FICO Scores and Bankruptcy

Have you ever wondered what  a FICO Score was? Or how a bankruptcy filing would effect it? Seymour and Associates has all the answers you will need to determine what impact your accounts(negative or positive) have on your score.

Your FICO score is a number given to each individual to determine how  credit worthy they are. Each score is based on different factors. Each factor weighing in differently on the score. For instance, amounts owed are only 30% of how your credit score are calculated. Other factors include, new credit, length of credit history, payment history and types of credit you are using.

If you have ever considered filing bankruptcy, you have probably considered the effect the filing would do to you credit. Or if one chapter effects your credit more than the other. However, whichever chapter you file, they will have the exact same impact on your score. According to MyFICO , “Both types of bankruptcy are considered in this similar manner because our research has found both types to be similarly predictive in assessing future creditworthiness”.

At Seymour and Associates, we have seen Debtors’ scores increase after the discharge of a bankruptcy. Come in for a free consult to discuss how we can help you raise your FICO score. Check out all of our articles and like us on Facebook to keep up with the latest information regarding credit, job postings and more.