How long does it take to get your credit score up after you file for bankruptcy?
Question by Unknown12: How long does it take to get your credit score up after you file for bankruptcy ?
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 can’t. I don’t 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 don’t banks look down on people that file?
Best answer:
Answer by The Great Gazoo
bankruptcy lasts for 7 years after that you can try to rebuild credit
Answer by Good Credit Scores
Realistically, it just doesn’t matter what her credit score is. With a recent bankruptcy there’s no way a lender will give her the money for a house. And, if for some reason they do decide to provide a loan, they would jack up the interest rate to cover their risk.
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It takes years to rebuild credit, if she gets a house her interest rate will be twice normal.
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…