they are great.

Just added Capital one to my account with them and the rate went down to 7.4%

 

40debts.org

[breeze]

I use Harbour Credit and they are great.

Just added Capital one to my account with them and the rate went down to 7.4%

 

40debts.org

 

I just did some checking and Harbour has some complaints online. Did you just start with them? I remember your earlier posts, when you were trying to figure out what to do.

[radi8]

Yeah any suggestions on where to go?

 

So far I see on the boards that green paths debt solutions is good.

 

Anyone?

 

If you belong to a credit union, check there first. Many of them partner with a debt management firm. Most likely it'll be someone reputable, and often the CU will pay any fees for you. Sometimes it's part of a larger "financial wellness" program they offer.

If you don't currently belong to a CU, ask a couple, or look over their websites- and perhaps join one.

 

Greenpath is one of the oldest players in the game, they've been around for decades. I wouldn't have personal reservations about calling them and seeing what they have to offer you.

[lurch70]

I use Harbour Credit and they are great.

Just added Capital one to my account with them and the rate went down to 7.4%

 

40debts.org

 

I just did some checking and Harbour has some complaints online. Did you just start with them? I remember your earlier posts, when you were trying to figure out what to do.

 

I was with CDS, but all their accounts were transfered to Harbour, about 3 months ago. All has been smooth so far and very helpful customer service that actually returns phone calls promptly.

[shadekitty]

Whatever company you choose, you need to make sure they are NON profit and are registered with the BBB to make sure you aren't getting screwed.