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What will happen to my credit score after I file bankruptcy?

There are many factors that go into the determination of your credit score including but not limited to filing for bankruptcy. A person's credit score and credit report can fluctuate within the course of a week. Here are some of the factors that influence your credit score:

  1. Payment History: This has the largest impact on your credit score. Missing higher payments will impact more than missing lower payments. Delinquencies in the past two years have a greater impact.
  2. Outstanding Credit Balances: The ratio between outstanding balance and available credit is one-third of your credit score. Keep the ratio under 10%.
  3. Credit History: This is the length of time a credit line was established. A long record of consistent payments on older accounts is positive, while there are small penalties for closing old accounts.
  4. Type of Credit: Auto loans and mortgages will have the highest impact on your score. A mixture is best and store cards have minimal impact compared to bank credit cards.
  5. Inquires: The number of inquires on a consumer’s credit report within a six month period will affect your score. The most a score can be reduced is by 50 points, if it shows 10 inquiries or more.