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When does credit score affects in a bankruptcy - after the discharge?

Submitted by Krisst on Wed, 08/08/2018 - 22:43
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My friend Ileana wants to file bankruptcy. We know that bankruptcy reduces credit score but don't know when. Does it happen after the discharge?


As per the major credit scoring model FICO, bankruptcy can make your credit score (700 or above) drop by 200 points or more. A lower credit score of 680 may drop about between 130 and 150 points. What's her credit score now?


Submitted by Barbara Delinsky on Thu, 08/09/2018 - 07:37

Barbara Delinsky

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Bankruptcy is reported on your credit report in the public records section. The moment it gets reported on your credit report, your credit score drops. But let me tell you one thing. It's a myth that bankruptcy always drops your credit score. Sometimes, it helps to improve your score.


Submitted by Nick Jonas on Fri, 08/10/2018 - 23:29

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