Does bankruptcy lower credit score tremendously ?

I had filed Ch.7 personal bankruptcy few years ago, although I am not proud of it, but it doesn%26#039;t seems to hurt my credit score too bad. I am not aware of my credit score before the bankruptcy, but for the last 2 years my score remains at about 700, which is not bad, I don%26#039;t think my score was 800+ before the bankruptcy. Recently I even got approved with high limit credit cards with 0% APR for 12 months, and banks that had written off my debt offer me credit card again. Everyone says bankruptcy is a nuclear bomb to the credit score and profile for 10 years, but it doesn%26#039;t seems to be so in my case. Does all the negative associate with bankruptcy are truth or myth ?

Does bankruptcy lower credit score tremendously ?

Typically, your score is not lowered by filing a bankruptcy. Most people who file are so far behind on bills and are carrying such high credit card balances, that their credit score is already really low. About a year after filing, your score can improve by as much as two hundred points because you are no longer late on payments and aren%26#039;t carrying the high balances. This doesn%26#039;t happen in every case, but oddly enough it does happen and people end up with better credit after filing.

Does bankruptcy lower credit score tremendously ?

Did your credit report mention the bankruptcy?

But what are you doing getting new credit cards?

Isn%26#039;t that how you wound up in bankruptcy in the first place?

Does bankruptcy lower credit score tremendously ?

i don%26#039;t know how you dodged the bullet but good luck any way and i just hope you do not use the new credit to get back in that old boat again!!!

Does bankruptcy lower credit score tremendously ?

I believe that many of the negatives associated with bankruptcy are just a myth. The experts and the people who say otherwise are just wrong.

(I%26#039;m just amazed when I watch all of the TV shows that are about people struggling with their debts. The advice is always the same: %26quot;you have to pay your debts.%26quot; They never tell anyone that bankruptcy is an option. It%26#039;s just crazy, because many times you can%26#039;t pay your debts and bankruptcy is your only option.)

Before I filed for bankruptcy, I attended a seminar at the Learning Annex, which was about how to pay off all of your debts. The seminar wasn%26#039;t realistic. The person who gave the seminar actually said that %26quot;everyone can repay their debts.%26quot; This isn%26#039;t true.

Millions of people file for bankruptcy each year. Life goes on and does in fact get better.

Bankruptcy will give you a fresh start. It%26#039;s a new opportunity in life.

I also filed about a year ago. I didn%26#039;t have any choice because I couldn%26#039;t even make the minimum payments on my credit cards. Also, I had unexpected medical bills that I just couldn%26#039;t afford to pay.

In my opinion, if a person has really bad credit and is struggling to pay their bills each month, filing for bankruptcy can actually increase your credit score.

After I filed for bankruptcy it was very easy for me to get new credit cards. Also, I%26#039;ve received offers from lenders who want to lend me money to buy a car.

Also, after you file for bankruptcy you are a much better credit risk, because you cannot file again for a certain number of years and also you are now debt free.

Good question.

Does bankruptcy lower credit score tremendously ?

I think it might have been a clerical error to allow your credit score to stay so good. Really, declaring bankruptcy anywhere is like wearing a big tee shirt with %26quot;Don%26#039;t Loan Me ANY Money%26quot; written on it.

It is absolutely true what they say about bankruptcy ruining your credit. I don%26#039;t know how you avoided it. Perhaps your credit score was higher than you thought when you declared. I am truly astonished at your results.