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Answered 2005-05-18 17:25:10

It will cause the credit score to decline and will remain on the credit report for seven years, perhaps creating problems for the person to obtain future credit/loans.

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If you already have 1 car repossessed does having a 2nd repossessed hurt your credit even more?


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.

How does consumer credit work?

Consumer credit can be considered to be a complicated work of art. When a credit purchase is made it affects the credit score. Having good credit is essential to making huge purchase such as a house or a car.

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.

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.

A sentence with the word adverse?

I think I'm having an adverse reaction to work!

Is having your car repossessed a class three felony?


Can your car be repossessed due to no registration?

No, a car can not be repossessed due to having no registration. A car can be repossessed for non payment. The police can have a car towed to an impound lot if there is no registration.

Does having an automated teller machine affects the business credit card processing?

Having an automated teller machines really affects the business credit card processing,because through ATM people will just withdraw an amount to pay directly what they got and they have a control everytime they want to buy something because they know that they will pay it with cash and not to be charge in credit cards.Finally, improper use of credit cards can be a big risk.

In Virginia can a credit company repossess your car and still demand the money owed above the value of the car?

When your car is repossessed, they sell it for what they can get. Value has nothing to do with what price it brings. They simply get what they can. You are then responsible for the difference in the amount they sell the car for and the balance on the note. Your credit is then ruined for 7 years. This is why having a car repossessed is a horrible idea, and should be a last resort.

How does a house repossession effect your credit?

In the UK if your house is repossessed it will stay visible on your credit file for 6 years. It would be very difficult to obtain credit with this on your file. It is possible to obtain another mortgage but this would be from a specific lender and your monthly repayments would be considerably higher. If you have mortgage arrears or in the process of having your property repossessed this can be stopped. If you type in your address bar "stop repossessions" you should be able to find help.

What are example sentences for the word adverse?

There were adverse effects of temperature of people. This is a sentence containing the word adverse.

Is a wife responsible for a repossessed car if husband cannot pay balance due to not having a job?

It depends whose name is on the loan. If it's just the husband, then no. If both names are on the loan, then it affects both people.

What affect are CPCs having on the ozone layer?

I think you mean CFC's. These are having an adverse affect.

Does having multiple credit cards hurt your credit score?

Having the cards does not. Having large debts on them does.

Can having to many credit cards with no credit balances reduce your credit score?

{| |- | 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 your driver's license is suspended can your car be repossessed?

Not for simply having your licence suspended. Now, if you lose your job as a result of it, and are unable to make your car payments, then it can be repossessed for nonpayment.

Are people with ADHD unintelligent?

No; no study has linked ADHD with having a lower IQ than average. ADHD affects motivation and focus which do not have a direct impact on intelligence. There are certain celebrities with ADHD who credit their success to having the disorder.

Is it true that a lender cannot put a repo on your credit if the car is being repossessed at a repair shop having actual repairs done?

Gina, if the repoman picks it up. its a REPO. Ya cant hide the car in a repair shop.

If someone is looking for a car that is going to repossessed and you drive it. Can you be arressted?

No you will not be arrested. Turn the car in if you are not going to make the payments. Having you car repossessed is a horrible idea, if there is any way you can avoid it. Talk to the lender and see if you can work something out. Remember you will still owe the balance on the difference in what they sell the car for and what is owed. Plus you credit is ruined for 7 years.

What is an advantage of having an interest rate credit card?

The advantages of having a credit card with an interest rate is it helps build one's credit faster. The higher the interest rate of the credit card, the higher the credit score.

Does having the title to a repossessed truck give you any legal rights?

NO, the truck probably has been sold already and the lender got a repossessed title to sell it with. Of course they do make mistakes. LOL

What affects the circulatory system?

Having a stroke.

Is having no credit the same as having bad credit?

no, it is a thin file and will show as a 0, bad credit will show a score of 350-less than 600

How do you improve your credit?

By reducing your debt and having low balances, making your payment on time and having long established credit.