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| *Loan,banking and credit>>>credit repair |
If I do a voluntary reposession on a vehicle, is it still possible to repair my credit ?? |
Over the next 1 to 2 yrs?? you have to pay off the amount owing on the loan, regardless of what happens to the car. if it passes to the repossesor, they will sell it for any price and you will owe the difference. it may be in your interest to sell the car privately, forward that money to the finance company, and negotiate with them to pay off the balance. Anything is possible. Keep on going! You are on the right track! You need to keep making payment to repair your credit. Having the car repossessed makes it sound like you couldn't do this to begin with. You are still responsible for the balance owed, whether it is voluntary or not. It is - try one of the credit counselor NONPROFIT agencies to help you take care of this - they help work with creditors to deal with payments and setting up a payment plan - it actually looks good on your credit. Possible? Sure. You could end up increasing your income drastically to increase your credit score. You could win a million dollar lawsuit and pay off every dime you owe. The odds are against you. If you are in the situation of your car being repossessed a good credit rating isn't going to help you if you cannot afford to pay for the things you want or need. Concentrate on living below your means, socking away cash for things you really need, and then worry about credit down the road. Credit is great for expensive items like homes and cars. If you cannot afford them, then all of the credit in the world won't help you keep the possessions. Don't borrow what you cannot pay back and then credit won't be a concern. I don't want to be mean. We all know of the credit trap. You've got a head start at turning your life around so learn from the mistake and make sure you don't let history repeat itself. My friend the fact that you voluntarily give up your vehicle doesn't mean that you are out of the hook, for credit purposes it counts as a forcible or mandatory repossession, when they report that to the 3 major credit bureaus, that information remains there for the next seven years, now repair your credit, the only way you can do that is by paying on time and try to get more credit and keep it up, you just can't erase what is bad, it doesn't work that way, don't let nobody fools you and don't waste your money on that, if you keep doing good your beacon score will go up and that's what merchants are looking for, that's what I look for in my business, good luck..鈽? Yes, you can still repair your credit. The reposession will stay on your report for 7 years. |
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