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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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โˆ™ 2010-04-11 10:46:34
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Q: What will a car repossession do to your credit rating?
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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.


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.


How long does a voluntary repossession affect your credit rating?

7 years.


How long after repossession can you get a car loan?

The repossession stays on your credit report for 7 years.


If your car is repossessed how does getting it back help your credit?

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.


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 bad does a car repossession affect your credit report?

A Lot.


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

YES


Can a car repo prevent from buying a house?

Any repossession negatively affects your credit rating. Negatively affected credit ratings will affect your ability to obtain loans, typically in a negative way.


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.


What does i8 rating on credit bureau mean?

i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).


Will paying off a repo car fix your credit?

It won't fix it, but paying off any remaining debt from the vehicle should help your credit rating. Unfortunately, a repossession will linger on your credit report for about 7 years.

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