Credit score during bankruptcy.

S00190

So I was made bankrupt last month and as expected my credit score then dropped as soon as my bankruptcy appeared on it. My score was very low already so didn’t drop by much. 

I’ve now got my score in for January and my credit score is now better than it was prior to my bankruptcy and had increased by 45 points approximately. Surely this can’t be right? 

cymruchris

The only thing that's not right really is obsessing over the score. Nobody sees it apart from you. It's just a general guide to your creditworthiness, and is often above or below where based on financial history is should be. 

If your bankruptcy has gone through, and accounts have started to be marked as 'settled' - then that would push the magical mythical nonsensical number up. It doesn't mean you'll get a new credit card next week - it's just reacting to changes in your credit history. You'll no doubt see it jump around a lot as various accounts are updated, and it's nothing to worry about.

The important thing going through bankruptcy is that all the data is accurate. Check that every account listed on your credit reference agency reports has been marked accordingly as it should have been. 

Once you've reached the anniversary of your bankruptcy, hopefully you can work towards your recovery with a bit of positive credit history. It's a long journey, frustrating at times, but there will be light at the end of the tunnel.

fatbelly

S00190 said:

So I was made bankrupt last month and as expected my credit score then dropped as soon as my bankruptcy appeared on it. My score was very low already so didn’t drop by much. 

I’ve now got my score in for January and my credit score is now better than it was prior to my bankruptcy and had increased by 45 points approximately. Surely this can’t be right? 

There's really no logic to those scores. Give yourself the luxury of ignoring them for 6 years

S00190

Thank you 😊 It was a difficult decision for me to go bankrupt but it was the best option for me and my circumstances. It has improved my mental health massively now the ex and the debt has gone and I can finally start rebuilding my life once I have got rid of the companies that are still harassing me trying to get money out of me and threatening to send someone round to collect the debts even though they are fully aware of my bankruptcy and sent in  proof to them quite a few times so I will be contacting the OR about them.

sourcrates

S00190 said:

Thank you 😊 It was a difficult decision for me to go bankrupt but it was the best option for me and my circumstances. It has improved my mental health massively now the ex and the debt has gone and I can finally start rebuilding my life once I have got rid of the companies that are still harassing me trying to get money out of me and threatening to send someone round to collect the debts even though they are fully aware of my bankruptcy and sent in  proof to them quite a few times so I will be contacting the OR about them.

These things take time to filter down to the business end of such companies, try not to think of it as harassment, more entertainment than anything, you don`t really need to worry, they have absolutely no remedy against you, you are 100% covered by the terms of your bankruptcy, so enjoy a little fun with them.

Just smile, and keep in mind that no matter what they choose to do, they cannot touch you or do anything to collect any of these debts, a letter of complaint will surely be upheld, and you can ask for £150 each time for your troubles, look whose laughing now !!

Good luck to you.