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How long does a house repossession stay on your credit once it has been paid off in full?
Wiki User
∙ 12y ago
all negative info stay on your credit report ten years.none negative itiems stay for seven years.This info is from transunioun.
Wiki User
∙ 12y ago
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Will it still affect your credit report if you pay the full costs ten days after repossession?
As a rule, YES. It is up to the lender to post a repo on your CR and most do it automatically.
Which is an example of closed-end credit?
Your house or car are purchased using closed-end credit, which is credit that must be paid in full by a date certain.
Can you negotiate with a lender to remove a repossession on a credit report through a settlement of paying less than owed or will the credit report show settlement of partial payment of debt?
The way it is reported is the decision of the credit reporting bureau. It might be listed in different ways on individual reports. Generally it will remain on the report as a " settlement",not as a "satisfied in full."
How might one still buy a house with bad credit?
By taking time to pay your debts and improve your credit rating you can make yourself eligible for a good credit rating resulting in mortgage approval. Paying your debts in full will prove you are serious when applying to buy a house
After repossession of a car if you pay the loan off in full and get the car back is that still on your credit report?
Yes, there will be evidence that SOMETHING happened, but it will also indicate that the problem was properly resolved. Yes. Even though you corrected the problem, you still made the mistake. It will always be there.
Will it still affect your credit report if you pay the full costs ten days after repossession?
As a rule, YES. It is up to the lender to post a repo on your CR and most do it automatically.
If you had vehicle repossessed seven years ago and it has been turned over to a collection agency will the collection stay on your credit report until it is paid in full?
* The question is a little vague, however here's what I can say: IF, and it should have been, the repossession was first put on his credit report 7years ago then no. Any negative credit - excluding bankrupcy - by law must be taken off your credit report after 7years of its last active date (this is either when it was put on, or when you last paid it).
Which is an example of closed-end credit?
Your house or car are purchased using closed-end credit, which is credit that must be paid in full by a date certain.
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.
How can it be a repo if they only had the car 3 days?
What is a repo? Repossession occurs when a contract is in default and the lender takes possession of the secured collateral.IF your situation doesnt fit that description, call an attorney NOW. Roosta, yes I meant "repo" to mean repossession. The lender had my car for 3 days. I paid what I owed to get my car back and paid for 1 1/2 years. I still own the car. It has been paid in full for 2 years. But when I made the last payment in Dec of 2001, they list it as a repossession. But the so called repossession happened in Feb or 2000. Like I said they had my car for 3 days. I didn't realize they had it listed as a repossession until recently when I tried to get some credit for a new car. I have filed a dispute with each credit reporting agency, but I have to wonder if they will take if off.
Can a person avoid any mark on their credit report if a lender accepts a deed to transfer property and walk away where the mortgage has been previously discharged but the person is current on payments?
If payments have been made on time and there is no notice of foreclosure or repossession, the credit report should note the loan is paid in full. Verify what the bank will report. Keep documentation about the transaction with the bank in your records and make sure that all three credit reporting agencies reflect the correct information.
Can a repossession be put on your credit if you still have the car and can you still get the car sticker and tags?
If your not paying on it yes. Just because you have the car doesnt actually mean you own it until you pay it off in full. The place you got the car loan from does until then. You will waste your money by getting the tags and sticker because if the repo order has been put on your credit, they will be coming to get it, just a matter of time.
Can you negotiate with a lender to remove a repossession on a credit report through a settlement of paying less than owed or will the credit report show settlement of partial payment of debt?
The way it is reported is the decision of the credit reporting bureau. It might be listed in different ways on individual reports. Generally it will remain on the report as a " settlement",not as a "satisfied in full."
I am not on the 1st mortgage loan but I co-signed a loan for the second mortgage The 1st mortgage lender is foreclosing If I stay current on the second will my credit show a foreclosure?
the second mortgage is based on the house as collateral. If the house is gone, the bill is due. It is not an unsecured line of credit. When the house goes the 2nd has to be paid in full or it will count against you. The only way around this is to get another line of credit/cash somewhere and pay it in full.
You are having trouble getting HSBC to remove an item on your credit reports that was paid in full years ago They say there is nothing they can do except report the item Paid in Full to the credit bur?
They are correct. Once the item is reflected in your credit report, all that HSBC can do is notify each Credit Bureau that the item has been paid in full.
How might one still buy a house with bad credit?
By taking time to pay your debts and improve your credit rating you can make yourself eligible for a good credit rating resulting in mortgage approval. Paying your debts in full will prove you are serious when applying to buy a house
If you have been making all your payments on time and in full how long does it take to get a good credit score?
2 to 3 years to turn you credit around.
