*Loan,banking and credit>>>credit score

How does settleing with a credit company affect my credit score?

HELP. I really want to know the answer to this...I am surprised it has yet to be asked.

Usually, when a debt is shown as "settled" on your credit report, it means you were late in making payments on a credit card debt for a few months. Before assigning your debt to a collection agency, the credit card company may offer you a payoff amount (usually 50-60% of the total amount owed). If you accept this payoff, the account is shown as "settled". It will not impact your credit report as bad as a collection account, auto repossession, or bankruptcy, but it will lower your credit score. The actual impact on your score mainly depends on how long ago the incident happened. The older derogatory items are, the less impact it has on your credit score. If the "settled" account is 6 to 7 years old, then it shouldn't affect you getting loans much at all. If the incident happened less than 3 years ago then it certainly will be a major roadblock for you getting loans, at least ones at decent interest rates.

if you set up a payment plan with your credit company it looks better than a default in payment. tell them your situation. they will help you. i had a lot of credit card debt and consulted a debt consolitar. it looks better that you are trying to fix the problem than avoiding it. do not consider banruptcy. it stays on your credit for 7 years!!!!
Well settling your credit company will improve your credit score.

I have done this several times over the past 2 years.

I had a 拢8,000 debt and i settled it for 拢2,000
Your score may go down initially. You can bump it back up through do it yourself credit repair though. You can use the properly worded letters to remove the negative 0 balance items with relative ease.
www.creditrepair101site.com