Tag Archives: Credit Counseling

Can you get a mortgage if you’re in credit counseling?

January 20, 2012   Lorena Jill   No comments

If you are managing your debt with credit counseling or a debt management plan, will that count against you in the mortgage qualifying process?

Credit counseling vs. debt management programs

Credit counseling alone — that is, getting advice on budgeting and creating a plan for debt repayment — can only have a good effect on your credit. The fact that you are being advised doesn’t show up on your credit history, and reducing your credit card balances and paying on time improves your score.

However, some debt help firms put their clients in debt management plans (DMPs). DMPs work like this: You send the company a check each month, and they distribute the payment to all of your credit card companies.

Tags: Counseling, Credit Counseling
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Navigating Credit Counseling Choices

October 20, 2009   Admin   No comments

If you have already tried negotiating your dept with your individual creditors and banks and are still struggling with unsecured debts such as credit cards, it might be time to find a credit counseling agency. The credit counseling agency will help you create a budget, advise you, provide you with educational materials, and possibly help you set up a dept repayment plan. However, with so many unscrupulous credit counseling agencies out there, finding a good one might seem like a daunting task. Here is a brief guide that will make the processes of finding a credit counseling agency easier.

To find a credit counseling agency, begin by visiting the National Foundation for Consumer credit online or by calling them.

Tags: Credit, Credit Counseling
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