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What is the best way to repair your credit after a car repossession?

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Wiki User
2004-08-19 22:54:08
2004-08-19 22:54:08

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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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.

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The repossession stays on your credit report for 7 years.

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

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

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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.


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