What happens to your credit if you go to prison?

Question

Are all your debts forgiven? Or when you come you can expect a FICO score of 300?

Answer 1

Debts are not forgivable, prison or not.

If you don't look after your finances or have someone do it in your absence then you can expect a FICO score 300 or somewhere in that range.

Answer 2

Unless you can find someone to make your payments before you go to prison, I'd say the FICO score of 300

Answer 3

They dont forgive your debts for going to jail. You have to maintain them while still in jail. Try to sell what ever you own if they are secured debts. If they are credit cards that are unsecure, you are likely to default on the payments and they will go on your credit report as unpaid for more than 90 days and that will kill your credit rating. When you get out negotiate a deal with the creditors and you can pay 50% or less of what  you owe. Also put a note on your credit report stating why you couldnt pay them. People will understand but it will hurt your credit.

Answer 4

Well it depends on several things.

The time you are going to be away, if you can arrange for a family member to make your payments while your in prison or not and what types of debts you have and how long you have remaining to pay on them.

Debts are never forgiven except through bankruptcy so you can forget that.

If you are away for over 7.5 years all derogatory accounts will be removed from your credit report but this will result in you having no credit so most likely your score will be a 0.

Answer 5

If you're locked up more than 7½ years, then you may have a chance of starting over fresh with a 0 score, because the Fair Credit Reporting Act allows debts to report a maximum of 7½ from the first missed payment to the original creditor. Bankruptcy lasts 10 years, and positive accounts 10 years after they're closed.

But, if it's any shorter than that, you're pretty much screwed.

Thanks for reading, and good luck!

Answer 6

FICO of 300.