AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.
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.
The repossession stays on your credit report for 7 years.
It won't help much unless you can sweet-talk the lender and convince him to remove the repossession from the credit report. Otherwise, the repossession stays on the record and the only 'improvement' to your credit rating would be the lack of an accompanying past due status.
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
Any repossession negatively affects your credit rating. Negatively affected credit ratings will affect your ability to obtain loans, typically in a negative way.
It depends on how your father's death, the repossession, and the cosigners credit are corelated.
i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).
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.
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.
no not until it drops from your credit file
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.
Increasing a car credit rating is the same to improve as ones overall credit rating. The most effective way to improve a credit rating is to make payments on time and of the correct amount. Another key component to improving the rating is to pay down all credit balances that are outstanding.
By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.
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.
Of course it is. You voluntarily turn the car in for repossession. It will stay on your credit report for 7 years.
as a repossession
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.
In many cases yes. While the repossession will negatively affect your credit rating, your record still indicates you have had credit. It is actually easier for those with bad creidt to get a loan than those with no credit. It will just cost you more in interest.
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
Normally a repossession stays on your credit rating for 7 years. If you are repaying the loan, talk to the bank and see if they have reported it. They may or may not have.