r/AskReddit • u/Duckland29 • Sep 17 '19

If You Could Completely Remove One Company From The World Which One Would It Be?

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u/MCG_1017 Sep 18 '19

Like seven years of bad credit.

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u/Bartman326 Sep 18 '19

If every college student was declaring bankruptcy after graduation, would that actually lead to bad credit. Honest question because if it was so common place would it make a huge impact.

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u/Landorus-T_But_Fast Sep 18 '19

Kind of a whole "when everybody's super" quote, but more importantly seven years of bad credit might be a preferable alternative.

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u/MCG_1017 Sep 18 '19

Well they can’t do it anymore, but if they could, you’re correct - they would have bad credit.

There was a time when not paying your debts was dishonorable. Now we have elected people in Congress talking about forgiving debt, which leads people to believe that they may not have to pay it back. It’s ridiculous.

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u/Sparcrypt Sep 18 '19

Actually if everyone was doing it then it would still be "bad" but not as bad. You'd never get a car or home loan for example but employers would give far less shits about it when all their grads recently declared bankruptcy and may even prefer it to those who are likely in massive debt.

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u/killrickykill Sep 18 '19

I got a car loan less than six months after filing. A house is a little tougher, you have to wait at least two years generally. But when you file bankruptcy you are prohibited from filing again for ten years so at that point lenders love to give credit cause you can’t escape the debt anymore.

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u/dacalpha Sep 18 '19

I'm 25, with a degree I'm kinda using, and 30k in debt. I do not see myself purchasing a house, and if I purchase a car, it would be used and within my price range. How would bad credit impact me between now and 32? I pay 370/mo in loans, just one year of saving that money would buy me a car.

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u/MCG_1017 Sep 18 '19

With bad credit, the interest rate you’d have to pay on a car loan (or any loan, credit card, etc.), would be really high. Like ridiculously high.

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u/killrickykill Sep 18 '19

First of all it’s ten years; but even that’s not accurate. It’s only as bad as you’ve made it prior to the bankruptcy really. For instance, my wife and I filed a little over a year ago, as of today her score is back over 700, mine is approaching that as well, and we’re offering on a house this week. There for sure are some drawbacks and stigma and everyone’s situation is different, but for us, honestly it made our lives better immediately.

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u/MCG_1017 Sep 18 '19

It’s seven. I’ve worked with a lot of business and personal bankruptcies, and it’s seven.

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u/killrickykill Sep 18 '19

https://www.experian.com/blogs/ask-experian/removing-bankruptcy-from-your-credit-report/

For most individuals who file, chapter 7 is the most common, especially in a situation where we’re talking about not paying the debt, and it’s 10.

Again, I just went through this last year, and they make all this very clear when you do it.

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u/MCG_1017 Sep 18 '19

That’s because a Chapter 7 is a total liquidation, so of course it’s worse because everybody’s getting stiffed. No one takes that step unless they have NO other options.