Brandon R asked:
I recently had my car repossesed while in between jobs, and now owe about $4,000 remaining on my loan. How long typically do these type of repossesions stay on someones credit report and how it will effect me in the future. Also what steps can I take to fix and or aleviate the negative status of having a repossesion?
I recently had my car repossesed while in between jobs, and now owe about $4,000 remaining on my loan. How long typically do these type of repossesions stay on someones credit report and how it will effect me in the future. Also what steps can I take to fix and or aleviate the negative status of having a repossesion?
7 years
or as of the last day of payment
you cant really fix this
but you can get a credit card (if you can)
and only use about 30% of it
and then pay it off more than the minimum due every month
its a start
Are you going to pay it off? If so, before you do, talk to the creditor and tell them that the only way you will pay it off is if they take the repossession off your credit report (you can even say take all negative information regarding that account off your credit report). Before you pay, make sure they send you a letter in writing stating that information. Also, when you pay…write on the back of the check…if this check is cashed, you agree to remove all negative information off my credit report.
If you do not plan to pay it off, you can try to dispute it off your credit report with the credit bureaus and hopefully they will take it off.
They stay on your credit for 7 years. It will affect all interest rates on automobiles, homes, etc.
7 looooooong years
7 very long and very hard years. It will be hard to get anything in the meantime. Check this site out, he talks about how to remove negative items in this article. I think he can help you also but I cannot remember for sure. Good luck.