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How many points does a repossession take off your FICO score? |
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I did a "credit simulator" to try find an estimated answer to this question before I "voluntarily repossessed" my car. The credit simulator told me that if I allowed my car to be repossessed, it would decrease my credit score by six points. I live in Ohio. It may be different in your state. Go to www.mycreditinform.com. (This was only for my Equifax credit report, so it may be different for Experian and Transunion). I think they also may have similar type simulators. Good luck. (PS - For the amount I owed and the reality of paying at this time, I went ahead and took the hit. Once I'm in better health, I'll begin trying to help my credit in another positive way. Sometimes, you just have to do hard decisions, you know?).
First answer by Aharrell. Last edit by Aharrell. Contributor trust: 27 [recommend contributor]. Question popularity: 50 [recommend question]
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