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How much does a repossession damage your credit?

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2015-07-15 19:10:17
2015-07-15 19:10:17

7-10 years and damage is bad. You will have to pay HIGHER interest on loans and BIGGER down payments.

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Related Questions

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Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.

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No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.

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Yes, there is no difference. A repossession is a repossession.

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A repossession is a serious negative and will drop your scores.

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A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.

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You present proof that the repossession never occured. You can dispute it with the credit reporting agency.

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A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.

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The repossession stays on your credit report for 7 years.

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Yes, but perhaps not as adversely as an involuntary repossession.

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It depends on how your father's death, the repossession, and the cosigners credit are corelated.

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A repossession on your credit is NOT GOOD. Avoid it if there's anyway possible. You say the car is SOLELY in your name?? GO GET IT and sell it.

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Yes, it's one of the worst things that you can do to your credit.

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It won't help much unless you can sweet-talk the lender and convince him to remove the repossession from the credit report. Otherwise, the repossession stays on the record and the only 'improvement' to your credit rating would be the lack of an accompanying past due status.

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The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.

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The fact that you have a repossession on your credit report is not a determining factor of whether your can file for bankruptcy. Generally in bankruptcy you can remove the debts from the repossession of your vehicle.

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i need to get a repossession off my credit report

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Any repossession will negatively impact your credit. Organizations using the credit report do not differentiate between voluntary and non-voluntary. Rather, the organizations see that you were not responsible with credit and what you purchasd needed to be taken away. Generically, a repossession is considered the same as a chargeoff or writeoff, so the impact on the credit score may be anywhere from 50 to 200 points, depending on one's personal credit situation.

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AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.

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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.

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How much do repossession agents commonly make?

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It hurts you credit tremondously. It will stay on your credit report for 7 years, and there is nothing you can do about it. Do not allow your car to be repossed. Voluntary repossession on not any better. Contact the lender and work something out.

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Who handles ford credit repos in Ocala,Florida 34479?


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