Jan 09
Jan 05
If you are thinking of filing for bankruptcy as a debt relief measure, but feeling nervous as of its harsh impact on your credit rating, you should consider a few things. There is no doubt that a bankruptcy filing remains on your credit report for 7 to 10 years and spoils your credit score for a significant period. However, if you learn the factors that play a major role to determine the effects of bankruptcy on your credit report, you can significantly reduce it and give a twist to your finances. If you have filed for bankruptcy in recent past, you will further find it difficult to obtain a loan as lenders find it a risky proposition to lend you. Now, to know how bankruptcy affects your credit score, you need to know how credit score works and how your FICO score is calculated.
Payment History
Usually, 35% of your credit rating depends on your past payment history. If you have record of late payments and declared bankruptcy in past, it’ll adversely affect your credit score and make it go down. Ho Read full post…
Tags: Debt Relief