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YES its bad you dont get the lowest interest rates IF lenders will loan to you 7-10 years

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โˆ™ 2015-07-16 18:12:19
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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

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Q: Is having a voluntary repossession on your credit report bad and if so how does it affect your credit and for how long?
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What is willing repossession?

a voluntary repossession is where you turn over the vehicle instead of us having to come get it from you. www.aerecoveryandtowing.com


What are the consequences of a voluntary repossession of a mobile home?

Under US law as I understand it, any repossession is detrimental to your credit record. Both a voluntary repossession or a standard repossession have the same effect on your credit rating. Both will appear as repossessions, and either will result in a negative mark on your credit history. Any repossession will appear on a credit report for 7.5 years from the date of first delinquency. You will likely see your credit score drop significantly, as having a repossession in your credit history marks you as a credit risk. The only advantage that I see in doing a 'voluntary' repossession is that it may cost you less in legal fees. In general, I would encourage you to work with the lender to find ways of keeping your home and coming to some kind of agreement on reduced monthly payments, or even weekly payments which will involve a lower interest rate. Good luck with it.


How does having a repossession removed from your credit report affect your credit?

Anytime a negative item is removed from your credit report, it will raise your credit score unless new collections are added to your report.


What happens to your credit with a voluntary repossession?

A voluntary reposession reports on your credit report as a loss. The car company with take the car back and credit a portion of the balance which the owner/leaser still needs to pay on. The creditor will place the "voluntary Reposession" on credit bureau. All in all it will be reported as a charge off debt. If the original owner/leaser doesnt pay the remainder he/she can/will be collected from and could face legal action. A repo is a repo voluntary or not. Ruins your credit for 7 years. What generally happens is that it will be reported on your credit as a repossession. When you go for financing on something else, the repo will pop up and the potential lender will call the lender who reported the repo. When they find out it was a voluntary, it may actually lessen some of the blow of having a repo. But, yes, a repo is a repo.


What ruins credit?

Not paying your bills on time. Having high balances that are close or over your line of credit. Having any derogatory (negative) information ie.) car repossession, bankruptcy, written off accounts, unpaid collections, etc.


If your car was repossessed but redeemed by the cosigner can the bank report a repossession on your credit but not on the cosigner's?

VERY possible. reporting repos is up to the LENDER(of course, they usually do). It was very much repoed from you sooo. Nothing you can do about the co-signor having or not having a repo on their credit.


Does having bad credit affect you getting a passport?

well.. a little bit


What is the advantage of having voluntary muscles?

One advantage to having voluntary muscle control is that it is voluntary - we are able to control movement which has many benefits.


Can marriage affect your credit score?

yes, cause if one person decides to go bankrupt because you guys are having money problems it can affect your credit score to, not just their credit score.


If you file bankruptcy will it also erase a vehicle repossession on another person's credit report?

It doesn't erase anything on your own credit report....just adds to it, why would it change someone elses? It adds that you are a bankrupt as well as having missed payments and had a repossession. A credit report simply reports what happened in the past....what ever you do now does not change it...you live with the history you created.


Does having bad credit affect your APR for a new car or home?

Bad credit will affect your APR on any new loan. Most banks use a tiered credit system to determine APR.


Why do credit scores matter?

If your credit score is low, it can affect you renting a home, getting loans, or even getting a job. usually having many credit cards, or having credit card debt, can make you have low score. xD SWAG

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