answersLogoWhite

0


Top Answer
User Avatar
Wiki User
Answered 2004-07-11 19:20:01

In terms of credit score, about 10 points worse. You might pay off a repo so its slightly better than one that you never did anything about and the lender charged it off.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Loading...

Still have questions?

Related Questions

What does a voluntary repossession do to your credit?

Any repossession will negatively impact your credit. Organizations using the credit report do not differentiate between voluntary and non-voluntary. Rather, the organizations see that you were not responsible with credit and what you purchasd needed to be taken away. Generically, a repossession is considered the same as a chargeoff or writeoff, so the impact on the credit score may be anywhere from 50 to 200 points, depending on one's personal credit situation.


Does a voluntary repossession affect credit the same way as a reposession?

Yes, there is no difference. A repossession is a repossession.


What does chargeoff mean?

Chargeoff means that you did not satisfy debt, and the company took the lost.This is placed on your credit as debit being owed and charged-off.


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.


Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?

No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.


How long does a voluntary repossession stay on your credit report?

For Experian, a voluntary repossession will remain on your credit report for seven years from the original delinquency date of the debt.


In accounting what is the difference between debit and credit?

A debit is an entry showing money you have payed out. A credit is an entry showing money you have received.


How do you provide additional information about a charge off?

All of the credit reporting bureaus allow you to dispute transaction lines found in the credit report. For actions like chargeoffs, the dispute is really adding a note to the file that one will hope a creditor will read when considering you for credit. You will need to know very specific information concerning the chargeoff (including the account, the amount, when the chargeoff occurred, etc.) and your statement will need to represent why the chargeoff should not be considered when applying for credit.


How can a repossession with a zero balance affect a credit score and can it be removed?

A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.


What will a repossession do to your credit report?

A repossession is a serious negative and will drop your scores.


Is the cosigner of a vehicle liable if the it gets repossessed?

Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.


Is a voluntary repossession better than a repossession?

neither looks good on your credit.


How do you remove a repossession on your credit report after bankruptcy is discharged?

You present proof that the repossession never occured. You can dispute it with the credit reporting agency.


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.


How does a co-signers credit for get affected if the car he signed for is reposessed?

The co-signer will also have a repossession showing on their credit as well. The co-signer is just as legally responsible for the car as the person they signed for.


How long after repossession can you get a car loan?

The repossession stays on your credit report for 7 years.


Will a voluntary repossession from your spouse affect your credit?

Yes, but perhaps not as adversely as an involuntary repossession.


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 bankruptcy remove a repossession from your credit report?

No.


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.


Will a repossession affect your credit?

Yes, it's one of the worst things that you can do to your credit.


How will voluntary repossession of my home in Texas affect my credit?

The effect on your credit will depend on how the lender chooses to report it to the credit bureau. Sometimes a lender will be willing to report it 'paid as agreed' or 'settled' entry on the credit report rather than an actual repossession. If it is reported as an actual repossession or foreclosure it will be on your credit for seven years and negatively effect your rating.


What is the difference between a foreclosure and a repossession?

They are virtually the same since you don't own that thing any more and they both badly affect your credit. The major difference is that with repossession your "thing/s" are taken away or repossessed by the original owner. With a house in foreclosure you have to leave/move away.


If you settle a chargeoff or collection does this increase your credit score?

Yes! I settled 2 collection accounts and my score stayed exactly the same.


You returned a car you purchased because you could not pay for it?

That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.