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Credit Score Impact of Bankruptcy

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sara

Joined: 13 Sep 2009
sara's page
Posts: 31

515 Magic Points

Subject: Credit Score Impact of Bankruptcy

Sat Oct 03, 2009 5:16 pm

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sunnyca

Joined: 10 Sep 2009
sunnyca's page
Posts: 148

954 Magic Points

Sun Oct 04, 2009 1:34 am

This will have pretty bad impact on the credit report

Your bankruptcy will be reported to the credit bureaus and this will stay on there for 7 to 10 years

After your bankruptcy it will be little difficult to find some one who can give you loan or credit card

jassica

Joined: 13 Sep 2009
jassica's page
Posts: 76

10 Magic Points

Sun Oct 04, 2009 12:48 pm

Bankruptcy is indeed one of the most damaging things to have on your credit report. The exact drop, however, is impossible to know, since the three main credit bureaus - Equifax, Experian, and TransUnion - do not publicly release the precise formulas they use to calculate credit scores. Furthermore, other variables, such as your pre-bankruptcy score and credit history, will also be factors.

Whatever the drop turns out to be, the filing for bankruptcy virtually ensures a very low credit score - at least for the while - and it will be listed on your credit report for 7-10 years.

sunnyca

Joined: 10 Sep 2009
sunnyca's page
Posts: 148

954 Magic Points

Sun Oct 04, 2009 6:07 pm

In genral you cna expect your score to be as low as possible

So think of it as a fresh start and will take timeto build fromthere, but with a peace of mind

No one is harraseing you for money any more

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1240

28942 Magic Points

Mon Oct 05, 2009 10:48 am

Hi Sara,

Bankruptcy affects your credit score badly. But there is no exact measure as to how much your score will take a hit due to bankruptcy. Credit score does not depend on bankruptcy alone. It depends on a number of factors.
_________________
All the Best Smile

Justin

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