Suppose your credit score is low... say about 450 and you file backruptcy. What would happen to your credit score? Is it possible it would increase? Is there a situation that could happen? Or would it bottom out? What do you think? (or know)
2007-07-11 01:40:55 · 3 answers · asked by Get This 2 in Business & Finance ➔ Credit
We have a friend who is a mortgage broker and he told us the lowest score he has ever seen is 412...but he has seem many scores in the mid 400s. So, my feeling on the subject is that it is actually very difficult to get your score much lower then that. Technically a score can go as low as 300, but I doubt anyone has ever even gotten it.
My guess is that your score may go down into the 415-425 range but bottom out there. However i think it would be virtually impossible for you to get your score out of the 400s anytime soon. Butif you didnt file for bankruptcy you may be able to work your score up into the mid 500s in the next few years. And possibly get decent loans. If you file, I would forget about anykind of loans for maybe 7 years.
2007-07-11 02:10:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It surely won't improve with a bankruptcy in the file. It may drop even lower and stay lower for a longer time than it would without the bankruptcy.
There ain't no magic here. When you don't fulfill your financial obligations, expect to take a hit on a credit score.
2007-07-11 08:48:14 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
When you file for bankruptcy, you won't worry about your credit score because you won't apply for any new credit with a bankruptcy. A bankruptcy could improve your credit in the long run (over 7 years), especially if it was so low to begin with.
2007-07-11 09:57:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋