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How will a repossession affect your credit in future purchases if the rest of your credit is good and it continues to be good?

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Wiki User
2015-07-15 19:31:47
2015-07-15 19:31:47

Most lenders will view it as a one time thing and consider ALL your other credit experience. Some may require a larger downpayment.

seven years. and it will affect your credit badly for the first two to four years...regardless. If it has to be repossed let it be a willing repossession or try to sell it out-right before it is picked up. Credit in this time is as important as air. Don't damage it. I am a loan officer

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

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

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

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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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