Bankruptcy Law

If you file for bankruptcy and it is dismissed will credit score go down?


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2014-07-02 18:28:54
2014-07-02 18:28:54

More than likely if you file for bankruptcy your credit score will go down. They report the filings for up to seven years and sometimes ten.

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Your credit score will go down drastically with a bankruptcy reporting on your credit reports. All your items included in bankruptcy will be reporting too. The best thing you can do is try to remove the bankruptcy by disputing it to the credit bureaus. You will also need to dispute everything that is included in bankruptcy. You will also need to pay your bills on time, get a variety of credit and begin a good payment history on your other accounts.

As with everything, bankruptcy law can be complicated and the manner by which credit ratings occur can seem mysterious at best. Filing for bankruptcy will in general lower your credit score, but with some good spending habits and good financial stewardship will again rise over time, especially since part of your credit score has to do with income to debt ratio. When you file for bankruptcy, the debts do not simply disappear as if they never existed. Your history of late or missed payments, if you have one, will remain on your credit report and will continue to drag down your credit score. Additionally, the bankruptcy will stay on your record for many years. A Chapter 7 bankruptcy will remain on your credit report for 10 years from the date of the filing

you credit score will go down if you are not paying your monthly bills on time, in order for you to increase your credit score you have to pay your credit bills on time or in full.

There is no definitive answer as to numbers. Actually it is irrelevant. Once any type of bankruptcy has been filed or discharged, your credit rating is down the drain.

FICA = social security taxes. FICO is your credit score. There is no way to tell how many points your score will go down. With a low of 529 your score may tumble less than someone with a much higher score pre-bankruptcy.

yes your credit score goes down everytime you apply

It is highly likely. This is a good credit score.

Actually, it does. It uses the available credit you have so when that goes down the credit score does too.

No. An individual's credit will be the same unless you take out co-loans with a person. The score is based off of your own personal record of borrowing. Your score will not go up or down. You will only run into problems when you apply for loans together.

No legitimate commercial lender will grant you credit while you are in a Chapter 7. Any applications will be turned down and will adversely affect your credit score. The only possible credit situation would be a mortgage restructuring, if you are reaffirming the mortgage, and even then they prefer to wait until you are discharged.

credit scores are not likely to go up simply by paying your balances. But it will help your ratio when your credit is pulled. I do know that scores go down with late payments, credit checks, bankruptcy,

credit score is not based on age but how you handle your credit....handling your credit well and your score goes up.....handle your credit bad, as in having a lot of debt and not paying on time brings your score down.

Yes, it is still possible to get a credit card after bankruptcy. "Secure" credit cards require you to place a security deposit down in the event of default, but they are a good way of rebuilding your credit.

A credit repair course can help you recreate a bad credit score or help you better your score which can help with down payments and such.

ya mamma You can ask your mamma, but... Just about any mortgage broker can help you as long as you have assets, income, long-term employment, and a substantial down payment. You need a minimum of a 580 credit score to get a mortgage. Usually bankruptcy takes your credit below this score, but every case is different. I have written mortgages personally for people with bankruptcy on their report.

Lowering a credit card's limit may cause a credit score to go up,down, or remain the same. Factors that impact a credit score can include: the amount a credit limit is reduced, on-time payments, new accounts being opened and if balances are paid down or increased.

It is a mediocre score. As a side note: every time you check your credit, your credit rating goes down. Yes, any score under 600 is considered "bad".

Generally, no, your credit score will not be reduced if a credit card that you own is not being used. You don't, however, want to cancel the card - cancelling a credit card (whether voluntary or forced by the issuer) does reduce your credit score.

First, credit scores don't go down to zero. The only way to improve credit score is to obtain credit, use it wisely, pay it on schedule.

Your credit score can go down when you cancel a credit card. It often will decrease because now the amount of credit available to you is less. The change in your credit score (+ or -) will be most likely updated the 1st of the following month.

Yes, not by much but it does go down though.

You can repair your credit score by paying down some loans and not maxing out you credit limit. You can also use a credit consolidating service to have one loan instead of many.

The most important factor in a credit score is paying one's bills on time. Any late payment lowers the credit score, but a higher ratio of on-time payments will raise it. Paying down some debt will also raise the ratio of available credit and raise the credit score.

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