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What happens to your credit score if you file chapter 7 twice?


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2011-09-13 12:13:43
2011-09-13 12:13:43
Debt acting like a cancerAfter the second time a chapter 7 is filed and completed, a person's credit scores may turn out better then before. The key to high credit scores entirely depends on the individual and the way in which he handles his finances. If we don't pay our bills on time and max out our credit cards, then we will be right back where we started. Filing chapter 7 is like that of a needed surgery, where in order to get out of the hole, we must cut out the debt. With high interests charges it could very well take a person a lifetime to pay everything off and especially if he's maxed out. In order for a person to get someplace, the over burden of debt must be eliminated. That's what the chapter 7 is for. Its easy to restablish good credit if the person is disciplined and determined.

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Probably not. The formula used to compute credit scores is proprietary, which means only the 3 companies that make your credit score know exactly what factors affect it and how; however, what gets reported to them is whether or not you pay as agreed. What that means is whether or not you paid the minimum payment due during each billing cycle. If you do, it helps your credit score. Paying twice may indirectly help your credit score by lowering the amount of debt you owe, but twice monthly payments are not something that is reported to the bureaus that is factored into your score.

It happens and can be disputed. Call you credit card company or credit agencies.

You can obtain your credit report for free through your credit card company twice a year. You can also request your credit history through equifax, transunion, or experian for a small fee.

Credit bureaus don't update your credit scores. They update your credit reports. It is a third party company (FICO, Beacon) who processes the information on your credit reports and produces your credit scores. I have continuous real-time access to my Equifax score, and it updated once at the end of February, and then increased by a point in Mid-March. So I'm going to say twice a month based on my experience with accessing my Equifax Fico Score. I can't be certain about the other two bureaus. Basic credit information is reported and updated (usually once a month, sometimes less frequently) by the creditors. Your credit score is a calculation based on that data. The calculation is only performed when a score is requested. So, your score would be updated only upon request.

Yes, I am 27 years old I've had credit history for the past 3 years, I have NEVER missed a payment, always paid on time and I only have two credit cards that are open. I cosigned an automobile loan for a "friend" they paid late twice and I just found out my score is 584. BS right.

The Ant or (Al-Naml) in Arabic is the chapter which has the tasmia twice. Every surah in the Quran starts with tasmia except the Repentance (Al-Tawbah)

An event that happens twice a year

if your tooth comes out twice it will not grow back.

If an event happens twice a year it is called 'Biannual.' :-) P.S - Don't get confused with 'Biennial"

The Hoosier cabinets are mentioned twice. Once in the Chapter titled "Away in a Manger" and then in the chapter after that, called "Hearts and Flour."

Bi-weekly means twice a week. A bi-weely event happens twice a week.

If something happens twice a month it is called biweekly because it happens every other week and a month has 4 weeks. there is also bimonthly which is every other month but not really a direct word for something that happens twice a month.

Yes you can, as long as it was dismissed and not discharged.

Rin dies twice during the series.

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Get buy 1 take 1 twice.

Because that is what happens

The answer depends on the reason behind the credit inquiry. If this was for a car loan or mortgage application, the bureaus do allow for "shopping time" for these types of transactions. You will have 30 days to initiate any number of similar inquiries (home or car loan) and it will only have the same effect as one (in other words, if you apply at 5 different mortgage lenders, all 5 credit inquiries will only count as 1, until the 30 days expire). If this was for a personal loan, credit, or other transaction, then yes, each inquiry will count against your score, but typically the worst credit inquiries can affect your score is 10 - 15 points max. and it would take quite a few to effect your score by even that much. Furthermore, they fall off after only 2 years, so they really have a very minimal effect on your FICO. Hope this helps!

Yes I had the line of credit twice and you can use it the same day after 1 hour of receiving it.

Twice is a word that means "two times." Thus it can be used in the following possible 8 word sentences:The ice hockey player managed to score twice.I am twice the age of my daughter.There are twice as many senators as states.

Is it for the same account or do you have another account with them?

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