Josh: Does consolidating my credit work?
Samira: No. I’m sorry to tell you but when you consolidate your credit through one of these non-profit organizations it’s not reported in a positive way. It’s reported as a consolidation and basically from what I’ve seen, it’s scored as if you had filed a bankruptcy. It lowers your score dramatically. Here you are in good faith trying to make the payments on time and you think that it’s improving your score and it’s not.
Sometimes a better solution is just to bite the bullet, do the bankruptcy, get out of all of the debt, and then start rebuilding your credit, which is included in my services, by the way, when I do bankruptcy.