There's the meliorative, the punitive and the traditional Eastern scenarios.
According to the Theosophist scenario, the only way is up. The universe is nothing if not benevolent and will support your path towards self-development in any way it can. It's deeply invested in your spiritual well-being, always ready purify your soul, make your reincarnations ever more richer and rewarding, and teach you valuable lessons because it only exists to serve the human race. Since the advent of the NewAge movement, it's not restricted to white Victorian colonialists anymore.
The punitive scenario is a product of traditional Jewish Kabbalah. The orthodox rabbinate thought it heterodox, some Kabbalist rabbis didn't belive in it but for those that did, reincarnation was a punishment for sinning. According to whom you believe, there can only be three (or up to ten) reincarnations as a human, some others think you can be also reborn as an animal, a few even consider reincarnation as a mineral a posibility.
The impression I got from my Buddhist studies long ago is that karma was a blind machine, and only the most realised lamas can tell what your next rebirth will be like. Accordingly, an 'old soul' can just as well be reborn as a hate-consumed hell being, and the same probably goes for internet trolls devoid of any compassion who claim that starving people (incl. children) have only themselves to blame for their swollen bellies because of their obstinate refusal to investigate the roots of their misery. There are
on offer for rebirth, of whom the world of human is very difficult to attain. The universe is indifferent, not just, and doesn't give a rat's ass about your spiritual progress.
As far as the afterlife or rebirth is concerned, I'm a materialist. You die, and it's game over. Sweet oblivion is what I hope for but the gods- whom I don't believe in - may have other ideas, and I'd hate to wake up in some realm and be forced to start all over again. Horrible idea.