Credit fix is not an easy job. As a leading credit repair service company, we have come up with a useful article for the readers here to keep you informed of how negative items on your credit report could impact your credit score. Getting to know about these would help you get back on the track of improving your credit score. Read the complete article to get the whole idea here…
Bankruptcy and Credit Score:
The greater your starting score, the higher number of points you would lose while filing for bankruptcy. For instance, let’s assume you have a credit score of 680. If you file for bankruptcy, in this case, you will lose 130 to 150 points on your credit score. On the other hand, if your score is around 780, then there are chances that your score will decrease by 220 to 240 points.
Foreclosure and Credit Score:
Here again, if your score is 680, then a foreclosure could decrease your score by 85 to 105 points. Similarly, if your credit score is 780, then a foreclosure could decrease your score by up to 140 to 160 points. Now, you should have understood a point that the higher is your score, the more you will lose on foreclosure.
Late Payment and Credit Score:
Remember, just one late payment could greatly impact your higher credit score. As per the reports, we have seen that a thirty-day delinquency would decrease as much as 90 to 110 points on your credit score of 780. So, if you are a person who has not missed any payment on your credit account, then a single late payment is going to a serious impact on your credit score.
Car Repossession and Credit Score:
Do you know having your vehicle repossessed can impact your credit score? This could decrease as many as 100 points on your credit. Therefore, think twice before you decide to repossess your vehicle.
If you need further assistance on rebuilding your credit score and/or looking for any credit repair counseling, feel free to contact us here.