I have been in a DMP for about 5 years

I have been in a DMP for about 5 years and my credit score as of recently was in the mid/high 600s. I finally paid off the last my last credit card debt and was about to celebrate when I was told that all my accounts would be closed. Won't having no available credit now lower my credit score even though I paid everything off? How do I re-establish credit if my score is too low to apply for new cards? I do not having any major purchases planned for the next 2-3 years at least because of the current situation.

3 Answers

Hello Friend!

From your point of view, you have done the correct thing. You have paid all your credit card debts.

Do not worry too much about it. There are too many people whose credit score is low due to
bankruptcy filing, non-payment of credit card debt, etc.

At least no such case is against you.

So, what are the reasons for your being worried?

Keep posting us regularly. And if you want to talk about your problem with someone
on a phone, you may call in this number; 800-DEBT-913.


Closing your accounts may dampen your credit score a little bit. But on the brighter side, think that your accounts will be updated as paid in full. Potential creditors will be happy to see this account status. Plus, you can rebuild credit score. Pay your bills on time to build positive payment history. Check your credit report and see if there are any error. Remove them to uplift your credit score.

It can be a part of the DMP that your credit card accounts will be closed and not get new ones until you become debt free. You can take out a secure credit card to rebuild your credit. Make regular payments on it. Do not default on it. With time, your credit score will increase.

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