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How Does Chapter 7 Bankruptcy Affect My Credit Score?
How Does Chapter 7 Bankruptcy Affect My Credit Score?
This a question I get occasionally from a loan applicant, generally one that has filed a Chapter 7 Bankruptcy either recently or within the last couple years. 
I start by explaining how a credit score is determined, and I use the Fair-Isaac Corporation (FICO) Credit Score as an example. The credit score is based on these factors: 35% is payment history, 30% is utilization/outstanding debt, 15% is credit history, 10% is credit inquiries, and the final 10% is the type of credit used. FICO quotes that 40% of the population has a score of 690 or below, with 40% scoring 745 or higher, with the final 20% being above 780 (the FICO range is a low of 300 with a high of 850.) There are other factors lenders use to determine if someone is a good credit risk, such as education, length of time in residence and current job, etc.
Now that they understand how a credit score is determined, I answer the 'How Does Chapter 7 Bankruptcy Affect My Credit Score' question. Obviously bankruptcy will affect their credit score, but there is good news and bad news. The bad news is: ... more

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