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When you give your car up for repossession does that hurt your credit score and if so for how long?


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Wiki User
2004-11-23 00:00:13
2004-11-23 00:00:13

YES it hurts for about 7 years.


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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.

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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.

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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.

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

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