I want to settle my debt with the credit card companies, without damaging my good credit......?

I was ripped off by my finacial advisor, and a caregiver, now I owe a few credit card companies. I want to clear my debts in full (or settle). Will I damage my good credit if I negotiate a settlement? What can I do? I qualify for medical hardship, these debts accurred over a couples years, due to becoming paralyzed and permanetly wheelchair bound. I do not receive disability, but am retied with pension. Will a police report help or be needed? Thanks.

I want to settle my debt with the credit card companies, without damaging my good credit......?

To boost your credit score:

The first thing you will need to do is call the three major credit reporting agencies and request a free copy of your credit report.

www.equifax.com

www.experian.com

www.transunion.com

Then once you get those in the mail (7-10 days) there will be a dispute form attached to the reports. Fill those out for every negative account on your report regardless. Fax, mail go online whatever it takes to get those submitted as quickly as possible. Then those companies must answer your dispute within 30 days or it is removed from your credit report completely. So that will eliminate some things, hopefully.

Then make sure you pay all your revolving accounts to below 50% of your credit limits.

Make sure that you make all your payments no more than 20 days from the date it is due.

Good Luck!

I want to settle my debt with the credit card companies, without damaging my good credit......?

Yes you will damage your credit if you do not pay amount owed in full. There will be a notation on your credit report %26quot;settled for less than full balance%26quot; and will be reflected in your score. If you can maintain a payment stream and work them down to a manageable position, this would be your best bet. On the other hand, what are you trying to do with your %26quot;good credit%26quot;? If you currently own a home, and are not planning a major purchase in the near future, a settlement might be your best option. Remember that credit can always be repaired.

I want to settle my debt with the credit card companies, without damaging my good credit......?

a collection account no longer effects your credit score after 2 years...and most companies do not care about old debt especially medical related collections....if you try to settle with them they will make a notation on your report and it will update your date of last activity and your score will drop for awhile but you will recover...