Fico score

This is a discussion on Fico score within the Bankruptcy Law Questions forums, part of the Legal Questions & Answers Forum category; How does bankruptcy affect your credit score? My credit score is low as it is, I am just wondering how much lower it can go and how long it will ...

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  1. #1
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    Fico score

    How does bankruptcy affect your credit score? My credit score is low as it is, I am just wondering how much lower it can go and how long it will take to recover.


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    Bankruptcy can actually sometimes help you with your credit score (in the long run) because it will eliminate a lot of your current debts and financial obligations. Once you file for bankruptcy, you can start rebuilding your credit. It can take a long time to recovery but sometimes starting over is the best option.
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    That is good to know. I was under the impression that my credit would be damaged forever and that I wouldn't be able to find a job, apply for credit or even get a home. It's good to know that there is light at the end of the tunnel!

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    I`m not sure if different states have different laws on this. I do know that a bankruptcy will show who you owed on your credit report for 7 years, After that for 3 more years it will only show a bankruptcy. My step moms ex filed twice and he ended up getting a ton of credit cards. They saw he no longer owed anyone so they gave him credit. Too many credit cards can really mess you up when you max them out like he did.


 

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