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How bad does an auto repo affect your credit score? |
How bad does an auto repo affect your credit score? A repo can cost you between 30-50 points, and if the finance company choose to come after you thru the courts and that too shows up under the public record portion of your credit report you can chalk up an additional 20 points. However if you show integrity or a willingness to pay back your debt, within 6 months to a year you can buy another brand new vehicle and even a home. Now credit cards & store credit will be a little harder to be approved for with a repo, but not to worry there are a wealth of companies that will be willing to give you a 2nd chance even with a repo so as long as you can show a willingness to pay your debt back. The key is to keep your eyes on the road and stop looking in that rear view mirror. As far as the haters are concerned who say you won't be able to recover, just shake them haters off. really really messes it up... sorry man but you are screwed. that is a major problem on a credit report. you are going to need Shitloads of good credit to offset that. it is BAD!!!!! it stays on your report for 10 years, sometimes longer |
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