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Is having a voluntary repossession on your credit report bad and if so how does it affect your credit and for how long?
YES its bad you dont get the lowest interest rates IF lenders will loan to you 7-10 years
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.
How long will bad credit remain on your credit report?
Bad credit or any negative report will remain in your credit report for seven years. Therefore, if it happens that there is a wrong information that will affect your report negatively, be sure to dispute it immediately. You can also do your own credit card repair in order to eliminate any bad credit that will be reflected in your credit report.
What is a bad credit report?
A report about your credit that is bad.
Can i finance or lease after repossession?
In many cases yes. While the repossession will negatively affect your credit rating, your record still indicates you have had credit. It is actually easier for those with bad creidt to get a loan than those with no credit. It will just cost you more in interest.
Is a joint applicant's credit affected by a car repossession?
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.
Does credit card consolidation show up on my credit report?
Yes, credit card consolidation will affect your credit score. It will show on your credit report for at least five years, it doesn't hurt as bad as bankruptcy however.
Is bankruptcy or repossession worse for your credit?
Both, Its bad debt period and you will suffer bad with either.
Will a spouse's bad credit affect your credit in a community property state?
Yes. If you are married and your spouse has bad credit, you inherit that bad credit and depending on the state, you can inherit half the debt if you divorce. * No, debts incurred before marriage do not affect a new spouse's credit report even in CP states. Problems could arise however, if the couple apply for a joint line of credit such as a mortgage.
What to say when you want to do a car repossession?
If you are giving up your own car for repo then you tell who you financed the car with you want a voluntary repossession. It still looks bad on your credit, but not as bad as a regular repo does
How bad will a rep hurt your credit?
A repossession will remain on your credit for seven years, which will decrease your credit score. You should work out a payment arrangement with the creditor to avoid it.
Can you obtain a home loan with a repossession on your credit report?
Absolutely, but poor credit scores result in higher interest rates because lenders of money consider you a bad risk. Once every twelve months you can get a free report on your credit from annual credit report .com : https://www.annualcreditreport.com/cra/index.jsp A gentleman who hosts a syndicated radio program from Atlanta, GA named Clark Howard has excellent resources at a link I will post here.
