Will negotiating credit card debt hurt my credit score?

Question by Cutman: Will negotiating credit card debt hurt my credit score?
I’ve been unemployed for a couple months, and the credit card payments are starting to hurt.

If I negotiate with the credit card company to reduced my debt or monthly payment, will this somehow hurt my credit score.

I plan on refinancing my mortgage when I get another job, and I don’t want my score to be hurt.

Best answer:

Answer by Thomas
If your debt is in any way written off it will cause significant damage to your credit score. It you renegotiate a different form of settlement – such as extending the term, it may or may not reflect because some companies consider such accounts as still current while others will report them as past due.

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