Best Answer

With a reposession on your credit report it is almost impossible to get another auto loan unless you have not had any negative reports after the repo and you have at least 30% down. It probably lowers your credit score by 100 points.

User Avatar

Wiki User

โˆ™ 2006-04-07 18:00:26
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: How does making late auto payments or having your auto reposessed affect your credit score?
Write your answer...
Related questions

How will it affect your credit score if lender requires you to have checking account so they can withdraw payments from each month?

Having a checking account has no effect on your credit score. Bouncing your checks has a big effect on your credit score.

How does opening a Mexican bank account and having a Mexican credit card affect your credit score in the US if you were to default or miss payments?

Nothing, you will have a bad record in Mexico not in the United States.

You recently took out a used vehicle loan and have not began to make payments will this affect your probability of getting a credit card?

No, it shouldn't unless your debt to income ratio is affected or having a good credit score.

What makes your credit score drop?

Late payments, No-Payments, Over the credit limit (Maxed out credit cards), Not having a good mixture of credit (Revolving Account, Installment Loan, Home Loan, Etc), and past history.

How would a collection of 230 affect a person with 50000 in available credit and 730 score?

Your credit score can be decreased by having collection accounts listed, a judgment, late payments or if you have too much available credit. If you have that much credit, you would want to contact the credit issuer to lower your credit limit. Your debt should never be more than 35% of the available credit. Timely, consistent payments to your creditors and low credit limits will help increase your credit score.

How does having bad credit affect my mortgage payments?

If you have bad credit you will not only have a hard time getting a loan, but you will be charged a higher APR. As a result, your mortgage payment will be higher than if you had good credit. If you already have a home mortgage, having bad credit will not affect it. If you have bad credit and go to get a mortgage, you run a risk of being denied a loan until bad debts are taken care of and even then you may have a higher rate.

How do you improve your credit score to make it?

An individual's credit score can affect all aspects of life. Having a good credit scrore, or improving a poor score, can be accomplished by several ways, including paying off debt, never submitting late payments, and not having a high debt to income ratio.

How does short sell affect credit?

It all depends on how late or how many payments you were late when you start the short sale. In most cases if you get a successful short and your home gets sold it is a lot better than having a foreclosure on your credit report.

How do you improve your credit score to make a rating higher?

An individual's credit score can affect all aspects of life. Having a good credit score, or improving a poor score, can be accomplished by several ways, including paying off debt, never submitting late payments, and not having a high debt to income ratio.

How can a person get a no money down mortgage if they have bad credit?

This is a very unlikely scenario. Firstly, the individual must attempt to clean up their credit by raising their credit score- or by having a cosigner who is willing to accept all responsibilities of late payments and non-payments.

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.

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.

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.

Does having bad credit affect you getting a passport?

well.. a little bit

How does Quickbooks help with credit card payment processing?

The computer software program QuickBooks helps with businesses with credit cards processing by allowing the business to receive credit card payments from customers through Intuit Merchant Services, which will then be recorded in the business's QuickBooks program as the payments having been made.

Why do credit scores matter?

If your credit score is low, it can affect you renting a home, getting loans, or even getting a job. usually having many credit cards, or having credit card debt, can make you have low score. xD SWAG

Will having a credit card with a high limit affect your ability to get a loan?

if you obtain a credit card with a high limit it will not affect your credit as long as the card is in good standings .. however if the card is maxed out it could affect your credit score wich will intern stop you from getting a loan. although it may not stop you from getting your loan but it will affect your interst rates

How does having a repossession removed from your credit report affect your credit?

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

What are the obvious signs of having bad credit on a MasterCard?

There are many signs of having a bad credit for MasterCard. One of the most obvious sign of bad credit is your mastercard payments being declined from time to time. Other signs may include not being able to reload your card.

If you have taken out a loan with someone cosigning and end up being late on payments and the cosigner having to pick up the tab will this hurt your credit rating?

VERY much so, not to mention your relationship with the co-signor.

Will it affect your credit rating and score if you have 5 credit cards but use only one and neglect the other four cards?

== == Your overall credit history will determine how your credit is affected by having numerous credit cards. However, having an overabundance of credit cards with high balances or credit availability can negatively impact risk scores if your credit history is questionable. == == == ==

How can one build their own business corporate credit?

One can build their own business corporate credit by having the business pay taxes. This allows it to establish a line of credit that can be built upon by making proper payments on bills.

What are some good ways to acquire good credit loans?

You will need to have good credit. This can be accomplished by not having too many credit cards, paying them off, or at least the minimum balances, and making sure your mortgage payments are on time.

If my mother is an authorized user on my credit card and she is currently in the process of foreclosure would her foreclosure as an AU affect your credit?

No, having her listed as an authorized user will have no impact on your credit score.

How does a bad credit loan affect a person?

Having a bad credit loan negatively affects a person in many ways. Having bad credit enables a person from being able to obtain other loans including those having to do with home financing, vehicle financing, etc.