answersLogoWhite

0


Best Answer

I am NOT a credit score exprt, but anytime you pay what you owe it looks good.Anything positive helps a bad score. Good Luck and congratulations on the payoff.

It may not help your credit score, but a friend of mine had a repossession through Ford Motor Company several years ago. He then filed for CH 7 protection and received a discharge. When he went to purchase another vehicle, Ford contacted him. They agreed to give him a loan on the car he wanted to purchase and added the other debt on top of it. It is one way of getting another car.

User Avatar

Wiki User

โˆ™ 2015-07-16 18:30:51
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
5.0
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
1 Review

Add your answer:

Earn +20 pts
Q: If you had your car repossessed about 3 years ago will it help or maybe even boost your credit score by paying the balance?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

How many revolving credit lines do you need to have to help boost your credit score vs paying off old debt in collections?

3


What are some tips for improving a credit score?

If you have credit cards, the best and fastest way to do it is simply by using it and paying the bills on time. Making many smaller purchases on it and then paying them back should give your rating a boost.


Minimum Payment, Minimum Rewards?

Using credit cards is essential for building your credit, but mishandling them can cost you a lot of money. You can wind up paying a large amount of interest. That can lead to a mountain of debt. To avoid these issues, here are some tips on paying your credit card bills. When it comes to paying credit card bills, it is best to pay your balance in full. Most credit cards have a grace period for purchases. This is usually around 25 days. If you pay your balance in full every month within that period, you will never have to pay interest. This is also good for your credit report. If you pay your balance in full every month before the bank reports, you will always have a zero balance on your credit report. That will boost your score significantly. If you can't pay your balance in full, always pay more than the minimum. The minimum payment is designed so that the credit card company can capitalize on your interest rate. Sure, paying the minimum keeps you in good standing. However, it also means you are paying lots of interest. Always pay as much as you can so that you minimize how much interest you pay.


Is paying off a loan early better for your credit?

paying off a loan early is not considered a good thing by lenders because it means they lose interest income from you. It is not a bad thing, either, but it isn't better than paying off the loan on schedule. There is no real credit score boost for paying off a loan early. The boost comes from the fact your total debt is lower and that you have no delinquencies or derogatory events.


How do you send credit on a boost webslider?

You can't send credit on a boost webslider, you can only send credit on telstra pre paid mobiles :)


What is the fastest way to boost your credit score?

The easiesta nd quickest way to build your credit is to get a low interest credit card from your bank and make a few purchases, then pay them off within the alotted time frame. This will show that you are reliable and have sufficient income. Also, you will not have bad credit if your card balance is less than 50% of your total avaailable credit. Example: if your credit limit is $2,000.00 and you only have an outstanding balance of $999.00 or less, your credit is ok.


How do credit cards influence credit scores?

If you use the card sensibly... by paying off any purchases quickly, and don't need to increase your limit (unless the card-issuers offers it) - using credit cards properly is a great way to boost your credit score. If you use it responsibly - it shows potential creditors that you are a trust-worthy prospect.


How can you boost a WiFi signal without paying for service?

Buy a wireless range extender


Is it better to use in house financing instead of paying in full for a car to boost my credit score?

If you can pay for something in full do it. That way you know there isn't a way to lose the car if something were to happen. Always do that if possible because you have to pay interest or anything and the credit will go up anyway.


How can one improve a low credit score?

The first thing to do is to find out your credit score. If you have any credit cards, pay them down or pay them off. The less that you owe the better. Minimize the number of credit cards that you have. One or two cards is easier to handle than five. Simple things like paying your utility bills on time will also help to boost your ratings.


What are boost in need for speed world?

Boost is like money in-game but if you want some you have to pay with credit card to ea and they will give you some.


Does it boost your credit rating if you pay for a new car in full?

Cash transactions do not normally have any effect on a consumer's credit rating.

People also asked