Can you fix your credit if you have a repossession?
Yes, time heals all things. Money and repaying ON TIME helps tooo.
How can you remove a voluntary repossession from your credit and should you consider bankruptcy to fix your credit?
Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?
The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.
One option is to pursue credit repair through a credible company such as Lexington Law or Accurise. These companies have been in the industry for years and can dispute errors on your credit report. However, in certain situations you won't be able to "fix" the repossession on your credit report and will have to wait for the incident to age off your report.
Under US law as I understand it, any repossession is detrimental to your credit record. Both a voluntary repossession or a standard repossession have the same effect on your credit rating. Both will appear as repossessions, and either will result in a negative mark on your credit history. Any repossession will appear on a credit report for 7.5 years from the date of first delinquency. You will likely see your credit score drop significantly, as…
Any repossession will negatively impact your credit. Organizations using the credit report do not differentiate between voluntary and non-voluntary. Rather, the organizations see that you were not responsible with credit and what you purchasd needed to be taken away. Generically, a repossession is considered the same as a chargeoff or writeoff, so the impact on the credit score may be anywhere from 50 to 200 points, depending on one's personal credit situation.
Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?
If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.
I'm not sure what you are asking. If you want to know what to do about a repossession that took place in Indiana then your best option is to negotiate a settlement. Or, if you have had a repossession on your credit report and are not sure if it is older then the statue of limitation then your best bet is check the Date of Last Activity on your most recent credit report.
How does a vehicle repossession affect your credit if everything else in your credit report is good?
If the account contains any incorrect, incomplete, misleading, erroneus, or misleading information, the repossession may be deleted from your credit report. But you do not need to hire a lawyer and pay thousands of dollars. You can hire a credit repair service which will be a lot more cost effective.
How long will a repossession stay on your credit report if you've made arrangements to repay the monies owed?
A repossession can drastically hurt your credit score. The repossessed account may report late payments (30, 60, 90 days late), a pad due balance, and a charge-off. A repossession can lower your credit score anywhere from 30 to 200 points depending on the other accounts reporting on your credit report.