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Newest Member: aoife (50534)

User Topic: Credit and Court Question
♀ 36126
Member # 36126
Default  Posted: 5:28 AM, February 12th (Wednesday), 2014View ProfileEdit MessagePrivate MessageHomepage

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.

Posts: 1394 | Registered: Jul 2012
♀ 1330
Member # 1330
Default  Posted: 6:25 AM, February 12th (Wednesday), 2014View ProfileEdit MessagePrivate MessageHomepage

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,


FBS: Married 20 years, 2 daughters 25 and 22. Divorced by the grace of GOD.
D-Days: 2/23/93; 10/11/97; 3/5/03
Ex & OW Broke up 12-10
"An erection does not count as personal growth."

Posts: 30110 | Registered: Apr 2003 | From: Massachusetts
♂ 34236
Member # 34236
Default  Posted: 9:27 AM, February 12th (Wednesday), 2014View ProfileEdit MessagePrivate MessageHomepage

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?

Endeavor to persevere.

Posts: 586 | Registered: Dec 2011 | From: NE US
♀ 27544
Member # 27544
Default  Posted: 2:30 PM, February 12th (Wednesday), 2014View ProfileEdit MessagePrivate MessageHomepage

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.

Me: BGF - 34

I gave you more than I ever got back
You left me here to forget about that
All the things you thought you had have gone
Let that be a lesson to you
-Richie Kotzen, "Special"

Posts: 2775 | Registered: Feb 2010
Topic Posts: 4

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