Posted on: 26th Oct, 2008 11:31 pm
I have been renting on a property for 5 years. Was just thinking if I could buy a home. But the problem is I may have to enroll for a debt management plan with a creditor for one of my accounts which is suspended but reported as current. I couldn;t any other way to pay off this account. However, I do have positive tradelines reported on my credit. Do you think mortgage lenders consider a debt management plan? The only reason I'm going for a DMP is to avoid being in default on my account And it's the first ever in my credit history so far. Do you think it’s going to affect my chances of getting a loan approval?
Hi Guest!
The debt management plan which you will be enrolling will surely affect your credit score and credit report. I think there will be certain deals available for you. It will be better if you can have the DMP running for a while. This will help you to show the lender that you have good conduct with these accounts. Apart from this, you also need to make sure that you dont end up with any defaults or late payments.
Thanks.
The debt management plan which you will be enrolling will surely affect your credit score and credit report. I think there will be certain deals available for you. It will be better if you can have the DMP running for a while. This will help you to show the lender that you have good conduct with these accounts. Apart from this, you also need to make sure that you dont end up with any defaults or late payments.
Thanks.
The debt management plan which you will be enrolling will surely affect your credit score and credit report.
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Thomas
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Thomas