How does a repossession affect your credit?

Answer by  kellij66 (91)

A repossession will have a negative effect on your credit which will remain for 7 years. It's the same a defaulting on a credit card.

Answer by  Richard88 (391)

The repossession itself probably is not damaging. The damage is done by the default that resulted in the reposession. Failing to pay the loan hurts your credit.

Answer by  Rose (6804)

A repossession is a negative mark on your credit report and is evidence that you did not pay for your product.

Answer by  Dontbugme (697)

Repossession happens when payments are not made on a purchase. In this case, your credit score will be adversely affected and you may be unable to obtain credit again.

Answer by  worker12 (293)

It takes years to repair,New credit cards require building trust, and with higher interest rates. About 20 years ago this happen and I satisfied within one year of repo.