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credit ratings

I don`t know if this is a question you would know the answer to, but I`m wondering, immediately following filing for bankruptcy, obviously your credit rating is affected. What I`m wondering is, do you know what an average person`s credit rating would be immediately following bankruptcy?

I just got my husband`s and my credit reports online and 2 years after filing, almost a year after discharge, both of us with secured credit cards, and doing all the right things, our credit is now in the 610-625 range, and I`m just curious as to what it would have likely been right after we filed.

Posted from: Ontario

One Response to “credit ratings”

A licensed trustee said...

I think you are confusing a couple of things – credit rating, credit score (or FICO score). Your credit rating relates to your payment history and each of your debts has its own rating from 1 to 9 – 1 is best, 9 indicates bankruptcy and/or legal problems. So when you filed for bankruptcy your credit ratings would have been converted to 9s.

Your credit score is a mathematical calculation (of sorts) of your credit worthiness and depends on income, assets and past payment hsitory. Most persons in bankruptcy score below 500 (often well below 500).