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

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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?

Sub: #1 posted on Thu, 08/09/2018 - 07:37

Barbara Delinsky Barbara Delinsky

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The more credit score she has, the more will drop. What is her current score? Why is she trying to file bankruptcy? there are many other debt relief options available. Did you tell her about those options?

Sub: #2 posted on Fri, 08/10/2018 - 01:55

sanderspatricia29 sanderspatricia29

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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.

Sub: #3 posted on Fri, 08/10/2018 - 23:29

Nick Jonas Nick Jonas

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Yes, I agree with Nick. Bankruptcy helps give a fresh financial start, too.

Sub: #4 posted on Thu, 08/16/2018 - 00:24

Mabelle Page Mabelle Page

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