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What happens to the credit that you already have if your car gets repo?
Wiki User
∙ 16y ago
Your credit score is a numeric value based on the good credit history you have. All credit in good standing helps raise this number. 30,60,90 day lates charge offs, etc lower this score. A repo will lower your score... And may also effect the rate your other creditors charge you on things like revolving credit, credit cards...
Wiki User
∙ 16y ago
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Earn +20 pts
Can you buy a car if you already have a repo on your credit?
Pay with cash.
When does a reposession affect your credit score?
it will be on there as soon as the order gets sent to the repo company, they are the collection agency. after they repo ur car and it gets sold at auction ur credit score will change .
Repo how long will it take to get on credit report?
If your vehicle is already up for repossession, it is already on your credit report as a delinquent or defaulted debt.
How badly does a voluntary reposession hurt a co-signer's credit?
A repo is a repo is a repo, credit wise.
How many points does a repo of you car put on your credit report?
OVER 9000 points gets added to your credit, but it makes your cards inert
What bad things go on your credit history if a vehicle is repossessed?
Slow pay, repo, and it gets worse from there.
What happens to your credit with a voluntary repossession?
A voluntary reposession reports on your credit report as a loss. The car company with take the car back and credit a portion of the balance which the owner/leaser still needs to pay on. The creditor will place the "voluntary Reposession" on credit bureau. All in all it will be reported as a charge off debt. If the original owner/leaser doesnt pay the remainder he/she can/will be collected from and could face legal action. A repo is a repo voluntary or not. Ruins your credit for 7 years. What generally happens is that it will be reported on your credit as a repossession. When you go for financing on something else, the repo will pop up and the potential lender will call the lender who reported the repo. When they find out it was a voluntary, it may actually lessen some of the blow of having a repo. But, yes, a repo is a repo.
Does voluntary repossession hurt your credit?
YES, on a CR, a repo is a repo.
Does a repo show on your credit when you voluntarily return it?
Yes, a repo is a repo whether you give it up or they take it.
What is the normal amount of time from when a car is repossessed to when it shows up on your credit report?
It depends on when the lender reports to the credit bureau companies-- If they showed the repo today on their books and sent their update information to them also today-- then all 3 credit companies will show it today/tomo the latest. If they showed the repo today on their books but they sent the update to all three credit companies two days ago, then the repo will show up next month when they report again. On the other hand, there are lenders that send that information as soon as it happens -- so if you are going to do something do it now but don't be disappointed if it already show.
If you do a voluntary repo and get another dealerships car will that hurt your credit as bad as not making any payments for a repossession?
A repo is a repo is a repo.
How long is a repo on your credit?
A repo stays on your credit for at least seven years. However, you may negotiate with the creditor to have it removed earlier.
