Having collection accounts on your credit report will impact your credit score dramatically.  It is not uncommon for unpaid collections to impact your credit score 100 points or more.

Will A Collection Agency Take Payments? Continue Reading »

What happens to my fico score if I cancel my credit card? canceling a credit card does not eliminate your responsibility to repay the debt. What it can potentially do is to lower your credit score. A percentage of your credit score is determined by your credit history. When you cancel a credit card, your credit history goes with it. Canceling a bunch of credit cards and moving the debt to another credit card will hurt your credit score in most cases. Continue Reading »

Debt Consolidation vs. CCCS what you need to know

You have probably seen the TV commercials promising hope for those who are overwhelmed by their debts. CCCS or Consumer Credit Counseling services offer what seems to be the golden pathway to getting yourself out of financial trouble. It used to be that one of the debt consolidation companies in the industry was Ameridebt. This is the company that most people think of. They are not longer in existence any longer. Continue Reading »