bk affect on cr

[Anonymous]

The only negative thing on my credit report is the bk now (I have paid off all collections) - it will not be off my report until 2012 - how many points does this lower my score by?

[Anonymous]

Honestly it takes time, but your score should continue to rise.  When I filed BK in 2004 I had good credit.  My score was 727.  After I filed it fell to 444.  That was a heck of a blow for me.  I have gotten it back into the 600's.  I have new CC's but they have high utilization.  If they didn't my scores would be pretty good.  My husband is at 650 and he also has high utilization.  I would love to see where his scores were without the utl.

[Anonymous]

If differs for each person, how much the score goes down. It depends if you went from paying as agreed directly in to bankruptcy or if you defaulted first before filing bankruptcy. If the latter then the score is going to take a real hit. But you can get that back up over a few years, just takes some time.

[Anonymous]

I think it also depends on how much your going BK for.  As I said my scores were in the 700's.  We went to a lawyer at the end of November and filed in December.  I wasn't late on any bills when we filed.  Its just that we owed 70000.  There was no possible way to pay it off.  To this day it was the biggest mistake I ever made.  I should have refinanced the house and paid off the debt and kept my good credit.  If you can find another way to pay your bills do that.  If your scores aren't so great you may  not take such a hit by filing.  I just don't think you can say if you aren't late before you file you wont get hurt as bad.  In my case that wasn't what happened.