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7-10 years and damage is bad. You will have to pay HIGHER interest on loans and BIGGER down payments.
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∙ 8y ago
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Is it better to have a repossession or a bankruptcy on your record in regards to credit recovery?
Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.
Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
Does a voluntary repossession affect credit the same way as a reposession?
Yes, there is no difference. A repossession is a repossession.
What will a repossession do to your credit report?
A repossession is a serious negative and will drop your scores.
How can a repossession with a zero balance affect a credit score and can it be removed?
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
Is a voluntary repossession better than a repossession?
neither looks good on your credit.
How do you remove a repossession on your credit report after bankruptcy is discharged?
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
How long after repossession can you get a car loan?
The repossession stays on your credit report for 7 years.
Will a voluntary repossession from your spouse affect your credit?
Yes, but perhaps not as adversely as an involuntary repossession.
When your Father passed away how bad will a car repossession affect a cosigners credit?
It depends on how your father's death, the repossession, and the cosigners credit are corelated.
If your car is repossessed how does getting it back help your credit?
It won't help much unless you can sweet-talk the lender and convince him to remove the repossession from the credit report. Otherwise, the repossession stays on the record and the only 'improvement' to your credit rating would be the lack of an accompanying past due status.
