Bankruptcy is indeed one of the most damaging things to have on your credit report. The exact drop, however, is impossible to know, since the three main credit bureaus - Equifax, Experian, and TransUnion - do not publicly release the precise formulas they use to calculate credit scores. Furthermore, other variables, such as your pre-bankruptcy score and credit history, will also be factors.
Whatever the drop turns out to be, the filing for bankruptcy virtually ensures a very low credit score - at least for the while - and it will be listed on your credit report for 7-10 years.
Bankruptcy affects your credit score badly. But there is no exact measure as to how much your score will take a hit due to bankruptcy. Credit score does not depend on bankruptcy alone. It depends on a number of factors.
This will have pretty bad impact on the credit report
Your bankruptcy will be reported to the credit bureaus and this will stay on there for 7 to 10 years
After your bankruptcy it will be little difficult to find some one who can give you loan or credit card
Bankruptcy is indeed one of the most damaging things to have on your credit report. The exact drop, however, is impossible to know, since the three main credit bureaus - Equifax, Experian, and TransUnion - do not publicly release the precise formulas they use to calculate credit scores. Furthermore, other variables, such as your pre-bankruptcy score and credit history, will also be factors.
Whatever the drop turns out to be, the filing for bankruptcy virtually ensures a very low credit score - at least for the while - and it will be listed on your credit report for 7-10 years.
In genral you cna expect your score to be as low as possible
So think of it as a fresh start and will take timeto build fromthere, but with a peace of mind
No one is harraseing you for money any more
Hi Sara,
Bankruptcy affects your credit score badly. But there is no exact measure as to how much your score will take a hit due to bankruptcy. Credit score does not depend on bankruptcy alone. It depends on a number of factors.