How long does it take to get your credit score up after you file for bankrupcy ?
Keelysmommy asked:
Someone I know recently filed for bankruptcy not even a year ago. And she throws it in my face that her credit score is higher than mine and that she can get a house and I cant. I dont have anything wrong with my credit score and never filed for bankruptcy I just have a couple credit cards. Really how long does it take to increase your score? And dont banks look down on people that file?
Someone I know recently filed for bankruptcy not even a year ago. And she throws it in my face that her credit score is higher than mine and that she can get a house and I cant. I dont have anything wrong with my credit score and never filed for bankruptcy I just have a couple credit cards. Really how long does it take to increase your score? And dont banks look down on people that file?
bankruptcy lasts for 7 years after that you can try to rebuild credit
It takes years to rebuild credit, if she gets a house her interest rate will be twice normal.
Really? Ask her to show you a copy of her FICO score. There’s a huge difference between FICO and credit scores. They use very different scales and calculations.
I doubt she would have anything near or above 700 with a recent bankruptcy that has been recorded.
it takes up to seven years == next time ask for written proof!!!
It takes about 7 years to fully recover (your credit score) after a bankruptcy.
I thought it was 6 years before you could buy a house again after becoming bankrupt?. So her credit should be terrible???
Way before I filed for chap. 7, my credit score was about 759. After I got divorced and had some credit problems, my score dropped down to 480. Three months after I filed for bankruptcy, my score jumped up to 650.
It can be only a matter of months if you re-establish your credit somehow. The most common way is with a fixed rate credit card. It’s almost perverse that someone with a BK has a better chance of getting a loan than someone with little or no established credit. That BK will affect your friends interest rate for the worse. You can have what looks like a good score that will be treated like a lower score because of the BK. It amazes me that someone would brag about their credit score when they have already screwed up to the point of BK. Aren’t people amazing?
It takes 7 years to get things back to normal and on track. It’s very difficult to purchase a house when you have recently filed bankruptcy….
If it were really that easy to just file bankruptcy and then one year later qualify for a house… don’t you think everyone would be doing it?
It’s looked down upon for a reason….
You should just rub it in her face that you know how to take care of your money and that you’ve never filed for bankruptcy…
Hi,
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