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avatarAdmirableStork6905
Secondaire 5 • 2a

Hi,

Will personal bankruptcy necessarily lower your credit score or could it just negatively impact it?

Thanks !

Financial Education
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      avatarAnthony Bteacher check
      Équipe Alloprof • 2a

      Hi AdmirableStork6905,

      Thank you for your question!

      A personal bankruptcy will lower the credit score to its lowest tier for at least 6 years after the bankruptcy. However, it is possible to get it back up if good habits are developed over time. It takes a lot of time to get back up, but it is definitely worth it as a credit card is a useful tool if used correctly.

      Hope that answers your question!

      Anthony B.

    Québec RioTinto Desjardins Pathy TROTTIER OTHER
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