Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
ziggy6060

0 Contributions
0 People Helped
In the process of refinancing and need to negotiate debt settlement
How does a settlement affect my refinancing?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
5038 Contributions
1136 People Helped

That is a question you would need to ask the lender that you are planning on doing the refi with. Are they requiring that you settle it? If not, you may want to refi first and worry about settling the debt afterward. Sometimes when you settle a debt it can cause a score to drop if the account hasn't updated for a while. If it hasn't updated for a while and you settle it, it will update and look "fresh".

The best way to deal with a bad debt on your report is attempting to get it deleted in exchange for you paying it. This process is known as Pay For Delete. If you cannot get that when you settle, if you settle for less, get them to agree to not put that comment on the account.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.