2006-12-19 15:31:18 · 10 answers · asked by juniorpoet12 1 in Business & Finance ➔ Credit
Specifically, this will remain on your credit report for seven years. The only improvement you can make at this stage is to square away the debt and recover the car. If you do, they will reflect this in your report for future creditors' consideration. However, if you settle with the company for anything less than the full owed debt this will also be noted and this will be even worse than a mere repossession.
2006-12-20 14:00:20 · answer #1 · answered by Madame 4 · 0⤊ 0⤋
The repossession is not really the issue, that is just the lender taking back collateral. The key is you had an account charge off as a bad debt, credit card, store card, car loan, home equity loan, it really does not matter.
Try to arrange a settlement on the remaining balance. Get any arrangements in writing. At least it will show a zero balance.
2006-12-19 15:38:30 · answer #2 · answered by Gatsby216 7 · 0⤊ 0⤋
Truthfully your credit score is so subjective. So many factors count towards your FICO. A repression does not look good at all and yes it will hit your credit report and take a toll on your score. It will be many years before you will ever get a really good rate on financing another car but Credit can be rebuilt. there are programs like ours at E.D.A. that can help you deal with that repossession and get you back on your feet. Learn from your past and move on.
Kourtnie Donihoo
The EDA Group
"Helping people become debt free"
1 866 605.0753
www.enhanceddebt.com
2006-12-19 20:47:13 · answer #3 · answered by Kourtnie D 4 · 0⤊ 0⤋
A repo is a repo...no matter if or not they take it or you turn the motor vehicle in your self. they're going to promote the motor vehicle at a large lower price and are available precise decrease back when you with upload on prices...with the finished result being that you'll owe on the point of what you already do today....with the version being that you now no longer have a motor vehicle. you'll actually have trashed credit too. for this reason 18-19 twelve months olds are seen as severe credit hazards. they ought to not in any respect have given you the interior most loan to commence with.
2016-11-27 21:45:38 · answer #4 · answered by ? 4 · 0⤊ 0⤋
very bad, look at all possible solutions before repo. Althought not as bad a banckrupcy still is a huge disaster to you credit. you will not get a respectble intrest rate for 5 years
2006-12-19 17:10:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It can look bad...But it is not as bad as bankruptcy.
You can often explain it ..chalk it up to age...when applying for a mortgage or a loan. But it stays on your credit history for a while. So try to avoid it if possible.
2006-12-19 15:33:49 · answer #6 · answered by sleddinginthesnow 4 · 0⤊ 0⤋
very bad, your score will go bellow 500, and next time you will pay doble or triple the cars value over the term of your next loan!
2006-12-19 15:33:39 · answer #7 · answered by Anonymous · 0⤊ 1⤋
It sure doesn't help it any. You may be able to pay to get the car back, that will help.
2006-12-19 15:39:15 · answer #8 · answered by hoverlover7 2 · 0⤊ 0⤋
very very bad. you definately will not get another car loan.
2006-12-22 16:00:53 · answer #9 · answered by luciousgreeneyedlady 5 · 0⤊ 2⤋
very bad, you go from good creadit to bad
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http://www.bestcreditrates.net/
2006-12-19 16:29:45 · answer #10 · answered by bijan816 2 · 0⤊ 1⤋