When you file your bankruptcy through Curtis, Casteel and Palmer, we automatically enroll you in a credit rebuilding program called 720 Credit Score.
There is no ‘exact’ number of points that your credit rating will fall when you file for bankruptcy. It’s influenced by several factors such as the type of bankruptcy filed, the amount of debt cleared during your bankruptcy proceeding, and what standing your accounts and credit report was in when you filed. On average, you can expect to see a drop in your credit score between 130 and 240 points.
Bankruptcy will remain on your credit report for 7-10 years, affecting your ability to open credit card accounts and get approved for loans with favorable rates unless you take steps to rebuild.
A chapter 7 bankruptcy will stay on your credit report for 10 years and a chapter 13 for seven years. As you begin a new history of paying your bills on time, your credit score will improve. The goal of 7 steps to a 720 credit score is to get your credit score to 720 within 2 years.