Tuesday, December 5, 2017

Planoman and Credit Scores

Planoman:  No, bankruptcies DAMAGE credit scores.

Catching Planoman in a lie is like shooting fish in a barrel. *S*

First, here's his lie:

1927   PM:   Planoman   [Quote]     -- 1:15pm -- Tue, Dec 5, 17 pst
Planoman
 . . . bankruptcy's always help the credit score

Now for the truth . . .

"There is no way to underestimate the impact a bankruptcy has on your credit. It is one of the worst things you can do to your scores. The exact effects will vary, but according to major credit scoring model FICO, bankruptcy can make your a good credit score (think 700 or above) to plummet by 200 points or more. Meanwhile, a less stellar credit score of 680 will drop about between 130 and 150 points."
https://www.credit.com/credit-scores/3-things-bankruptcy-does-to-your-credit-score/