Michelle, a repo is a repo is a repo to a credit score. It says you couldn't meet your obligations and the lender had to take back the collateral to try to get their money. A new lender looking a your CR will see 'repo" and say, well, I better charge this person more because they might not pay me back. NOW, IF you pay off the balance due after the repo is sold, then the new lender might say, well, they had hard times but DID pay what they owed. Lets give them another chance at reasonable interest rates.
http://search.yahoo.com/search?p=%22credit+scores%22&ei=UTF-8&fr=fp-tab-web-t&n=20&fl=0&x=wrtpaste this link into your browser and pick out one to explain "FICO" to you. Good Luck
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.
A teacher walks into the Classroom and says If only Yesterday was Tomorrow Today would have been a Saturday Which Day did the Teacher make this Statement?
How many 3s in 313433535333?
What is 8.275 rounded to the nearest ounce?
How many zeros is in a ton?
What teaches without talking?
What number is halfway between 5.3 and 5.4?
When Beowulf confronts Grendel what is Grendel suprised about?
Which of the following is not a sustainable form or energy production?
Where is the origin of the Panama hat?
Have you ever crashed a wedding or had your wedding crashed, if so what happened?
How many times did Joe Biden run for president?
What is the world’s oldest soft drink?
How many novels did Charles Dickens write?
What do the colors on America's flag mean?
How did Harry Houdini come up with his stage name?
What is modal fabric?
What helps you manage folders stored in various locations on a computer or divce?
Accountancy is necessary while auditing is a luxury comment?
Why does William Gaminara limp?
What are advantages and disadvantages of micro planning?
BA-28 which is a recommended water-skiing safety practice?
What is the explanation for full purse makes the mouth to speak?
What is two thirds of 5000?
Is best defined as the total weight of persons gear equipment stores fuel and motor assembly found on a vessel?
Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.