Credit scores are relevant for taking out a home mortgage or large loan. Otherwise for many people they have little or no bearing. Credit cards are easily obtained even with no credit at all.
Eesh's bankruptcy was discharged over two years ago. Had eesh not prevailed in the adversary proceeding, he could have re-filed under Chapter 7 without the normal waiting period because no debts had been discharged. Not having any consumer debt discharged will help eesh's credit standing.
* A bankruptcy can drop your score as little as 50 points, to as much as 220 points.
* FICO estimates that it would take an average of 5 years for a person with a 680 or 700 credit score at the time of the bankruptcy to return to that score
* After four or five years, many people are be able to attain a good credit score range (700-749)
One thing that puzzles many people who file bankruptcy is that they receive multiple credit card offers right after their bankruptcy is completed. You’d think that a fresh bankruptcy would be a strong deterrent to lenders.
However, the banks know you won’t be able to file again for several years, so you are actually a better risk than you were before. Just make sure to read the fine print on any new debt you apply for, as many companies intentionally prey on people who recently filed bankruptcy by offering new lines of credit stuffed with fees, minimum payments, and extremely high interest rates.