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YES it hurts for about 7 years.

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โˆ™ 2004-11-23 00:00:13
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Q: When you give your car up for repossession does that hurt your credit score and if so for how long?
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Related questions

How many points will be deducted from a credit score for a repossession?

a lot and it will hurt your credit for 7 years


How does a willing reposession effect your credit?

A repossession hurts your credit score whether it is voluntary or not. The creditor will report late payments, a charge off status, and a balance if one is owed. A repossession may hurt your credit score anywhere from 60 to 120 points.


How bad will a rep hurt your credit?

A repossession will remain on your credit for seven years, which will decrease your credit score. You should work out a payment arrangement with the creditor to avoid it.


How does car repossesion affect credit score?

A repossession can drastically hurt your credit score. The repossessed account may report late payments (30, 60, 90 days late), a pad due balance, and a charge-off. A repossession can lower your credit score anywhere from 30 to 200 points depending on the other accounts reporting on your credit report.


Does bankruptsy hurt your credit score?

OF Course it does! IF you just got bankrupt it does hurt your credit score really badly!


Does voluntary repossession hurt your credit?

YES, on a CR, a repo is a repo.


Do medical bills on credit report hurt credit score?

yes they do, they impact your score greatly


When should you close unused credit cards and will this hurt or help your credit score?

Usually closing accounts will hurt your score because if you have debt on other cards, your debt to available credit ratio will rise and it can ding your credit score.


Does it hurt your credit score to apply for a credit card then not accept it?

yes


How does a company running a credit report hurt your credit score?

Too many inquires on your credit report can hurt your score since it may appear that you are applying for too much credit at once.


Does opening a credit card hurt your credit score?

Actually, it does. It uses the available credit you have so when that goes down the credit score does too.


Does it hurt your credit score when you have a credit report service that allows you to check your credit score as much as you want?

It only hurts your credit score when someone else pulls your credit report.

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