Bankruptcy Affect on Credit
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Credit reports and scores are important in today’s world. Your report is often pulled when you apply for a new job, and of course it’s used for any purchases you want to make on credit such as a car or home. Keeping a high credit score is critical. So what affect does filing bankruptcy have on your credit health?
If you are thinking about filing bankruptcy, chances are you are behind on several or most of your bills. Late payments make your score drop, so you may already be suffering in the credit score department.
Depending on how many late payments you’ve had, how many credits lines have been paid on time, and how long your credit history is, filing bankruptcy coud knock 75-300 points off your score. Filing bankruptcy could make your credit score go up faster than not filing though, as your debt to income ratio will decrease once your debts have been discharged, making you a better credit risk.
Once you’ve filed bankruptcy you might be surprised to receive numerous offers for credit cards, car loans and other lines of credit. A lot of subprime lenders target recent filers with high rate offers knowing that you can’t file bankruptcy again for 7 years.
July 3rd, 2010 at 11:56 pm
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