NOOooooo problem, I get paid by the hour lol. We usually have our clients close the account themselves in the final enrollment process. Its my understanding that the closed account status does not reduce the actual credit score. We have the clients close them versus the creditors because some lenders see that as a negative when attempting to try and apply for new credit- which really is just a means for them to justify a higher interest rate on the loan being applied for.
I have not personally seen anyone's score from start to finish but that would be interesting to record and note. We usually have our clients who need a credit report go to annualcreditreport.com for a free report but the score is not provided unless paid for and we're usually just focused on the creditor names and balances for those who cannot provide recent statements for an accurate quote.
35% of your credit score is timely payments
30% is based on balances owed.
I know that our program has helped many of our clients improve their credit rating while in the program. The consecutive monthly payments from our org and the reduction in balances via the reduced interest rates is what really helps our clients credit score excel in a positive direction. We also write recommendation letters for our clients looking to establish new credit to help them get approved for a low interest rate loan, mortgage, car, etc.
If we have clients come into the program with current accounts we keep them that way to ensure their credit is not affected negatively by enrolling in our program. (making sure payments do not fall behind or outside the normal billing cycle)
And by all means, any questions, any time. Im out at 3pm EST today but I'm in the office 9am-8pm Monday thru Thursday. Im also on the live chat feature via our website so again- any question, anytime - I'm happy to help***
Cordially,
Michael Brazier
