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Credit and Court Question

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fireproof posted 2/12/2014 05:28 AM

If I accept a settlement replayment plan of credit card debt (the account is already closed- with regular payments) does that effect my chances as a stable parent?

Is it better to stay off those type of plans - it would reduce my rate by quite a bit but I don't want it to effect my credit or my ability to be a fit parent.

Catwoman posted 2/12/2014 06:25 AM

Unless you were buying crack on a credit card, no. While credit scores can be used by companies to vet your fitness for loans, work, etc., they are not typically used in parenting evaluations.

This is a common scare tactic--threatening to divulge something unrelated to parenting to paint the opposite side as a bad parent. Frankly, unless someone is a real basket case, this will not make one whit of difference.

You would have to ask a financial professional about debt consolidation and credit score,


crisp posted 2/12/2014 09:27 AM

As Cat said, the two issues are not directly related. Handle each separately on their own merits. Your credit rating is already affected by the delinquent account. Your options on settling on the account vary depending on your current circumstances. Have you had any competent professional look at you finances?

Whalers11 posted 2/12/2014 14:30 PM

You should speak to a financial professional with regards to how settling will impact your credit - but rule of thumb is if the accounts are current, don't settle them with a reduced balance/payment plan. That is worse than being current with payments and carrying a balance. If the accounts are already delinquent or have other negative indicators, settling won't harm your credit score much worse, if at all.

This is what I was told several years ago when I was trying to dig myself out of a debt hole.

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