 BEST AnSWER GIVING 10 POINTS for the following question? |
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Additional Details
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catron05 | What is ones credit score after Chapter 7 Bankruptcy Discharge? |
Hi, my husband & I filed Bankruptcy 11/20/2006 due to a local attorney coming after us for $3,500 in medical bills from 1998-2001. We had our hearing on 1/9/2007 and our bankruptcy is due to be discharged anyday if it has not already.
Now, we are looking to move into a new apartment, but they would like you to have a credit score of 500 or better. So I am wondering what a persons credit score is after discharge of chapter 7? I also have a Target Store card of which I have had for several months, made one purchase & paid it off, and it is still revolving.
Thank you to anyone who replies :) |
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Faye H
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You should get a copy of your credit report. It won't give you your score but you can click on another link on Experian or TransUnion or Equifax and for a fee, get your score.
You can get one free copy of your report per year from each of the 3 credit reporting agencies from the link below. |
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Carlos Cruz
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Bankruptcy is a very difficult thing to go through. Your Credit Score will be affected but know one can say by how much until the bankruptcy is in place.
Factors as to how much was discharged and the type of credit it was will also be considered when the Credit Score is assessed.
Be very careful if you are going to apply for credit anytime close to the discharge date. The bankruptcy courts and your creditors that have had to take a loss due to your filing bankruptcy will be monitoring your credit activities. |
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Lisa S
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You can get your fico score. I like the www.myfico.com site.
I've read that a bankruptcy can drop your points 200 points.
Good luck! |
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DLeibowitz
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Your score could drop several hundred points but it might rebound right away if you are paying currently on debt which you reaffirmed. After 2-3 years it won't be nearly as bad and after 5 years it will be much better.
You will get an apartment if you have an adequate security deposit. |
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SPIFIMAN1
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Depends on what your score was before. I have seen it drop 100 points and I have seen it drop 175-200 points depends on your individual credit. As far as your Target card, if you reaffirmed on it then it is still active, if you did not then it should have been included in your BK. |
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VT
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If all you have is a Ch 7 bankruptcy discharging all your debts (except student loans and that Target card), expect a score in the high 400s to low 500s. 673 - 720 is average. And by making ontime payments on the Target card, you're already on the way to repairing your score.
Here are 3 different credit score simulators you can try online to estimate your score for free:
http://www.bankrate.com/kip/fico/calc.asp
http://qspace.iplace.com/cobrands/26/quick_rater.asp?sc=1327ANLR
http://moneycentral.msn.com/investor/creditreport/main.asp
You can go to myFICO.com and buy your 3 FICO scores for $14.95 apiece, but I'd wait a few months until you've checked your credit reports and made sure all the info on them is correct. Clean them up if you spot problems with your bankruptcy trade lines. The Fair Credit Reporting Act gives you plenty of rights. You can order free credit reports once per year from www.annualcreditreport.com
Try to make a small, necessary purchase on your Target card once a month and pay it off. Keep it open, because you score points for length of credit history, and you want your only good card to get as old as possible.
Please vote: Did this help? |
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Michael W
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unfortunately, the formula to calculate your FICO score (aka your credit score) is a trade secret. No one knows exactly how it is calculated except for the folks at Fair Issac & Co. There are also variances on your credit score depending on which credit reporting service your landlord uses.
The only way to know your actual score is to request a score report at myfico.com. |
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mey t
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Chapter 7 bankruptcy is the commonest denotation of bankruptcy. It stands for waiving or canceling of debts that you have incurred. As an individual, you can select between Chapter 13 or Chapter 7 bankruptcy. Selecting between the two is not easy. The bankruptcy court will study your circumstances before deciding which type of bankruptcy is applicable to you. The Chapter 7 bankruptcy is applicable if you have no regular sources |
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OC1999
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It really depends on a lot of factors as to what your score will be after it is discharged. These includes length of credit history as well as credit card balances and payment history. Since you have no balances that is going to help a small bit but the bankruptcy takes a bit hit on the score. Your score won't be real high but it could be anywhere in the range of 400 to 600.
After you get the Discharge the best thing to do is pull your credit score from all 3 agencies. You can go to http://www.myfico.com and get the score. This is the actual FICO Score. You will also get a credit report with that.
You should actually wait a month or two to make sure that all of the information has been updated. But when you get it be sure to review it and make sure that everything included in the bankruptcy is stated as such on the report, and that you have no balances due. If it is not correct dispute it as that incorrect information will keep your score down. |
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