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I did a "credit simulator" to try find an estimated answer to this question before I "voluntarily repossessed" my car. The credit simulator told me that if I allowed my car to be repossessed, it would decrease my credit score by six points. I live in Ohio. It may be different in your state. Go to (This was only for my Equifax credit report, so it may be different for Experian and Transunion). I think they also may have similar type simulators. Good luck. (PS - For the amount I owed and the reality of paying at this time, I went ahead and took the hit. Once I'm in better health, I'll begin trying to help my credit in another positive way. Sometimes, you just have to do hard decisions, you know?).

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โˆ™ 2007-03-17 23:13:17
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Q: How many points does a repossession take off your FICO score?
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Related questions

How many points does chapter 7 bankruptcy take off your FICO score?

A LOT, but how much your score dives also depends on how high or low your scores were before you filed. Because the FICO scoring model is top-secret, there is no way to know EXACTLY how many points you will lose and because there are so many factors that determine your score.

How many points will credit score drop with repo?

points don't matter, you will have "repossession" on your record which will turn a creditor away.

How many points will be deducted from a credit score for a repossession?

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Same as if it was unpaid. It's still a negative or adverse entry in your file which impacts your score..

How many points will a chapter 7 bankruptcy reduce your FICA of 529?

FICA = social security taxes. FICO is your credit score. There is no way to tell how many points your score will go down. With a low of 529 your score may tumble less than someone with a much higher score pre-bankruptcy.

How many points come off credit score for inquiries?

AnswerYour score only gets lowered if it is a hard inquiry. Soft inquiries don't count against your score.There is no set amount on how many points come off your score. It can be anywhere between 5 and 50. Usually, the more you have in a certain period of time the more points are taken off but, no one is certain of FICO's algorithm as, they keep it very secret. TransUnion and Equifax both typically cost your 15 FICO points. Experian hard inquiries are int he range of 20 FICO points. Removing inquiries can be done on your own or through the help of non-profit resources like:

How many points score your fico score when is delete collection?

If you meant to say, How many points are added to your FICO score if a collection account is deleted" then there is no specific answer. There is no set number of points added if a collection is deleted. The FICO credit scoring model prior to generating a credit score drops everyone into currently 10 scorecards. Each scorecard is a credit scoring model in it's own right. Each model adds or subtracts a different number of points depending on which scorecard that you are in. Each scorecard has a different scoring range too. It also depends on how recent, and how many collections you have. After you have a certain number of collections reporting, there is no additional penalty for having more collections reporting on your credit.

How many points will you drop for a reported car repossession?

There is no set amount of points that are attached to repossession of a car. Depending on your credit score and payment history, the information could be viewed differently by various lending entities. However, remember that the more items of this nature on your report, the lower your score and the more you will pay for loans.

How can the credit score at my FICO be useful?

A FICO score works as a credit score which is used by many financial institutions. This can be used to determin whether you will be provided services such as insurance, banking or loans.

Where can you get a copy of your fico score?

There many websites that can help you get your fico score including going straight to the credit agencies website. The three credit reporting agencies that collect your score are Equifax, Esperian, and Transunion.

How is a FICO Score different from a Credit Score?

FICO stands for Fair Isaac Corporation, which is a company that calculates the credit score that most creditors use to determine your creditworthiness. So, your FICO score is a type of credit score. They use the information that each of the three credit bureaus (Experian, Equifax, TransUnion) possess on each consumer, and they turn that information into your FICO score. However, there are many other companies, including the credit bureaus themselves, the create their own versions of your credit score, and these scores are often different than your FICO score, since they are not using the same mathematical calculations to come up with your score.

How many points will a fico score drop for a charge off?

There is no direct amount of points that your score will drop. It is all based on your previous credit rating, the timeframe of last negative mark on your credit, the amount of time since charge off, and the amount of credit you have and how its has been handled.

How many points does your credit score drop after an auto repossession? Overall, the study found that: * The average Experian PLUS(SM) Score for consumers with no late auto payments is 689 versus 596 for consumers with at least one late auto payment. When a payment is late by 90 or more days, the average score dropped to 574. * 1.5 percent of consumers who have an auto have a repossession noted on their credit file. The average credit score for those with a repossession dropped even further to 566. The states with the highest repossession rate are Arizona, New Mexico, Texas, South Carolina and Nevada.

Why does a 'Fico Score' fluctuate so much?

Your FICO credit score is based on a number of factors: how long you have had credit, how much credit you have, how much money you owe, whether you pay your bills regularly and on time, whether you have many late payments, whether you were ever in bankruptcy or default on a loan, etc. Because any (or all) of these factors can change, so can your FICO score.

How can one obtain Fico Score for free?

The best way to obtain a Fico Score for free is at the Fico website. There are also many credit reporting websites that can provide the information. Some sites provide the information free, however it is important to read the fine print as they may charge a fee after a certain free period.

What is exactly a free fico score?

FICO stands for Fair, Isaac Company. FICO scores are what most lenders use to determine credit risk. There are actually three scores that help a lender determine how much and at what rate to offer the borrower. Many companies claim to offer free fico scores, but they actually require you to enroll in a credit monitoring service, which, of course, has a fee. Others are free, but they don't actually give your FICO score, like CreditKarma. Some give an estimate, like bankrate. So, if you want your actual FICO score, you're going to have to go ahead and pay.

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