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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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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 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.

What is willing repossession?

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

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.

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 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.

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.

Does using overdraft protection affect my credit?

No. Having overdraft protection does just that...protects you from having adverse credit and helps you maintain a good relationship with your bank.

Does having bad credit affect you getting a passport?

well.. a little bit

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 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

Will having a credit card with a high limit affect your ability to get a loan?

if you obtain a credit card with a high limit it will not affect your credit as long as the card is in good standings .. however if the card is maxed out it could affect your credit score wich will intern stop you from getting a loan. although it may not stop you from getting your loan but it will affect your interst rates

Can't make the payments and can't sell what do I do?

Talk to the lienholder to see what they want you to do. You might be able to renegotiate the payments. As a worst case scenario, you could do a voluntary repossession, which at least saves you from having to pay the repo fees.

Will it affect your credit rating and score if you have 5 credit cards but use only one and neglect the other four cards?

== == Your overall credit history will determine how your credit is affected by having numerous credit cards. However, having an overabundance of credit cards with high balances or credit availability can negatively impact risk scores if your credit history is questionable. == == == ==

If my mother is an authorized user on my credit card and she is currently in the process of foreclosure would her foreclosure as an AU affect your credit?

No, having her listed as an authorized user will have no impact on your credit score.

How does a bad credit loan affect a person?

Having a bad credit loan negatively affects a person in many ways. Having bad credit enables a person from being able to obtain other loans including those having to do with home financing, vehicle financing, etc.

What are some FHA mortgage requirements and how does credit affect the amount of loan you are able to get?

Some FHA mortgage requirements are being employed and having a decent credit score. Your credit doesn't affect the amount you can be loaned as much as how much money you make.

Can business credit card debt affect my personal credit card balance?

A business credit card debt can affect someone's personal credit card rating. A credit report for an individual is processed by activity of one's overall credit. This means that having debt for a business credit card can hurt a person's chances of receiving lower interest for a home finance loan.

If you can't afford a car any longer is it best to take it and turn it in or let them come and pick it up.?

It's slightly better to take it and turn it in. This is called a voluntary repossession.It's still a repossession and will show up as such on your credit report, but you'll save a little bit of money (typically $300-500), since the lender won't have to hire someone to go out and take it, and they are entitled to try to recover this cost from you.Another advantage of a voluntary repossession is that it gives you some control over the exact timing. If you just start missing payments, they could come get the car at any time, which may leave you stranded somewhere unexpectedly. If you call and inform the lender you're bringing the car in on Saturday morning, they're likely to say "Okay, that works for us," and this allows you to plan for a means of transportation home instead of having to scramble to come up with something on short/no notice.Finally, you probably will realize you can't afford the car some time before you actually are forced to miss a payment. A repossession alone looks marginally better on your credit report than a history of late/missed payments followed by a repossession.The best option, assuming you have time to do it, may be to sell the car or trade it in on a cheaper vehicle. If the value of the car is less than what you owe, you'll have to come up with the difference yourself, but this is by far the best for your credit score, since it doesn't count as a repossession but as a payoff (which may even improve your credit).

Is a short sale better for your credit than a voluntary foreclosure?

I spoke with a lawyer...Voluntary foreclosure could be better because it would only be 1 hit on your credit instead of having to go 180 days past due. You can offer the deed to your house if the bank will take it to prevent the bank from placing a judgment for any amount uncollected at the sale.

Does a repo really hurt your credit for 7 yrs even if you pay what is owed fairly quickly?

Yes. First, the late payments on the vehicle will hurt your credit for 7 years. Then the repossession reporting will affect your credit for 7 years. Finally, any collection judgment filed by the tow company (if applicable) or lender will hurt your credit for 7 years from the date of the last activity (not date it was filed). Paying the deficiency quickly may keep you from having a judgment filed, but the repo still occurred and will still be reported.

Will having a negative balance in an unused checking account affect your credit rating?

Yes it will have an effect. It still has your name on it.

Does having PayPal affect your credit score at all?

Not one bit since paypal is not a bank or a financial institution.