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IF you want a "magic" answer, quit reading now. The best way is to do what built that good rating. SAVE your money and make bigger down payments, make your payments on time, dont over extend yourself and LIVE WITHIN YOUR MEANS. Put money back for the rainy day. Good Luck

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โˆ™ 2004-08-19 22:54:08
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Q: What is the best way to repair your credit after a car repossession?
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What will a car repossession do to your credit rating?

A repossession on your credit is NOT GOOD. Avoid it if there's anyway possible. You say the car is SOLELY in your name?? GO GET IT and sell it.


How long after repossession can you get a car loan?

The repossession stays on your credit report for 7 years.


How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?

A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.


When your Father passed away how bad will a car repossession affect a cosigners credit?

It depends on how your father's death, the repossession, and the cosigners credit are corelated.


Does a repossession stay on your credit report if you get the car back?

YES


How bad does a car repossession affect your credit report?

A Lot.


What does a car repossession do to your credit How can you delete it from your record?

It hurts you credit tremondously. It will stay on your credit report for 7 years, and there is nothing you can do about it. Do not allow your car to be repossed. Voluntary repossession on not any better. Contact the lender and work something out.


Can you get a personal loan after a car repossession?

You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.


Is a joint applicant's credit affected by a car repossession?

If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.


How do you repair credit after a car repossession?

A repossession will be reported by your bank to the credit bureaus after your car has been repossessed. Obviously this will drastically lower your credit score if you owed a lot of money and if it was recent. The best thing you can do is contact your bank, especially if you have a good relationship with them and try to work out a deal. If any amount is owed you can use that as a bargaining chip to have them remove the negative listing upon payment. If nothing is owed, they just took your car you don't have much to negotiate with. You can also dispute the repossession to the credit bureaus. You send a dispute letter to them asking for verification on the repossession. They must investigate the item with your bank. If it isn't verified with in 30 days it must be removed from your credit reports. The older the item the better chance of it coming off.


If a car repossession is paid off will credit score increase?

no not until it drops from your credit file


How long is a car repossession on your credit report after you pay it off and get the car back?

7 years


How can a car repossession be on your credit report when your car was not repossessed?

By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.


Does repossession show on your credit report as soon as the car is taken or after it is auctioned?

It can show at any time. A repossession is compleated as soon as the car is picked up so it does not matter what happens after the repossession it still did happen.


You returned a car to the dealership and its still showing on your credit?

Of course it is. You voluntarily turn the car in for repossession. It will stay on your credit report for 7 years.


Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?

AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.


If they repo your car after one day late how does it appear on your credit report?

as a repossession


What happens if you hide your car from repossession in Iowa?

Eventually you will be court orderded to give up your car, and plus with a repossession, you will ruin your credit report and they will do a wage garnishment eventually.


What to say when you want to do a car repossession?

If you are giving up your own car for repo then you tell who you financed the car with you want a voluntary repossession. It still looks bad on your credit, but not as bad as a regular repo does


If the car was purchased on only your credit will repossession only show on your report and not your spouse's?

YOURS


If your car has your mothers and your name on the title but she is deceased how does this affect you if it is repossessed?

Goes on your credit as a repossession.


How long will a car repossession in California remain on your credit report?

7 years is the norm.


If a car is sold after repossession does law state that it must be reported to the bureau as zero balance?

If a car is sold after repossession does the law states that it must be reported to the credit bureau as zero balance?


Can you get a car loan with a co-signer if you have a repo on your credit?

You should be able to get a car loan with a qualified cosigner. Even with a repossession on your credit you should be able to finance a car loan.


Can you break a lease on a car?

It is possible but not advisable to break a lease on a car. The car would be repossessed, and the repossession would go on your credit report.