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How does having a repossession removed from your credit report affect your credit?
Anytime a negative item is removed from your credit report, it will raise your credit score unless new collections are added to your report.
What else can I help you with?
Is having a voluntary repossession on your credit report bad and if so how does it affect your credit and for how long?
YES its bad you dont get the lowest interest rates IF lenders will loan to you 7-10 years
What ruins credit?
Not paying your bills on time. Having high balances that are close or over your line of credit. Having any derogatory (negative) information ie.) car repossession, bankruptcy, written off accounts, unpaid collections, etc.
How does having a debit card declined affect my credit score?
Having a debit card declined does not directly affect your credit score because debit card transactions do not impact your credit history. Your credit score is based on your credit card usage, loan payments, and other credit-related activities, not on debit card transactions.
How does having multiple credit cards affect your credit score?
Having multiple credit cards can affect your credit score in both positive and negative ways. On one hand, having multiple credit cards can increase your overall available credit, which can lower your credit utilization ratio and potentially improve your credit score. However, having multiple credit cards also means more opportunities to accumulate debt, which can negatively impact your credit score if you carry high balances or miss payments. It's important to manage your credit cards responsibly to maintain a good credit score.
Can marriage affect your credit score?
yes, cause if one person decides to go bankrupt because you guys are having money problems it can affect your credit score to, not just their credit score.
Is having a voluntary repossession on your credit report bad and if so how does it affect your credit and for how long?
YES its bad you dont get the lowest interest rates IF lenders will loan to you 7-10 years
What are the consequences of a voluntary repossession of a mobile home?
Under US law as I understand it, any repossession is detrimental to your credit record. Both a voluntary repossession or a standard repossession have the same effect on your credit rating. Both will appear as repossessions, and either will result in a negative mark on your credit history. Any repossession will appear on a credit report for 7.5 years from the date of first delinquency. You will likely see your credit score drop significantly, as having a repossession in your credit history marks you as a credit risk. The only advantage that I see in doing a 'voluntary' repossession is that it may cost you less in legal fees. In general, I would encourage you to work with the lender to find ways of keeping your home and coming to some kind of agreement on reduced monthly payments, or even weekly payments which will involve a lower interest rate. Good luck with it.
When the note about having to use credit counseling ever get removed on credit report?
for a contraction like there is there's
What ruins credit?
Not paying your bills on time. Having high balances that are close or over your line of credit. Having any derogatory (negative) information ie.) car repossession, bankruptcy, written off accounts, unpaid collections, etc.
If your car was repossessed but redeemed by the cosigner can the bank report a repossession on your credit but not on the cosigner's?
VERY possible. reporting repos is up to the LENDER(of course, they usually do). It was very much repoed from you sooo. Nothing you can do about the co-signor having or not having a repo on their credit.
If you file bankruptcy will it also erase a vehicle repossession on another person's credit report?
It doesn't erase anything on your own credit report....just adds to it, why would it change someone elses? It adds that you are a bankrupt as well as having missed payments and had a repossession. A credit report simply reports what happened in the past....what ever you do now does not change it...you live with the history you created.
Is it better to have an account removed from your credit report completely or to negotiate for 'Paid As Agreed'?
In the case of a collection account, it is always in your best interest to have the tradeline completely removed from your credit report as opposed to having it show paid. If the account is NOT a collection or P&L, then the opposite may be true. Let's say you have a credit card with 6 late payments being reported to your credit history. You negotiate with your creditor to have all the late payments removed from the tradeline, showing that it has been paid as agreed, never late. This would be better then to have the entire tradeline removed, as the now clean payment history will help to raise your FICO score. Having it removed will not have as positive an effect. You will lose all the credit history associated with the tradeline, as well as (if it is a revolving account), available credit. Not having sufficient credit history can be just as detrimental as having bad credit. Hope this helps!
How does having a debit card declined affect my credit score?
Having a debit card declined does not directly affect your credit score because debit card transactions do not impact your credit history. Your credit score is based on your credit card usage, loan payments, and other credit-related activities, not on debit card transactions.
Can marriage affect your credit score?
yes, cause if one person decides to go bankrupt because you guys are having money problems it can affect your credit score to, not just their credit score.
How does having multiple credit cards affect your credit score?
Having multiple credit cards can affect your credit score in both positive and negative ways. On one hand, having multiple credit cards can increase your overall available credit, which can lower your credit utilization ratio and potentially improve your credit score. However, having multiple credit cards also means more opportunities to accumulate debt, which can negatively impact your credit score if you carry high balances or miss payments. It's important to manage your credit cards responsibly to maintain a good credit score.
Does using overdraft protection affect my credit?
No. Having overdraft protection does just that...protects you from having adverse credit and helps you maintain a good relationship with your bank.
Does having bad credit affect you getting a passport?
well.. a little bit
