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If your vehicle was repoed 3 years ago and you have been paying the deficiency balance how long will you have a low credit rating?


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Wiki User
2015-07-15 18:48:51
2015-07-15 18:48:51

Hang in there. Dont give up. You are probably a one in 100000 case. You are doing it the right but hard way.Avoid the B/K if theres any way possible. You've made 3 yrs, dont waste all that hard work.It will get better. Someone (lender) will see that you are paying on the balance and RESPECT that enough to cut you some slack.

Your credit rating (or score) depends on All the information contained in your credit report. A repossession, which shows as a charge off or collection account, is considered a significant derogatory listing and would have a big impact on your credit score. Any derogatory item that has been updated, for any reason (including recent payment) would have impact your score the most. 35% of the your credit score is based on your payment history. In general, derogatory information remains on your credit report for 7 years from the date of last activity.

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Yes. Amounts owed accounts for about 30% of your credit score. Ideally your utilization rate should be 20% or less. Paying your credit card balance to 20% or less will improve your credit score.

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It shouldn't ! Paying off your balance early shows you're in good control of your finances - and can budget your bills based on your disposable income !

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Yup. Pay your bill.Your spouse has the same right to the vehicle as you do. Your problem is that your paying nothing on the vehicle - so she has to pick up the bill. If she is paying the bill, then she deserves to have the vehicle. If you are paying the bill, then you deserve to have the vehicle. You cannot "one-up" your spouse by driving a vehicle that also has her name on it, and not paying for it. Your credit and her credit will suffer. My advice? Pay your bill. She has the right to the vehicle until you do.

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it will go up by 10 to 50 points depending on the amount owned and cancelled. You can further improve it by continuing to use the credit card, and paying the balance in time.

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Paying down your credit cards won't lower your scores-- but paying off and closing the credit cards will lower the scores. You want to show that your cards are not maxed out and you have plenty of room between the credit limit and the balance .


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