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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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โˆ™ 2015-07-15 19:31:47
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Q: 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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Related Questions

Does a voluntary repossession affect credit the same way as a reposession?

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


Will a voluntary repossession from your spouse affect your credit?

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


How does a repossession affect your credit?

It hurts it very badly.


Will a repossession affect your credit?

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


How can a repossession with a zero balance affect a credit score and can it be removed?

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.


How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?

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


When your Father passed away how bad will a car repossession affect a cosigners credit?

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


How bad does a car repossession affect your credit report?

A Lot.


How long does a voluntary repossession affect your credit rating?

7 years.


Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?

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


If your car has your mothers and your name on the title but she is deceased how does this affect you if it is repossessed?

Goes on your credit as a repossession.


How will voluntary repossession of my home in Texas affect my credit?

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.


Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?

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


How does a voluntary repossession affect your credit?

it's all the same whether you turned it in or they picked it up


What affect does a repossession have on your credit?

Well first off, it will make you look like a deadbeat. A repo will make it difficult for you to buy another vehicle, a house or other major purchases. It will also make it difficult for you to get any kind of credit and in addition it will keep you from getting certain jobs where they check your credit before hiring. It stays on your credit record for 7 years.


Can i finance or lease after repossession?

In many cases yes. While the repossession will negatively affect your credit rating, your record still indicates you have had credit. It is actually easier for those with bad creidt to get a loan than those with no credit. It will just cost you more in interest.


I have a car for 2 yrs now and is not fully paid but i want to return it will returning it affect my credit?

You can't just "return" a car. You can surrender it to the lienholder. This is called a voluntary repossession, and yes, it will affect your credit ... it's still a repossession, even though it was voluntary.What you could do without negatively affecting your credit is sell it or trade it in.


What is entry of credit and cash purchases?

Debit Purchases Credit Cash


Is a joint applicant's credit affected by a car repossession?

If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.


Where do you find credit purchases in financial statements?

Credit purchases are shown in income statement as a part of total purchases.


What is the Journal entry for purchase on credit?

entry for credit purchases isPurchases a/c drTo crediters a/c


What will a repossession do to your credit report?

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


How does a vehicle repossession affect your credit if everything else in your credit report is good?

Absolutely. Repossession, whether voluntary or involuntary, show on your credit report as a charged off account. This designation is similar to a collection account and shows that you did not repay the vehicle loan. Such a listing in your credit report would have a significant negative impact.


What are credit purchases?

credit purchases are goods that you buy on credit and and pay little by little to pay to the person you owen.


How will voluntary repossession of a vehicle affect a persons credit score?

Same as a regular repo. The creditor may still put the repossession on your credit report and it would stay there for up to seven years. Notice the word "may", because it is at the creditor's discretion...