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Life after Bankruptcy falls off credit report?


stephpapapdakis
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My question is what happens to your credit score after Bankruptcy falls off your credit report? I filled for Bankruptcy Ch7 and was dissmissed on 12/07. I hear rumors that my score (currently 683-703) will go down.. Is that true? Is there anything I should do before the anticipated removal of the BK thats coming up end of this year?

PLEASE HELP!

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I hear rumors that my score (currently 683-703) will go down..

Chances are, yes. Reason being that you will now move to a category where no one has a BK and your credit will be compared to those people. Some may have credit better than yours in that category and that is where the drop occurs. Right now your credit is being compared to all CRs that have a BK on it. Your credit rating is then based on the type of credit history you have as compared to everyone else with a BK. Hope you didn't get too confused with this answer. :)

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While it is true that your score may go down, if you've established multiple positive tradelines, haven't had a single late during that 10 year period, and all of the older 'IIB' tradelines have fallen off, then it is hard to imagine your score going down, since you'd even compare well to those in the non-BK pool.

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