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Can a vehicle repossession affect your credit bad enough to prevent you from being able to purchase a new home?
Wiki User
∙ 8y ago
For any personal credit related concerns I recomment a website that I know has many very good answers to even the toughest questions.
It is an 'ask' site directly on Experian's website which is hosted by Maxine Sweet, the V.P. of Public Affairs for Experian.
You can get to the site from the following link:
http://www.experian.com/ask_max/index.html
Repossession is a serious derogotary item on a consumer's credit report. Your credit score, credit rating or credit standing would be determined based on ALL of the information in your credit file, both positive and negative. Such a determination would reveal if you would be able to qualify for a mortgage loan.
Wiki User
∙ 8y ago
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If full payment is demanded to prevent repo can this be resolved?
Yes, buy submitting payment in full, or voluntarily surrendering the vehicle. Failure to do either will result in the involuntary repossession of the vehicle. The later will more severely affect your credit rating.
Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?
AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.
Does a voluntary repossession affect credit the same way as a reposession?
Yes, there is no difference. A repossession is a repossession.
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.
Will a voluntary repossession from your spouse affect your credit?
Yes, but perhaps not as adversely as an involuntary repossession.
How does a vehicle repossession affect your credit if everything else in your credit report is good?
Absolutely. Repossession, whether voluntary or involuntary, show on your credit report as a charged off account. This designation is similar to a collection account and shows that you did not repay the vehicle loan. Such a listing in your credit report would have a significant negative impact.
How will voluntary repossession of a vehicle affect a persons credit score?
Same as a regular repo. The creditor may still put the repossession on your credit report and it would stay there for up to seven years. Notice the word "may", because it is at the creditor's discretion...
How does a repossession affect your credit?
It hurts it very badly.
Can you still renew your drivers license if you owe the lender due to repossession?
Yes. The DMV (Department of Motor Vehicles) has nothing to do with whether or not your vehicle was reposessed (nor do they care). This will, however, affect your credit and ability to buy another vehicle.
How bad does a car repossession affect your credit report?
A Lot.
Can a car repo prevent from buying a house?
Any repossession negatively affects your credit rating. Negatively affected credit ratings will affect your ability to obtain loans, typically in a negative way.
How long does a voluntary repossession affect your credit rating?
7 years.
