Keyword Analysis & Research: effect of filing bankruptcy on credit

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Frequently Asked Questions

Does bankruptcy really destroy your credit?

Bankruptcy doesn't automatically destroy your credit score Most people erroneously assume that bankruptcy always decimates credit score. In reality, for many individuals, a bankruptcy filing often simply reduces an already low credit score.

How badly does a bankruptcy affect my credit score?

There is no way to underestimate the impact a bankruptcy has on your credit. It is one of the worst things you can do to your scores. The exact effects will vary, but according to major credit scoring model FICO, bankruptcy can make your a good credit score (think 700 or above) to plummet by 200 points or more.

How does bankruptcy affect future credit?

A: Bankruptcy can impact your credit score more severely than any other single financial event. While not all bankruptcies actually cause a big credit drop (in fact, it is possible your credit score could rise following a bankruptcy), any negative effect makes it more challenging to acquire credit in the future.


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