• Jennifer 4:15 am on September 24, 2009 Permalink |

    Hi,
    I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
    http://redirx.com/?0g4c

  • Studly 4:15 am on September 24, 2009 Permalink |

    You don’t fix a bad credit score by filing bankruptcy.

    Unless you owe over $20k in unsecured debt it’s not a good idea at all.

    In your case I would suggest you talk to a non-profit credit counselor and let them look at your financial situation. How old are these debts? How much? If you set up a payment plan how long to pay them off?

    And will the creditors work with you and delete these from your credit report once paid?

  • src50 4:15 am on September 24, 2009 Permalink |

    Your credit score is not a relevant factor. How much do you owe? What is your income and assets? Those are the things you need to consider.

  • Social Misfit 4:15 am on September 24, 2009 Permalink |

    I would avoid bankruptcy like the plague. Yes 563 isn’t good for a score, but you can build from there if you are religious about caring for your credit. If the medical bills are valid, call and work out a payment arrangement with the creditor. If you received services, you agreed to the terms. While I understand that in some situations bankruptcy is a good option, I think it’s become too much of an easy fix for people who just want to have their past debts wiped away. I say have some courage and integrity and pay for that which you owe and agreed to pay. I know that may sound harsh, but even if it’s small token payments to clear your credit, that goes a long way.

  • alialoggi 4:15 am on September 24, 2009 Permalink |

    No, just pay your bills. Filing bankruptcy is going to ruin your credit for a few years and you wont get out of repaying your debt. No one will loan you money for a house or a car. Don’t do it, just set up a re-payment plan and pay what you owe.

  • Domane 4:15 am on September 24, 2009 Permalink |

    563 does stink a little, but its not the worst, and it willl only go up once you–little by little–pay off those sometimes hefty med bills. If those bills are already in collection (on your credit report), call the collection agencies handling them, work out a deal, and try to be faithful to it.
    While working on knocking those down, you could get a secured credit card from lenders that work with high risk individuals, Orchard Bank, for example has a card for various credit situations; using that card to make minor purchases, let’s say underwear– and paying that monthly bill on time can increase your score in as little as 4-6 months, even with your med bills still on there.
    http://www.hsbcusa.com/personal/less_than_perfect_credit.html

    You’re likely not as bad as you think, I don’t know your total situation (income, bill totals, expenditures) but for you, the thought of bankruptcy can likely be put on the shelf. With a little patience, and good steady payments, you’ll be getting low and no interest loans, sooner than you’d expect!