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 www.mycreditinform.com. (This was only for my Equifax, 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?).
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.
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.
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.
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: http://www.removemycreditinquiries.org
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.
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.
http://www.NationalScoreIndex.com. 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.
I would say, according to most measures, that a 757 FICO score is an excellent score. This score qualifies for the lowest interest rates on home mortgages from many banks. As for auto loans, you are squarely in the top tier; a FICO score of 720, in most cases, qualifies you for the lowest interest rates on that type of loan. Of course, there are other factors which would lead to the lowest interest rate--but a high FICO score seems to be quite a significant factor. I would only be concerned if my credit practices (such as paying bills 30 days late) causes that score to become LOWER.
There are many different types of formulas used to figure out credit scores. Each formula has a different range. In all of the examples below, a credit score of 828 is possible. FICO Fair Isaac Co. FICO Score* 300-850 Equifax ScorePower Score 300-850 Experian PLUS Score 330-830 Experian Vantage Score 501-990 TransUnion TransRisk Score 400-925
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