Got My FICO 1 Week After BK Ch. 7
Just got my FICO score from 1 credit agency.... FICO is 513... is that normal post BK? I thought 350 is the lowest and 850 is highest, therefore my FICO should've been minimum 350? I know 513 is still "Poor" but it's better than 350, eh?
Answer:
That score is probably fairly average post-BK, assuming that you were reasonably current (or totally current) with all your creditors pre-BK, and only allowed your payments to lapse once you'd filed. As I've said before, my and my wife's scores immediately post-BK were 525 and 540 respectively. Pre-filing, our scores were 615 and 650 respectively (on Equifax). The BK itself will drop your score anywhere from 80 to 150 points, from what I've read. This is, of course, dependent on the depth of your credit history -- the more you've got in your file, the less (relatively speaking) effect it has. It's still a MASSIVE derogatory, but it's not the death knell for your FICO.
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