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Kayc03

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If i settle a credit card, how much will that hurt my score?
I have a really bad interest rate and have been dunping money in a hole for 2 years not making a dent in the principal. If i settle, how much would that hurt my score? And how do i go about doing that as its not in collections currently. Do i call the card company? Or wait for it to go into collections before doing so?

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Top Contributor
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If it goes to collections you will see a signfiicant hit.  Derogs tend to have a major impact and hold your scores down as long as they report.  You really just need to pay it down.  In future, consider the interest rate.

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