No. of Recommendations: 0
foolishjosh wrote:
will my being on this counseling service drastically hurt my credit rating? i should be out of debt in a short time, and the cc counseling service helps me accomplish my goals. i should note that i bought a home before i joined the cc service. will the fact that i've gone through this service hurt me much, even though i'll be debt free?
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A more important issue is what state the accounts were in before you entered the counseling service. Were there a lot of late payments? Were the accounts in defaults at that time? If so, then the damage was mostly done.

The fact that you've honored the agreement, and in fact improved on it by increasing the payments, will probably be somewhat of a positive. Also, the payment history on your mortgage figures heavily into the equation.

I would suggest that you leave things as they are, and when possible accelerate the payments even more. Being debt free is the most important goal. The credit rating will take care of itself over time.

Another bit of advice is to make sure that you've corrected the spending habits that got you into trouble to begin with. You don't want to go back to where you were.

Borrowing from johnmoni's standard line, you don't need credit if you use your own cash.

Good luck,
Lee
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