Say your credit score is 450 before bankruptsy. Does your score deminish more, or does it improve after bankruptsy?
2006-07-18 13:05:04 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
My actual score is not 450, but below 500 due to a catastrophic illness that has landed me in the hospital 3 times in the past 10 months. Sudden loss of income, long delays in disability relief, etc. make it impossible to recover financially. Cannot borrow against assets (home/401K) because of low score & have no cash to pay off cc accounts etc.. Bankruptsy is a tough call, but collection harassment isn't helping either.
2006-07-18 14:33:28 · update #1
Your credit score will go down even more and stay there for 10 years.
If you just don't pay your current debts, your credit will be ruined for 7 years.
2006-07-18 13:21:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
OMG! If your score is 450 before a bankruptcy is claimed you've got MAJOR problems. The average score for a credit reporting is 700+, if your's is only 450 something is VERY wrong. You need some serious help with money management and spending fast. I suggest you quickly go to the library and read all of Suze Orman's books you can find. And yes, the bankruptcy does impact an already horrid credit score.
2006-07-18 20:09:39 · answer #2 · answered by MadforMAC 7 · 0⤊ 0⤋
vastly decrease. as if your score before wasn't bad enough it'll be somewhere around 350 I guess. doesn't help as much as you think it would. does clear up some accounts and such but does more damage than good. now you hust have to grin and bear it for awhile until you get back on your feet.
2006-07-18 20:08:47 · answer #3 · answered by DIE BEEYOTCH!!! 4 · 0⤊ 0⤋
Pretty much, it craters your score.
2006-07-18 20:08:17 · answer #4 · answered by Joe Rockhead 5 · 0⤊ 0⤋