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If you file for bankruptcy and it is dismissed will credit score go down?
Wiki User
∙ 9y ago
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.
Wiki User
∙ 9y ago
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How does bankruptcy affect your credit ratings?
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
How many points does a Chapter 13 bankruptcy decrease your score?
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.
How many points will a chapter 7 bankruptcy reduce your FICA of 529?
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.
What can bring down your credit score?
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.
Does your credit score go down if you are denied a loan?
yes your credit score goes down everytime you apply
Does getting married help your credit after bankruptcy?
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.
Can you get a no money down loan with credit score of 780?
It is highly likely. This is a good credit score.
How many points will your credit score go up if you pay off credit card balances?
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,
Does opening a credit card hurt your credit score?
Actually, it does. It uses the available credit you have so when that goes down the credit score does too.
What is the difference between a bankruptcy and a bankruptcy with a repossession on your future credit ratings and loan possibilities?
I would say the difference between a bankruptcy and a bankruptcy with a repo is not great enough for a person to keep a car they cannot afford just to maintain a slightly higher credit score. This is especially true in light of the fact that one's credit score will improve in 12 to 36 months after bankruptcy anyway, and especially in light of the fact that a reaffirmed car that one later defaults on after bankruptcy will hurt one's credit score again down the road AND potentially leave the person owing money after the car is repossessed and sold. But, this is admittedly very subjective. The bankruptcy itself will reduce your credit score by 75 to 150 points (depending on the circumstances of the case, circumstances the credit reporting agencies won't release since how they determine your score is a big secret), and I don't know how much a repo lowers your score. Certainly your credit score will remain a little higher if there is not a repo involved as well. But, if the question could be re-stated to say "Should I reaffirm (keep) my car in my bankruptcy case so my credit score doesn't drop so much?" then I would say this is highly dependent on whether one can afford the car. If one can afford the car and wants to keep it (and keeping it won't cause an undue hardship on the debtor or the debtor's family), then go ahead and keep it and the credit score won't suffer so much. If however one can't afford the car or is struggling to make payments, then keeping it just to protect a credit score that will improve over time anyway isn't worth it. And, if one reaffirms a car and then defaults down the road, that person lost their bankruptcy protection on the car and will probably get sued. I heard a trustee say (at a 341 meeting) that filing bankruptcy and keeping debts you can't afford is like taking a shower with a raincoat on, it accomplishes nothing. I think this is pretty sage advice the trustee gave. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Does your credit score drop at a certain age?
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.
Once i am blacklisted for credit how long am blacklisted for?
Well there is no such thing as a blacklist. When you pay your bills on time your credit score maintains a good rating (score of 800 I THINK is perfect) although the score range varies depending upon the credit reporting agency. When you are late with payments your score declines, indicating higher risk. Your score will decline FASTER than it will increase... SO... If you a late on a single payment you may loose say 20 points on your score. To gain those 20 points back could take 6 - 10 months. After bankruptcy your score COULD go up from where it was PRE bankruptcy, depending upon how low it was at that time. This does not mean you have good credit at all. After bankruptcy it will generally take about 2 years before you can start getting credit again. When you do this will be high risk credit so limits will be low (buying power) and your interest rates will be high. As time goes on; generally another 2-3 years your limits will start increasing and your interest rates will go down.
