A+ on BBB

Community Area

|

Helpful Resources

Community

Popular Discussions

Creditmagic Twitter

Credit on Facebook

Home

Credit Forum

Credit repair

about how many points can you lose on your credit score if y

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

aldogut

Joined: 07 Oct 2009
aldogut's page
Posts: 1

23 Magic Points

Subject: about how many points can you lose on your credit score if y

Wed Oct 07, 2009 4:00 pm

if you decide to return a car, or cannot make the payments on it, about how much damage will your credit score take?

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4285

127 Magic Points

Wed Oct 07, 2009 4:20 pm

aldogut, This could be very damaging to your credit report. I am not sure how many points it would drop but it would probaly be quite a bit. If you can not make the payments you could possibly try to work something out with the bank. Try going down and speaking with them and let them know your situation. They could maybe help keep your car or know of a route you could go to do less damage to your credit. It still may effect your future chances on securing any type of loan.

sara

Joined: 13 Sep 2009
sara's page
Posts: 31

515 Magic Points

Wed Oct 07, 2009 4:39 pm

It will definately damage credit score.

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1240

28942 Magic Points

Thu Oct 08, 2009 6:21 am

Hi aldogut,

It is not possible to say, by how many points exactly will your credit score take a hit. However, as far as the damage is concerned, your credit report will be damaged in a major way. Since a voluntary repossession will be considered as a negative item and any negative item stays on your report for 7 years. However, before considering voluntary repossession, you can try to strike a settlement deal with your creditor.
_________________
All the Best Smile

Justin

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4285

127 Magic Points

Thu Oct 08, 2009 2:09 pm

Asking for a settlement is not as hard as it may sound. Soemtimes people will shy away from this just because they are a little nervous about admitting they can not afford something. Remember the creditor stands to lose money too and by working together you both could lose alot less. I would go down and speak directly to your creditor unless this is not an option. If not then try to call and work something out before the situation gets bad.

Quick Reply

Your Name

Subject

Message body


Page 1 of 1

Home|Contact Us|Terms of Services|Privacy Policy|RSS

* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.