Credit Score Impact of Bankruptcy

Submitted by sara on Sat, 10/03/2009 - 17:16

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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

Sun, 10/04/2009 - 01:34 Permalink

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.

Sun, 10/04/2009 - 12:48 Permalink

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

Sun, 10/04/2009 - 18:07 Permalink

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.

Mon, 10/05/2009 - 10:48 Permalink