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Posted in Paying Your Bills
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OKI11

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I need to know about settlement account to pay off my debts
I have almost $ 9,000.00 in debts. Consumer debts help association offered to me a settlement account to help me to pay off my debts in 24 months. Would you please let me know how will be affected to my credit this?

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Any time you open a new account, your score does drop at first.  However, as you close out the old accounts, that will help off-set any score damage by opening the new account.  After you've made about 6 months of payments on the new account, it will start helping your score.  When you are ready to talk to the collectors about paying them off, try to get them to agree in writing to remove the account from your report once it is paid.  Best of luck!

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