Online installment loans have taken the subprime market by storm

Re:Online installment loans have taken the subprime market b... by ceejayoz on Tuesday October 29, 2019 @12:19PM (#21388866)

Bankruptcy will eventually improve the score. It's not instant, and may substantially worsen it in the short term. Some organizations that do credit checks may also have a "no recent bankruptcy" policy despite accepting lower credit scores.

Not everyone's way behind at the time they declare bankruptcy, either. We did it because six figures worth of medical debt was ceasing to be juggleable, and disability approval (and back pay) looked to be years out still. Credit score was largely fine at the time we filed.

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Re:Online installment loans have taken the subprime market b... by kirykl on Tuesday October 29, 2019 @02:22PM (#21390435)

I agree, bankruptcy is an unfortunate solution for unexpected medical debt, as it impacts ones consumer credit score. FWIW the GP comment was referring to "banks who loan money to folks who cannot afford it" which implies baling out consumer debt instead of filing for bankruptcy

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Re:Online installment loans have taken the subprime market b... by geggam on Tuesday October 29, 2019 @05:43PM (#21392401)

Exactly, bankruptcy punishes the creditor which is how the system is designed. They assume the risk instead of passing it on to society.

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