The impact of bankruptcy on a credit report can be devastating and entirely depends on your credit score prior to filing.

According to FICO’s published Damage Points guidelines, the effects range from 130 to a 240 point drop. For example:

  • A person with a 680 credit score would drop between 130 and 150 points.
  • A person with a 780 credit score would drop between 220 and 240 points.

So, if your credit score was high, a bankruptcy would drop it instantly to the poor category. Starting with a good score, you likewise end up with a poor score, but your score does not plummet nearly as far.

The end result is still negative — your credit score is bad and it will keep you from getting approved for new credit.  The lower your initial score, the less drastic the impact. Good News! ASAP Credit Solutions CAN help remove bankruptcies!