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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.


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 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.


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 to apply for a credit card then not accept it?

yes


Does applying for school loans hurt your credit?

It should not hurt your credit score unless you don't pay.


Could having an Equity Line of Credit possibly hurt your Credit Bureau Beacon score?

Definitely, your credit score isn


Will bill consolidation hurt your credit score?

If you are not able to pay your many student loans, your credit score will be hurt. If you consolidate, you have a better chance of having a lower monthly payment that you can handle. A lower score that you will be able to pay, which in turn will only help your credit score.


Do mortgage inquiries hurt credit score?

yes


Do bad credit payday loans further hurt your credit score?

They could further hurt you credit score. You will pay a higher interest rate which makes paying the payment that much harder which puts your credit even lower.


Does checking your credit score to purchase a car at several dealerships hurt your score?

yes


If your credit card balance is close to your credit limit does that hurt your credit score?

ANSWER Paying your debts in a timely manner doesn't give your credit score best results !!!! Crazy isn't it ! This is called your balance-to-limit-ratio and counts for 30% of your credit score. In order to get best result you have to keep your balances at least 70% away from your limits.


Can making car payments in the grace period every month hurt your credit?

No, it won't hurt your credit. In fact it will improve your score.


Does closing a bank account hurt your credit score?

No it does not. Bank accounts are not part of a credit score. For more information about what is on a credit score, check out Phil Turner's book: The Credit Bible - Everything You'll Ever Want To Know About Credit.


Does credit inquires hurt your credit score?

It does but very little, somewhere around 2 points.


How much does a late credit card payment affect your credit score?

I recent late payment on an open account can hurt your credit score up to 60 points.


Can closing paying off credit cards hurt your score?

In Some Cases Yes It Can Lower Your Score.


Which hurts a credit score more bankrutpcy or foreclosure?

Both can hurt a lot, but your credit still can be restored after this.