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Anytime a negative item is removed from your credit report, it will raise your credit score unless new collections are added to your report.

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โˆ™ 2015-07-15 19:12:04
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Q: How does having a repossession removed from your credit report affect your credit?
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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 the note about having to use credit counseling ever get removed on credit report?

for a contraction like there is there's

What are the consequences of a voluntary repossession of a mobile home?

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 having a repossession in your credit history marks you as a credit risk. The only advantage that I see in doing a 'voluntary' repossession is that it may cost you less in legal fees. In general, I would encourage you to work with the lender to find ways of keeping your home and coming to some kind of agreement on reduced monthly payments, or even weekly payments which will involve a lower interest rate. Good luck with it.

What ruins credit?

Not paying your bills on time. Having high balances that are close or over your line of credit. Having any derogatory (negative) information ie.) car repossession, bankruptcy, written off accounts, unpaid collections, etc.

If your car was repossessed but redeemed by the cosigner can the bank report a repossession on your credit but not on the cosigner's?

VERY possible. reporting repos is up to the LENDER(of course, they usually do). It was very much repoed from you sooo. Nothing you can do about the co-signor having or not having a repo on their credit.

Does having bad credit affect you getting a passport?

well.. a little bit

Does using overdraft protection affect my credit?

No. Having overdraft protection does just that...protects you from having adverse credit and helps you maintain a good relationship with your bank.

Can marriage affect your credit score?

yes, cause if one person decides to go bankrupt because you guys are having money problems it can affect your credit score to, not just their credit score.

Is it better to have an account removed from your credit report completely or to negotiate for 'Paid As Agreed'?

In the case of a collection account, it is always in your best interest to have the tradeline completely removed from your credit report as opposed to having it show paid. If the account is NOT a collection or P&L, then the opposite may be true. Let's say you have a credit card with 6 late payments being reported to your credit history. You negotiate with your creditor to have all the late payments removed from the tradeline, showing that it has been paid as agreed, never late. This would be better then to have the entire tradeline removed, as the now clean payment history will help to raise your FICO score. Having it removed will not have as positive an effect. You will lose all the credit history associated with the tradeline, as well as (if it is a revolving account), available credit. Not having sufficient credit history can be just as detrimental as having bad credit. Hope this helps!

If you file bankruptcy will it also erase a vehicle repossession on another person's credit report?

It doesn't erase anything on your own credit report....just adds to it, why would it change someone elses? It adds that you are a bankrupt as well as having missed payments and had a repossession. A credit report simply reports what happened in the past....what ever you do now does not change live with the history you created.

Does having bad credit affect your APR for a new car or home?

Bad credit will affect your APR on any new loan. Most banks use a tiered credit system to determine APR.

What is willing repossession?

a voluntary repossession is where you turn over the vehicle instead of us having to come get it from you.

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