What makes you think you can just return it. You can't. You bought it, you own it. Now if you are talking about doing a voluntary repossession, of course it will ruin your credit for 7 years. A repossession is a repossession, voluntary or not.
Return it to who? The truck is owned by the bank or lending institution. Returning it to them would for sure ruin your credit with that bank. You will also be responsible for the difference in what the bank sells the vehicle for and what you owe. Don't do it. Let someone take over the payments if you are in a bind and are unable to keep up payments. Talk to the lending agency and work something out. It is very easy to ruin your credit and not so easy to repair.
Read this question yourself as if you don't know the details of this scenario. What has having a wreck and the insurance fixing the bike, have to do with ruining his credit. What do you mean by, "them to take it back". Why would the insurance company want to take it back? Do they hold the loan on the bike? The bottom line is that a repo is a repo. It is always a bad deal and will always ruin your credit for 7 years. Do not allow the bike to be repossessed.
This is an incorrect assumption that leads many people to avoid filing for bankruptcy. They fear that a bankruptcy will ruin their credit for a long time and that they will not be able to use credit, rebuild their credit or purchase a home in the future. The reality is that the majority of the people who are considering bankruptcy, already have poor credit, due to late payments, repossessions and foreclosures. Further, most people who file for bankruptcy can rebuild their credit to a relatively good level after two years. This depends significantly on what they do after filing for bankruptcy. It is important that you work toward rebuilding your credit after filing for bankruptcy.
The strip on the back of your credit card is made up of magnetic particles that contain the account information. Any contact with a magnet or magnetic field can cause the strip to become demagnetized and the card to be ruined. Exposure to magnets can cause the particles in the strip to rearrange, making the card unreadable. Read more: Why Do Magnets Ruin Credit Cards? | eHow.com http://www.ehow.com/about_5365431_do-magnets-ruin-credit-cards.html#ixzz1Odckj7cS
Yes a collection can ruin your credit report. Collections are similar to charge offs and will lower your score significantly all depending on the age of the collections and the amount owed. You can remove a collection by disputing it to the credit bureaus or by contacting the original creditor and working out a deal. Either way works well. You might have to hire a credit repair service if you decide to dispute it or have the money to settle the collection if you contact the creditor directly.
No, if you fill out applications to open a line of credit then that will change your credit score but simple inquires of your personal credit score will not ruin it. It is better to keep an eye out on your score and report to make sure no one has opened an account in your name or to dispute anything that doesn't seem right on your report. Always pay your bills on time and more than the monthly payment to increase your score. A Excellent score is above 800 points and 700-799 is a good score.
If you overfilled your oil on accident do NOT drive the car. Either drain some oil yourself or have the car towed to a mechanic and have them drain some oil for you. If you do drive the car even with the oil overfilled by as little as by quarter quart the oil will foam up and do a LOT of damage including blow seals ruin cylinders ruin valvetrain ruin oil pump ruin pistons ruin rings ruin cylinder head ruin valve guides and more. At that point it would be cheaper to buy a whole new or rebuilt engine then to fix the old one.
There are many things that can ruin your credit. One of the biggest things that can ruin your score is missing payments, especially if you miss more than one. Delinquent payments can really bring down your score, especially if they go beyond 30 days late. Another way your credit can get ruined is if you apply for lots of credit cards at once. Although applying for new credit is a fact of life in our credit society, filling out too many applications gives potential lenders a red flag that you are living or planning to live beyond your means. In addition, running up your balances can take a huge chunk out of your credit score, so make sure the balances on your cards and loans are under control or else you could be losing valuable points. Personal quip: good luck and happy borrowing!
Yes, you can request your issuing credit card company or bank to reopen your credit card that you closed. I did that with one of my credit cards. However, make sure that you had a good record on that particular closed account and that you check if all the balances have been paid before you closed the account in order not to ruin your credit history.
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