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What happens after you successly complete credit counseling?*
I am about to finish my 4 years of credit counseling. I know during cc you should not apply for credit but i did and i was turned down. I recently found out that if you are in cc other companies turn you down automatically and that makes sense. My question is now that i am finished with the cc can i apply for a new credit card and will i keep getting turned down and if so for how long. Exactly what happens after you successfully finish credit counseling?
Answers:
1) Are you in the UK? If so, then any kind of debt management plan will be reflected on your credit reference, any default will still show for 6 yrs from the default. Any debt that is not paid in full will show as 'settled' rather than paid in full. All of which will affect your credit rating and ability to get a card. But if youve just spent 4 years paying off credit, why do you want to get into debt again?
2) Try saving with a local Credit Union first and then getting a small loan. Perhaps all you really need is a debit card? I presume your credit counsellor has advised you on budget management Also try www.fsa.gov.uk lots of money education resources under the consumer section.
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